• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.25-37
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• 2022

The purpose of this study is to survey startup founders within 7 years of founding the importance and satisfaction of the components of the scale-up entrepreneurial ecosystem at the national level in Korea and analyze the direction of scale-up policy by component using IPA (importance-performance analysis). Since the perception of founders, who are the subjects of the entrepreneurial ecosystem, affects the quantity and quality of start-ups, research is needed to analyze and diagnose the perception of scale-up components. For the development of the national economy and entrepreneurial ecosystem, companies that emerge from startups to scale-up and unicorns must be produced, and for this, elements for the scale-up entrepreneurial ecosystem are needed. The results of this study are as follows. First, the importance ranking of the components of the scale-up entrepreneurial ecosystem recognized by founders was in the order of "Financial support by growth stage," "Support for customized scale-up for enterprises," "Improvement of regulations," "Funds dedicated to scale-up," "large-scale investment," and "nurturing technical talents." Second, the factors that should be intensively improved in the importance-satisfaction matrix in the future were 'Pan-Government Integration Promotion Plan', 'Scale-Up Specialized Organization Operation', 'Company Customized Scale-Up Support', 'Regulatory Improvement', and 'Building a Korean Scale-Up Model'. As a result, various and large financial capital for the scale-up entrepreneurial ecosystem, diversification of scale-up programs by business sector, linkage of start-ups and scale-up support, deregulation of new technologies and new industries, strengthening corporate-tailored scale-up growth capabilities, and providing overseas networking opportunities can be derived. In addition, it is expected to contribute to policy practice and academic work with research that derives the components of the domestic scale-up entrepreneurial ecosystem and diagnoses its perception.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.241-253
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• 2023

In the current rapidly changing environment, each country continues to make efforts to create jobs and strengthen technological competitiveness. In particular, support and revitalization policies for venture companies and start-ups are known to play a role in increasing national competitiveness. Companies should make appropriate replacements amid growing uncertainties in the environment in which business life is shortened and customer needs are diversified due to intensifying competition. First of all, it is important for companies to make efforts to strengthen their internal capabilities on their own. However, venture companies lack internal resources and capabilities, so support from the external environment is important enough to lead to the survival of the company(Timmons, 1994). Financial support and certification systems are being operated at the national level to strengthen the competitiveness of companies. However, financial support can lower a company's self-sustainability depending on the situation, so non-financial support such as R&D support and start-up education is considered to be helpful in the long term for venture growth(Aghion et al., 2012; Jeon & Ko, 2021). Non-financial support is divided into commercialization, facilities, space, childcare, manpower, and certification systems, and this study confirmed the benefits of the venture company confirmation system, which is a certification system. To this end, the 2021 venture company precision survey data and venture company sales data were used, and analyzed using the SPSS 26.0 package and SPSS PROCESS MACRO. As a result of the analysis, it was confirmed that the level of the management environment of venture companies has a positive effect on the benefits of the venture confirmation system or increasing the level of venture company capabilities, but it is difficult to lead to actual management performance. In addition, it was confirmed that the level of venture company competency mediates the relationship between the level of the venture company's business environment and management performance. As a result, even if the level of the venture company's business environment is positive or venture-friendly, it can be said that companies with internal capabilities to digest support from the external environment increase management performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.123-139
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• 2023

Incubating future social entrepreneurs is of increasing importance for governments and industries that aim to create positive social changes through innovative, market-based solutions. Considering the distinct and challenging nature of a social entrepreneurial career, prior research has explored various antecedents of the formation of social entrepreneurial intention. The current research aims to contribute to the literature by examining social class as a potential precursor of individuals' social entrepreneurial intention formation, with a specific focus on social entrepreneurial identity aspiration as the underlying psychological mechanism and communal narcissism as the contingent factor. Using a two-wave survey data collected among 144 potential entrepreneurs from South Korea, we tested a moderated mediation model to validate the research propositions. The findings can be summarized as follows. First, lower social class was associated with higher social entrepreneurial identity aspiration. Second, when communal narcissism was high(low), the negative relationship between social class and social entrepreneurial identity aspiration was stronger(weaker). Third, communal narcissism moderated the negative impact of social class on social entrepreneurial intention via its effect on social entrepreneurial identity aspiration. This study has significant implications on several fronts. First, we explore the motivations that drive individuals from lower-class backgrounds to participate in social entrepreneurship, going beyond the previous notion that a higher-class context promotes entrepreneurial pursuits. Second, we delve into the underlying mechanism and condition that influence the formation of social entrepreneurial intentions, highlighting the pivotal roles played by social entrepreneurial identity aspiration and communal narcissism. Our findings provide practical insights for institutions seeking to foster the involvement of prospective social entrepreneurs from lower-class backgrounds, thereby generating positive outcomes for marginalized communities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.171-186
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• 2023

