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Abstract
This research note suggests that the relationship between nature-based tourism entrepreneurs and money is complex and not fully understood. Based on observations from the Swedish supply data, four propositions are presented to illustrate why this is the case. We argue that (1) the identity of the entrepreneurs are not compatible with profit and growth, (2) niche markets and limited market knowledge obstruct opportunity for growth, (3) dependence of natural resources put sustainability ahead of growth and (4) nature-based tourism firms have limited control over their production process. These propositions can assist in better understanding how nature-based tourism companies can contribute to regional development and serve as a point of departure for further research.