Abstract: The subject of this research is the regional aspects of entrepreneurship development. The competitiveness of Russia’s economy has a significant regional specificity. Multiple research demonstrate that wellbeing of the region depends on the level of entrepreneurship development. For detailed understanding of the economic role of entrepreneurship development, it is important to determine the strength of correlation of the organization of entrepreneurial structures in the sectors of national economy and regional economy. Special emphasis is made on the risks and threats constraining the development of entrepreneurial activity in the region. In order to ensure economic growth, it is necessary to take measures on improving the investment and entrepreneurial climate. The author comes to the conclusion that the sustainable economic development of Leningrad Oblast cannot be achieved without the development of entrepreneurship. It is important to acknowledge the fact that without the development of civilized entrepreneurship, it is impossible to reach economic growth, effective development of all economic sectors, and improve social wellbeing overall.