The Cultural Practices that Influence on the Entrepreneurial Activity: An Empirical Study from the Globe Project Cultural Dimensions

There are few empirical studies focused on the culture, as one of the informal factors that influences business development in a region. The main purpose of this study is to analyze the perception of a society about its cultural practices based on cultural dimensions that are related to entrepreneurial activity. Through literature review, five cultural dimensions that would be closely related to entrepreneurship were identified, which has been corroborated in previous empirical studies. For this research, the city of Medellin (located in Colombia, developing country), which has been characterized by its high rate of business activity at the national level, is taken as context for the fieldwork. The findings show that the society under study perceives that its regional culture is characterized by a high level of assertiveness, hence its competitive nature and propensity to take risks, to boost the entrepreneurial activity.