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Ageev, Gratchev, & Hisrich (1995) maintain that while the phenomenon of Russian entrepreneurship is not much different from that occurring in other countries, the business activities and environment of Russian entrepreneurs have been strongly influenced by their unique historic heritage, including the legacy of communism. A broad socio-economic perspective, recognizing historical foundations, cultural influences, and situational factors is required to address entrepreneurial development in Russia.
The number of new business owners grew rapidly following the collapse of the Soviet Union in 1991, driven by opportunity and economic necessity. These private businesses included spin-offs of former state enterprises and small start-up enterprises. By 1994-95, Kontorovich (1999) reports, new business creation had largely stalled. The collapse of the ruble in 1998 brought the virtual disappearance of many small enterprises.