• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.51-78
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• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.2
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• pp.31-40
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• 2017

This study validate effectiveness of Online Entrepreneurship Education based on PBL(Problem-based Learning) and flipped learning. This study reveals online education of entrepreneurship based on PBL and flipped learning method has positive effect on personal entrepreneurship, will to be an entrepreneur, and problem-solving skills. First, the results show that entrepreneurship education based on PBL and flipped learning can improve entrepreneurship more than a previous learning method. Second, PBL and flipped learning based online education affects will to be an entrepreneur in positive way. Experimental group who experienced problem solving activity and flipped learning has more will to be entrepreneur than control group who takes previous learning method. Lastly, PBL and flipped learning method based entrepreneurship education also has positive effect on personal problem-solving techniques. This results show that online entrepreneurship education based on PBL and flipped learning has positive impacts on entrepreneurship, will to be an entrepreneur, and improving problem-solving skills significantly.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.141-158
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• 2023

From the perspective of an entrepreneur, one of the most important factors for understanding the inherent limitations of a startup, reducing the risk of failure, and succeeding is the composition of the talent, that is, the founding team. Therefore, a common concern experienced by entrepreneurs in the pre-entrepreneurship stage or the early stage of startup is the choice between independent startups and co-founding start-up. Nonetheless, in Korea, the share of independent entrepreneurship is significantly higher than that of co-founding start-up. On the other hand, focusing on the fact that many successful global innovative companies are in the form of co-founding start-up, the success factors of co-founding start-up were examined. Most of the related preceding studies are studies that identify the capabilities and characteristics of individual entrepreneurs as factors influencing the survival and success of entrepreneurship, and there is a lack of research on partnerships, that is, co-founding start-up, which are common in the field of entrepreneurship ecosystems. Therefore, this study attempted a multi-case study through in-depth interviews, collection of relevant data, analysis of contextual information, and consideration of previous studies targeting co-founders of domestic startups that succeeded in opportunistic startups. Through this, a model for deriving the phased characteristics and key success factors of co-founding start-up was proposed. As a result of the study, the key element of the preliminary start-up stage was 'opportunity', and the success factors were 'opportunity recognition through entrepreneur's experience' and 'idea development'. The key element in the early stages of start-up is "start-up team," and the success factor is "trust and complement of start-up team," and synergy is shown when "diversity and homogeneity of start-up team" are harmonized. In addition, conflicts between co-founders may occur in the early stages of start-ups, which has a large impact on the survival of start-ups. The conflict between the start-up team could be overcome through constant "mutual understanding and respect through communication" and "clear division of work and role sharing." It was confirmed that the core element of the start-up growth stage was 'resources', and 'securing excellent talent' and 'raising external funds' were important factors for success. These results are expected to overcome the limitations of start-up companies, such as limited resources, lack of experience, and risk of failure, in entrepreneurship studies, and prospective entrepreneurs preparing for a start-up in a situation where the form of co-founding start-up is attracting attention as one of the alternatives to increase the success rate. It has implications for various stakeholders in the entrepreneurial ecosystem.

• Science of Emotion and Sensibility
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• v.25 no.3
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• pp.91-106
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• 2022

This study targets four Soho fashion shopping malls that are operating successfully in the online fashion market. This study analyzed the entrepreneurship process by dividing it into three stages. The results of the case study are as follows. In the case of Company S, the founder, who had little work experience, started an e-commerce business with a sense of fashion and entrepreneurship. It is a contemporary, casual brand with competitive prices, design power, and diverse product assortment, and the business performance was achieved through data management and analysis and the diversification of distribution channels. In the case of Company B, the founder, who had little work experience, started a manufacturing and e-commerce business by leveraging their SNS network capabilities and entrepreneurial spirit. It is a contemporary fashion brand with product competitiveness of specific items and start-up characteristics, and performance was achieved through the establishment of brand identity and market expansion. Third, Company M and Company C are examples of Soho fashion shopping malls where the founders with more extensive work experience at the time of founding their respective start-ups focused on brand recognition as their core competitiveness. In the case of Company M, the apparel brand was launched with a wealth of experience and design spirit. It is a fashion designer brand that stands out for its sensibility, and the owner has achieved performance through various entrepreneurial activities that broaden the corporate horizon. Company C is a manufacturing and e-commerce brand that was started with design capabilities and an entrepreneurial spirit. It is a luxury fashion brand that focuses on emotional expression, and the outcomes, such as brand recognition and sales, were achieved through active customer management. The results of this study can be used as basic data in education for and research of Soho shopping malls and the prospective founders.

