• Korean Journal of Culture and Social Issue
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• v.15 no.1
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• pp.95-132
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• 2009

Can money buy happiness? If not, what are the factors that influence happiness? What makes people happy? What are the factors that influence happiness among Korean adults? How can we better explain factors that influence happiness? These are the research questions that led to the analyses of psychological, relational, financial resources that influence happiness. To examine differences in socio-economic status, adults and elderly from three different districts that vary wealth and income were interviewed in their own home. A total of 313 respondents (male=133, female=180) between the ages of 20 through 80 completed a questionnaire that contained background information, emotional support scale and happiness scale developed by the present researcher and resiliency of efficacy developed by Bandura(1995). The results are as follows. First, monthly income influence happiness to some extent, but when the variable was excluded from the path analysis, the goodness-of-fit did not change significantly. Although those who have more money can be happier, those without much money can also be happy. These results indicate that financial resource has limited influence on happiness. In addition, monthly income did influence self-efficacy of respondents indicating that those with more money were not necessarily more confident about themselves. Second, an important factor influencing happiness is the relational resource. Emotional support was the most powerful predictor of happiness, four to five times more important than monthly income. Third, self-efficacy influenced happiness. Those respondents with higher resiliency of efficacy had higher happiness scores and the influence was two times greater than monthly income. Moreover, self-efficacy played a mediating role between emotional support and happiness. Fourth, those respondents with higher occupational achievement reported higher happiness score and the influence was two times greater than monthly income. Fifth, success of children influenced happiness score and the influence was 1.5 times greater than monthly income. Sixth, education did not directly influence happiness, but had an indirect influence through self-efficacy and occupational achievement. Seventh, age was not related to self-efficacy and happiness.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.31-43
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• 2022

Startups are recognized as the vitality of the economy, and countries are competing to attract competitive overseas entrepreneurs and startups to their own startup ecosystem. In this global trend, entrepreneurs cross the border without hesitation, expecting abundant available resources and a startup friendly environment. Despite the increasing frequency of start-up migration between countries, studies related to this are very rare. Therefore, this study has chosen the cross-border migration of startups between countries as a research topic, and those who have been involved in the cross-border entrepreneurial migration to South Korea as a research sample. This study consists of two stages. The first research stage hires a Delphi method to collect expert opinions and find major factors related to the global startup migration. Drawing on the prior literature on the regional startup ecosystem at the national level, this stage is to conduct expert interviews in order to discover underlying factors and subfactors important for global migration of startups. The second stage measures the importance of the factors and subfactors using the AHP model. The priorities of factors and factors were identified hiring the overseas entrepreneurs who moved to Korea as the AHP survey samples. The results of this study suggest some interesting implications. First, a group of entrepreneurs with nomadic tendencies was found in the trend of global migration of entrepreneurs. They had already started their own businesses with the same business ideas in multiple countries before settling down in Korea. Second, important unique factors and subfactors in the context of global start-up migration were identified. A good example is the government's support package, including start-up visas. Third, it was possible to know the priority of the factors and subfactors that influence the global migration of startups This study is meaningful in that it preemptively conducted exploratory research focusing on a relatively new phenomenon of global startup migration, which recently catches attention in the global startup ecosystem. At the same time, it has a limitation in that it is difficult to generalize the meanings found in this study because the research was conducted based on the case of South Korea

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.67-83
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• 2023

The social venture start-up phenomenon is found from the perspectives of social enterprise and for-profit enterprise. This study aims to fundamentally explore the start-up phenomenon of social ventures from these two perspectives. Considering the lack of prior research that researched both social and commercial perspectives at the same time, this paper analyzed using grounded theory approach of Strauss & Corbin(1998), an inductive research method that analyzes based on prior research and interview data. In order to collect data for this study, eight corporate representatives currently operating social ventures were interviewed and data and phenomena were analyzed. This progressed to a theoretical saturation where no additional information was derived. The analysis results of this study using the grounded theory approach are as follows. As a result of open coding and axial coding, 147 concepts and 70 subcategories were derived, and 18 categories were derived through the final abstraction process. In the selective coding, 'expansion of social venture entry in the social domain' and 'expansion of social function of for-profit companies' were selected as key categories, and a story line was formed around this. In this study, we saw that it is necessary to conduct academic research and analysis on the competitive factors required for companies that pursue the values of two conflicting relationships, such as social ventures, to survive with competitiveness. In practice, concepts such as collaboration with for-profit companies, value combination, entrepreneurship competency and performance improvement, social value execution competency reinforcement, communication strategy, for-profit enterprise value investment, and entrepreneur management competency were derived. This study explains the social venture phenomenon for social enterprises, commercial enterprises, and entrepreneurs who want to enter the social venture field. It is expected to provide the implications necessary for successful social venture startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.253-270
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• 2023

