• 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.5
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• pp.185-196
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• 2023

This paper investigates the effects of entrepreneurs' cognitive biases on business opportunity evaluation, given their strong entrepreneurial spirit, which is characterized by innovation, proactivity, and risk-taking. When making decisions related to business activities, entrepreneurs typically make rational judgments based on their knowledge, experience, and the advice of external experts. However, in situations of extreme stress or when quick decisions are required, they often rely on heuristics based on their cognitive biases. In particular, we often see cases where entrepreneurs fail because they make decisions based on heuristics in the process of evaluating and selecting new business opportunities that are planned to guarantee the growth and sustainability of their companies. This study was conducted in response to the need for research to clarify the effects of entrepreneurs' cognitive biases on new business opportunity evaluation, given that the cognitive biases of entrepreneurs, which are formed by repeated successful experiences, can sometimes lead to business failure. Although there have been many studies on the effects of cognitive biases on entrepreneurship and opportunity evaluation among university students and general people who aspire to start a business, there have been few studies that have clarified the relationship between cognitive biases and social networks among entrepreneurs. In contrast to previous studies, this study conducted empirical surveys of entrepreneurs only, and also conducted research on the relationship with social networks. For the study, a survey was conducted using a parallel survey method using online mobile surveys and self-report questionnaires from 150 entrepreneurs of small and medium-sized enterprises. The results of the study showed that 'overconfidence' and 'illusion of control', among the independent variables of entrepreneurs' cognitive biases, had a statistically significant positive(+) effect on business opportunity evaluation. In addition, it was confirmed that the moderating variable, social network, moderates the effect of overconfidence on business opportunity evaluation. This study showed that entrepreneurs' cognitive biases play a role in the process of evaluating and selecting new business opportunities, and that social networks play a role in moderating the structural relationship between entrepreneurs' cognitive biases and business opportunity evaluation. This study is expected to be of great help not only to entrepreneurs, but also to entrepreneur education and policy making, by showing how entrepreneurs can use cognitive biases in a positive way and the influence of social networks.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.115-125
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• 2023

The purpose of this study is to empirically identify the influence of social entrepreneurship on the formation of entrepreneurial motivation and entrepreneurial intention. In order to effectively achieve the purpose of the study, a research model and hypotheses are developed based on the results of a comprehensive review of relevant prior literature. The research model is set as social entrepreneurship including innovativeness, risk-taking, initiative, and social value orientation as independent variables, and entrepreneurship motivation is divided into intrinsic and extrinsic motivation. For the study, data were collected from a total of 114 social enterprise-related prospective entrepreneurs and early start-ups, and a research model and hypotheses analysis are conducted. The results of the empirical analysis are summarized as follows. First, all four components of social entrepreneurship were found to have a positive effect on intrinsic motivation. However, it is found that innovativeness and initiative among the components of social entrepreneurship has a positive effect on extrinsic motivation, whereas risk-taking and social value orientation has no significant effect on extrinsic motivation. Second, all four components of social entrepreneurship were found to have a positive effect on the entrepreneurial intention. Third, both intrinsic and extrinsic entrepreneurial motivation are found to have a positive effect on entrepreneurial intention. Finally, in the relationship between social entrepreneurship and entrepreneurial intention, both intrinsic and extrinsic entrepreneurial motivation are confirmed to have a positive mediating effect. This study specified the factors of social entrepreneurship and entrepreneurship motivation that affect entrepreneurship awareness and behavior targeting social enterprises with differentiated characteristics from existing for-profit enterprises. And through an empirical analysis of the influence relationship between these factors, an attempt was made to derive academic and practical implications.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.127-139
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• 2023

During the process of preparing for and initiating a startup, startup entrepreneurs allocate a significant amount of time to developing a business plan. Within this process, the documented business plan serves not only as a roadmap for the venture but also as a communication tool for capital acquisition and internal team collaboration. However, is the business plan, meticulously crafted by entrepreneurs, actually effective in generating startup performance? To answer this question, this study empirically analyzed the impact of a business plan on startup performance. Additionally, it examined how the relationship between the business plan and performance changes based on the satisfaction levels of entrepreneurs regarding the business plan. Through the analysis, the study validated the influence of the completeness of the business plan and entrepreneurial satisfaction on startup performance, and derived implications. To conduct the empirical analysis, a survey was conducted among 150 entrepreneurs. Regression analysis was performed to examine the relationship between the completeness of the business plan and performance, and the sample was further divided into two groups: startups with less than three years of operation and startups with three or more years of operation, for secondary analysis. The analysis results revealed that the completeness of the startup's business plan has a positive impact on both financial and non-financial performance. Furthermore, it is observed that the entrepreneur's satisfaction with the business plan had a moderating effect on the relationship between the business plan and financial performance. Moreover, for startups that are less than three years old, the entrepreneur's satisfaction with the business plan exhibits a moderating effect on the relationship between the completeness of the business plan and non-financial performance. This study holds significance as it reaffirms the importance of business plan development as a means to achieve sustainable growth for early-stage startups and empirically validates its significance. It is expected that this study will provide valuable insights for future startup entrepreneurs to better understand the importance of business planning and contribute to reducing the failure rate of early-stage startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.131-148
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• 2023