• 한국벤처창업학회:학술대회논문집
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• 2020.11a
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• pp.163-166
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• 2020

저출산으로 경제활동인구가 감소했는데도 청년실업자가 늘어난 나라는 한국, 이탈리아, 그리스인데 이는 OECD국가 중 유일하다. OECD 청년고용률은 2009년 40.5%에서 2019년 43.5%로 증가했지만 순위는 30위에서 32위로 하락했다. 코로나19사태로 매출이 감소한 국내 301개사는 채용을 미루거나 포기한 비율이 전체 50.5%애 이르면서 앞으로 청년 취업 상황을 악화시킬 것으로 보인다. 양질의 일자리가 증가하면 이를 통해 개인은 경쟁력을 확보하게 되고 산업은 고급 인력을 바탕으로 성장구조를 만든다. 따라서 민간과 정부는 창업을 적극적으로 독려하고 활성화 시킬 필요가 있다. 청년창업대상자를 중심으로 진행하는 사업은 중소벤처기업부의 청소년 비즈쿨 사업과 창업에듀, K-스타트업, 청년창업사관학교, 학생창업유망팀 300등이 있다. 그러나 대부분의 지원 사업이 초기창업단계에 지원역량이 강화되어 있고 공급자 위주로 창업지원 사업을 운영하다보니 창업 성과는 미미하다. 통계청 자료에 의하면 20대는 생계유지에 대한 문제와 창업자금으로 인해 창업을 망설이고 30대는 가족을 돌보는 것에 대한 부담감과 기업가에 대한 부정적인 인식으로 창업을 기피 하는데 이는 40대이상 다른 연령층보다 높게 나타났다. 본 연구는 개인적, 환경적 요인이 연령에 따라 창업의지에 어떤 영향을 미치는지 비교분석하여 일자리 활성화를 위한 정부의 청년창업지원대책 기초자료에 도움이 되고자 한다. 청년창업대상자의 금전에 대한 태도, 창업역량, 성공한 롤모델, SNS 활용능력, 창업지원정책, 사회적지지, 인적네트워크, 해외시장 관심도가 창업의지에 어떤 상관 관계를 갖는지 비교연구를 진행하고자 한다. 10대의 경우 취업과 창업을 고민하는 특성화고등학생 150명, 20대 150명, 30대 150명으로 총 450명의 데이터를 가지고 SPSS 23을 통해 다중회귀분석을 진행하고 원인을 비교해 앞으로의 정책이 창업을 독려하고 지속력을 갖기 위한 방향으로 시사점을 제안한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.3
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• pp.143-149
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• 2012

With the increasing use of mobile phones, mobile game is emerging as an entertainment for move. Furthermore, smart phone is widely spread, so mobile game market is rapidly growing. According to "Republic of Korea 2010 Games White Paper" mobile game market is growing annual average 10% or more, and is expected to reach $ 9.8 billion in 2011. It is almost doubled compared to 2007. It became possible to realize complicated high-capacity game with mobile phone developed to smart phone. And at the same time, mobile game is associated with Social Network Services (SNS) and is worldwide growing as a part of 'mobile life'. Apple launched an application open market, App Store, in 2008, and mobile game industry welcomed an innovative turning point. Global smart phone application market (App Store) is opened, so Gameday is able to launch mobile games easily to the global market getting out of the domestic market. In addition, Apple App Store has the structure of sharing their revenue with the developer with 7 to 3 which is more favorable terms for the developer compared to supply mobile contents to the mobile carrier who monopolized the market in the past. The largest proportion of the current App Store application is game, and Gameday has the opportunity to make a significant leap forward by keeping pace with the new environment changes.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.83-96
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• 2020

Traditionally social problems had been largely left to be handled by non-profit organizations, not because of lack of interests in social causes but mostly because of lack of innovative ideas to solve them in commercially viable ways. This market failure has recently been fixed by social enterprises, which manage to provide both solutions for social issues and commercially viable business models. As a result, we have been witnessing a sudden spike of public interests in these social enterprises as well as a call for empirical investigation on social enterprises by prior studies. However, empirically investigating a social enterprise has been a challenging endeavor mostly due to the insufficient number of successful social enterprises. Answering to the call in this study, we empirically investigate Goyohan Taxi, a successful social enterprise that partners with visually impaired cabdrivers and offers a taxi service, by both longitudinally interviewing the founder and adopting in vivo observation throughout the entrepreneurial journey of Goyohan Taxi. Based on the single case study method, we find that Goyohan Taxi adopts two distinctive decision-making mechanisms, the de-escalation of commitment and the orthogonality of commercial and social goals. Although generalizability of the our finding is minimal due to the limitation of single case study method, our finding contributes to the research of social entrepreneurship by offering new avenue of research in decision-making process of social entrepreneurs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.