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.203-223
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• 2023

Recently, the platform industry is rapidly growing in the global market, and competition is intensifying at the same time. Therefore, in order for domestic platform companies to have global competitiveness in the platform market, it is necessary to study the platform business ecosystem and success factors. However, most of the recent platform-related studies have been theoretical studies on the characteristics of platform business status analysis, platform economy, and indirect network externalities of platforms. Therefore, this study comprehensively analyzed the success factors of Silicon Valley's business ecosystem proposed in previous studies, and at the same time analyzed the success factors extracted from stakeholders in the actual Silicon Valley platform business ecosystem. And based on these factors, an IPA analysis was conducted as a way to propose a success plan to stakeholders in the platform business ecosystem. As a result of the analysis, among the success factors collected through previous studies, manpower, capital, and challenge culture were identified as factors that are relatively well maintained in both importance and satisfaction in Silicon Valley. In the end, it can be seen that the creation of an environment and culture in which Silicon Valley can use it to challenge itself based on excellent human resources and abundant capital contributes the most to the success of Silicon Valley's platform business. On the other hand, although it is of high importance to Silicon Valley's platform corporate ecosystem, the factors that show relatively low satisfaction among stakeholders are 'learning and benchmarking among active companies' and 'strong ties and cooperation between members', and it is analyzed that interest and effort are needed to strengthen these factors in the future. Finally, the systems and policies necessary for market autonomous competition, 'business support service industry', 'name value', and 'spin-off start-up' were important factors in literature research, but the importance and satisfaction of these factors were lowered due to changes in the times and environment. This study has academic implications in that it comprehensively analyzes the success factors of Silicon Valley's business ecosystem proposed in previous studies, and at the same time analyzes the success factors extracted from stakeholders in the actual Silicon Valley platform business ecosystem. In addition, there is another academic implications that importance and satisfaction were simultaneously examined through IPA analysis based on these various extracted factors. As for academic implications, it is meaningful in that it contributed to the formation of the domestic platform ecosystem by providing the government and companies with concrete information on the success factors of the platform business ecosystem and the theoretical grounds for the growth of domestic platform businesses.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.187-200
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• 2023

The purpose of this study is to examine how the start-up education, start-up support system, and start-up mentoring directly and indirectly conducted in universities affects entrepreneurial Intention, and to present programs and directions that can increase the possibility of start-up for college students. This study analyzed the effects of college students' satisfaction with university entrepreneurship education, awareness of the entrepreneurship support system, and entrepreneurship mentoring on entrepreneurial will, and then analyzed how entrepreneurship efficacy affects entrepreneurial will as a moderating effect. The recognition of the start-up support system was divided into the government start-up support policy and the university start-up support project, and start-up mentoring was divided into mentoring function (problem-solving function, networking function, communication function, motivation function) and mentor trust (cognitive trust, emotional trust). Regression analysis was performed on satisfaction with college entrepreneurship education, perception of entrepreneurship support system, entrepreneurship mentoring as independent variables, and willingness to entrepreneurship as dependent variables. In addition, entrepreneurship efficacy was designated as a moderating variable and analyzed. As a result of the study, first, it was found that satisfaction with start-up education had a positive (+) effect on college students' willingness to start a business. Second, among the start-up support systems, university start-up support projects were found to have a positive (+) effect on college students' willingness to start a business. Third, as a result of verifying whether entrepreneurial self-efficacy has a moderating effect on the relationship between college start-up support projects and college students' willingness to start a business while recognizing the start-up support system, it was found to have a moderating effect. The following implications can be derived based on the analysis results of this study. First, efforts to improve start-up education will be needed to increase the satisfaction of start-up education. Second, Through the operation of the start-up counseling center in the university, it will be possible to recognize the education system supported by the university, the university start-up support project that can carry out the indirect experience of start-up, and the government start-up support policy that supports funds. Third, It will be necessary to open a program that can provide start-up mentoring through connection with mentors in the start-up field, such as professors, employees, and senior start-ups in universities. Fourth, It is necessary to develop thorough education on the preparation process of start-ups, start-up special lectures where senior start-ups can indirectly experience the failure of start-ups, and programs for customized start-up education according to college students' major and individual tendencies.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.1-20
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• 2023