The purpose of this study is to investigate the effects of entrepreneurial environment and entrepreneurial competency on entrepreneurial intention by setting degree of self-determination as a moderating variable for pre-entrepreneur of agriculture industry. The entrepreneurial environment was divided into perceived support and perceived barriers, and the sub-variables of entrepreneurial competence were set as creativity, problem solving, communication, marketing, and business plan. 253 questionnaires were used for empirical analysis. The results of the analysis using SPSS v25.0 and Process macro v4.2 are as follows. First, the perceived support and perceived barriers of the entrepreneurial environment have a significant effect on entrepreneurial intention. Creativity, problem solving, marketing and business plan of entrepreneurial competency have a significant effect on entrepreneurial intention, but the effect of communication was non-significant. Second, the degree of self-determination did not moderate the relationship between perceived support, barriers and entrepreneurial intention. This means that the level of self-determination may not have a significant effect on the relationship between entrepreneurial environment and entrepreneurial intention. Third, the degree of self-determination was found to moderate the relationship between creativity, problem solving, communication, marketing and business plan of entrepreneurial competency and entrepreneurial intention. Specifically, as the degree of self-determination increases, the size of the influence of creativity, problem solving, marketing, and business plan on entrepreneurial intention plays a role of strengthening in a positive direction. On the other hand, as the degree of self-determination increases, the degree of self-determination, which weakens the relationship between communication and entrepreneurial intention. Future research will require exploration of other factors that can explain entrepreneurial environment and entrepreneurial capacity, and follow-up studies are needed to analyze the moderated mediating effects through conditional process models that include new mediating and moderating variables.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.33-44
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• 2023

Entrepreneurial self-efficacy is an important variable that explains people's attitudes and behaviors toward start-ups. In this study, we focused on individual psychological characteristics variables such as luck in belief and positive cognitive bias that affect entrepreneurial self-efficacy. Among these variables, we paid particular attention to luck in belief. The belief that business success depends on luck is widespread, but scientific verification about it has not been much. The reason for the academic indifference is that luck is a kind of superstition, related to precognition or extrasensory perception, and randomly caused by the external environment. The study of luck began in earnest as a measure to measure luck as an individual characteristic variable such as personality was developed. The purpose of this study is to examine the existing studies on luck in belief and to examine the effect of this luck in belief on positive cognitive bias and entrepreneurial self-efficacy through empirical analysis. For empirical analysis, this study conducted an on-line survey of 400 ordinary people and conducted a structural equation model analysis using AMOS 21.0 to verify the hypothesis. As a result of hypothesis testing, all hypotheses that luck in belief would have a positive effect on positive cognitive bias(self-enhancement bias, illusion of control bias, unrealism optimistic bias) were adopted. The hypothesis that positive cognitive bias(self-enhancement bias, illusion of control bias, unrealistic optimism bias) will have a positive effect on entrepreneurial self-efficacy was also adopted. Additional analysis was conducted to examine the mediating role of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy, which showed that 'luck in belief→positive cognitive bias →entrepreneurial self-efficacy' were statistically significant. Through this, we confirmed the mediating effect of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy. In the conclusion, the implications and limitations of the study were presented based on the results of this study.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.251-265
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• 2022

According to the 2019 statistics of the National Statistical Office, the population of old people over 65 is 7.69 million which consists of 14.9% of total population in Korea, and the world's fastest compressed-aging is being processed. Employees engaged in financial business as representative high-wage workers tend to choose voluntary retirement regardless of their business types, and rarely get a new job or establish their own business successfully. This study analyzes the effects of retirement expectations, social supports, and entrepreneurial intention for employees engaged in financial business, and the differences by individual characteristics on the preparation for their old age. The subjects include 280 people working at Seoul metropolitan and Daegu area. The data were analyzed with the SPSS Win Ver. 18.0 for frequency analysis, reliability analysis, factor analysis, regression analysis, etc. and the results of the study are as follows. First, the result of analyzing the effect of retirement expectations of employees engaged in financial business on the preparation for old age shows that the retirement expectations of the people who consider retirement is a new start meaningfully affect the financial and physical preparations for old age. Second, it is shown that family relations for employees engaged in financial business meaningfully affect the financial preparation, and family relations and friendship relations meaningfully affect the emotional and social preparations, despite social supports do not relevantly affect the financial preparation for old age. Third, it is also shown that the entrepreneurial intention of employees engaged in financial business does not relevantly affect the financial and physical preparations, but meaningfully affects the emotional and social preparations for old age. Fourth, the result of analyzing the effect of the individual characteristics of employees engaged in financial business on the preparation for their old age shows that age, marital status, and job grade do not relevantly affect, but the experience of entrepreneurship education more affects the preparation for old age than no-experience.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.219-232
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• 2022

