Authors: Felix Schuessler; Michael T. Schaper; Sascha Kraus
Addresses: Institute for Entrepreneurship, University of Liechtenstein, Fürst-Franz-Josef-Strasse, 9490 Vaduz, Principality of Liechtenstein ' John Curtin Institute of Public Policy, Curtin University, GPO Box U 1987, Perth 6845, Western Australia, Australia ' Institute for Entrepreneurship, University of Liechtenstein, Fürst-Franz-Josef-Strasse, 9490 Vaduz, Principality of Liechtenstein
Abstract: Although it is one of the smallest nation-states in existence, the Principality of Liechtenstein has one of the highest rates of entrepreneurship in the developed world. More than 14% of the population is self-employed or works in their own firm, and there are more than 4,000 businesses in a population of just 35,000 people, even though the country has few natural resources or advantages. This article examines how such a micro-nation has succeeded in spite of its disadvantages. The paper outlines the history of the principality and its economic development over the last century, identifies the main drivers for the very positive entrepreneurial climate in the Alpine micro-nation, and outlines current opportunities and problems faced by entrepreneurs in the country.
Keywords: Europe; Switzerland; Liechtenstein; Germany; micro-nations; small business; small and medium enterprises; SMEs; entrepreneurship; economic history; public policy; entrepreneurial climate.
International Journal of Entrepreneurship and Small Business, 2014 Vol.22 No.1, pp.106 - 114
Available online: 30 May 2014 *Full-text access for editors Access for subscribers Purchase this article Comment on this article