This study attempted to identify the relationship between the investment determinants of accelerators and investment performance through empirical analysis. Through literature review, four dimensions and 12 measurement items were extracted for investment determinants, which are independent variables, and investment performance was adjusted to the cumulative amount of subsequent investment based on previous studies. Performance data from 594 companies selected by TIPS from 2017 to 2019, which are relatively reliable and easy to secure data, were collected, and the subsequent investment cumulative attraction amount, which is a dependent variable, was hypothesized through multiple regression analysis three years after the investment. As a result of the study, 'industrial experience years' in the characteristics of founders, 'market size', 'market growth', 'competitive strength', and 'number of patents' in the characteristics of products and services had a significant positive (+) effect. The impact of independent variables on dependent variables was most influenced by the competitive strength of market characteristics, followed by the number of years of industrial experience, the number of patents, the size of the market, and market growth. This was different from the results of previous studies conducted mainly on qualitative research methods, and in most previous studies, the characteristics of founders were the most important, but the empirical analysis results were market characteristics. As a sub-factor, the intensity of competition, which was the subordinate to the importance of previous studies, had the greatest influence in empirical analysis. The academic significance of this study is that it presented a specific methodology to collect and build 594 empirical samples in the absence of empirical research on accelerator investment determinants, and created an opportunity to expand the theoretical discussion of investment determinants through causal research. In practice, the information asymmetry and uncertainty of startups that accelerators have can help them make effective investment decisions by establishing a systematic model of experience-dependent investment determinants.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.17-32
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• 2023

The entrepreneurial activities of college students play a significant role in modern economic and social development, particularly as a solution to the changing economic landscape and youth unemployment issues. Introducing innovative ideas and technologies into the market through entrepreneurship can contribute to sustainable economic growth and social value. Additionally, the entrepreneurial intentions of college students are shaped by various factors, making it crucial to deeply understand and appropriately support these elements. To this end, this study systematically explores the importance and impact of role models through a multiple serial mediation analysis. Through a survey of 300 college students, the study analyzed how two psychological variables, growth mindset and entrepreneurial self-efficacy, mediate the influence of role models on entrepreneurial intentions. The presence and success stories of role models were found to enhance the growth mindset of college students, which in turn boosts their entrepreneurial self-efficacy and ultimately strengthens their entrepreneurial intentions. The analysis revealed that exposure to role models significantly influences the formation of a growth mindset among college students. This mindset fosters a positive attitude towards viewing challenges and failures in entrepreneurship as learning opportunities. Such a mindset further enhances entrepreneurial self-efficacy, thereby strengthening the intention to engage in entrepreneurial activities. This research offers insights by integrating various theories, such as mindset theory and social learning theory, to deeply understand the complex process of forming entrepreneurial intentions. Practically, this study provides important guidelines for the design and implementation of college entrepreneurship education. Utilizing role models can significantly enhance students' entrepreneurial intentions, and educational programs can strengthen students' growth mindset and entrepreneurial self-efficacy by sharing entrepreneurial experiences and knowledge through role models. In conclusion, this study provides a systematic and empirical analysis of the various factors and their complex interactions that impact the entrepreneurial intentions of college students. It confirms that psychological factors like growth mindset and entrepreneurial self-efficacy play a significant role in shaping entrepreneurial intentions, beyond mere information or technical education. This research emphasizes that these psychological factors should be comprehensively considered when developing and implementing policies and programs related to college entrepreneurship education.