Empirical studies on entrepreneurial intentions have been conducted from various perspectives over the past few decades. The unemployment rate has increased as the global economy stagnates in the aftermath of the COVID-19 pandemic, and entrepreneurship is emerging as an alternative to job creation. Although numerous antecedent variables have positive effects on entrepreneurial intention, this study focuses on entrepreneurial self-efficacy as an individual factor and the entrepreneur's family background as an environmental factor. This study analyzed the survey results of 300 global respondents through the online survey platform Prolific. The respondents were screened by asking a question about having had entrepreneurial education. Since the effects of entrepreneurial self-efficacy on entrepreneurial intention have been proved in numerous domestic studies, this study aims to generalize these results by investigating global samples. The moderated mediation analysis was performed using PROCESS to verify the research hypotheses. This research investigated the effect of entrepreneurial knowledge acquisition on entrepreneurial intention via entrepreneurial self-efficacy and the moderated mediation effect of the family background of entrepreneurs. The results of this study are summarized as follows. First, acquisition of entrepreneurial knowledge had a positive effect on entrepreneurial intention. Second, entrepreneurial self-efficacy mediated the relationship between entrepreneurship knowledge acquisition and entrepreneurial intention. Third, the entrepreneurship family background moderated this relationship. Specifically, when the family entrepreneurship background is strong (vs. weak), the positive effect of entrepreneurial knowledge acquisition on entrepreneurial intention via entrepreneurial self-efficacy significantly increased. The implications of this study are as follows. First, in the process of preparing for a own business, entrepreneurial education is a necessary condition to improve the entrepreneurial intention. Second, the higher the level of acquisition of entrepreneurial knowledge, the more positive attitudes toward entrepreneurial intention can be induced. Third, strong family background of entrepreneurship further promotes entrepreneurship intention by increasing entrepreneurial self-efficacy. In conclusion, in order to revitalize entrepreneurship, it is important to provide various entrepreneurial education programs. These educational programs will be able to improve entrepreneurial self-efficacy by providing more opportunities for students to acquire entrepreneurial knowledge, and thereby promote entrepreneurial intention. In addition, it is important to develop and provide advanced educational curriculum for those who have start-up business experiences in their families.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.81-96
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• 2024

This study analyzed the differences in the effects on entrepreneurship and entrepreneurial willingness of college students under the coronavirus pandemic by dividing theoretical education into practical education, face-to-face education, and non-face-to-face education, and analyzed the differences in the effects on entrepreneurship and entrepreneurship willingness according to the education method. This study conducted entrepreneurship education for 552 students at a comprehensive university in Chungcheong-do, Korea, and analyzed the sample by dividing it into theoretical and practical education, face-to-face education, and non-face-to-face education. In addition, a two-way repeated measures ANOVA was conducted to determine whether there were differences in the entrepreneurship education course operation form according to the pre- and post-education time points. The results showed that, first, the difference between the effectiveness of entrepreneurship education before and after theoretical and practical education was significant, and the entrepreneurship of practical education was higher than that of theoretical education after education. In the test of pre- and post-training differences in entrepreneurial intention, the difference in effectiveness was significant only in practical training. Second, the results of the repeated measures ANOVA analysis of the course operation type of theoretical and practical courses according to the difference between the pre- and post-education time points showed that there were differences in the entrepreneurship effectiveness of theoretical and practical courses according to the time point of education. Third, the difference in the effectiveness of entrepreneurship education according to face-to-face and non-face-to-face education was significant, and only the effect of non-face-to-face education on entrepreneurial intention was significant before and after education. Fourth, the results of repeated measures ANOVA analysis of face-to-face and non-face-to-face course operation type showed that the effect of face-to-face and non-face-to-face entrepreneurship education differed depending on the time of education. The pre-post difference in entrepreneurial intention was significant only for the non-face-to-face program. The implication of this study is that in order to increase the effectiveness of entrepreneurship and entrepreneurial will among university students, it is necessary to expand the amount of practical classes in which students actively participate in activities related to entrepreneurship. In addition, in order to increase the effectiveness of entrepreneurial will, a non-face-to-face education method that utilizes the metaverse space and increases the role of each student can contribute to increasing the effectiveness of entrepreneurial will.