CEOs who have started and managed small and medium-sized enterprises (SMEs) have a lot of concerns about the sustainability of their businesses in the fierce management field and sometimes have the intention to discontinue their businesses. In this study, the perception of the business environment of SMEs (intensity of competition, difficulty in manpower management), the competency of the corporate (employee competency, product or service competitiveness, digital or technical capability), the competency of the CEO's (management competency and health status of CEO), and the perception of business succession on the CEO's intention to discontinue business were empirically studied with SME CEOs. This study conducted a survey of SME CEOs in various industries from March 20 to April 15, 2022, and verified the research hypothesis using SPSS 24.0 with 296 samples obtained. As a result of the study, the intensity of competition, the difficulty in manpower management, and the perception of business succession had a positive (+) effect on the intention to discontinue the business. On the other hand, the employee competency, the product or service competitiveness, the corporate digital or technical competency, and the CEO's health status had a negative (-) effect on the intention to discontinue business. Meanwhile, it was observed that government regulations also have a moderating effect on the intensity of competition, the difficulty in manpower management, the business succession perception of CEO, and the intention to discontinue business. This study has academic significance in that the concept of 'discontinuing business', which was fragmentarily scattered according to various preceding studies, was systematized based on the level of ownership change and voluntariness. And that it empirically analyzed factors related to the intention to discontinue business targeting SME CEOs. In addition, that it observed for the baby-boomer CEOs in Korea the factors influencing the intention to discontinue business and that it was confirmed that considering their age, organizing the business stable and handing it over to the successor was another positive concept of business discontinuation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.97-113
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• 2023

In order to generalize the social entrepreneurship model with cooperation orientation and increase the possibility of using the model, this study developed a measurement tool and tested it with 389 executives of social enterprises. For the development of the measurement tool, preliminary measurement items were formed through review of previous studies, and a questionnaire was tentatively composed of 40 measurement items in five areas through an expert panel review of the measurement items. A total of 389 questionnaires were collected by conducting a questionnaire survey targeting Korean social enterprise managers, and exploratory and confirmatory factor analysis were conducted using 375 questionnaires that could be analyzed. Five factors for 24 items were derived through exploratory factor analysis and reliability analysis. Through a series of analysis processes including primary and secondary confirmatory factor analysis, the model fit of the newly constructed social entrepreneurship research model was confirmed, and the validity and reliability of the measurement tools were verified. As a result of this study, the model fit of the social entrepreneurship model(social value orientation; innovativeness; pro-activeness; risk-taking; cooperation orientation) is verified, thereby improving the theoretical explanatory power of social entrepreneurship research and at the same time providing the basis and basis for theoretical expansion of follow-up research. The study proved the possibility of generalizing the social entrepreneurship model with added cooperation orientation, and at the same time, the measurement tool used in this study was widely used as a tool to measure social entrepreneurship theoretically and practically. In addition, it was confirmed that the cooperation orientation is manifested in corporate decision-making and activity behaviors for resource mobilization and capacity building, opportunity and performance creation, social capital and network reinforcement, and governance establishment of social enterprises.

• 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.3
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• pp.45-60
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• 2023

In this study, we analyzed the influence of middle-aged office workers' entrepreneurial competency and entrepreneurial opportunity recognition on entrepreneurial intention by mediating entrepreneurial opportunity evaluation. Sub-variables of entrepreneurial competency were classified into prior knowledge, positive attitude, and social network. For the empirical analysis of this study, an online survey using Naver Office was conducted for about 15 days (February 6, 2023 - February 20, 2023) targeting office workers across the country who are interested in starting a business, and a total of 262 copies were collected and missing values. For 250 copies excluding 12 copies, SPSS Ver.24.0 and PROCESS MACRO Model 4.0 were used for empirical analysis. The results of the analysis are as follows: First, the higher the prior knowledge of the founder's individual competency, social network, and entrepreneurial opportunity recognition, the higher the entrepreneurial opportunity evaluation and entrepreneurial intention. On the other hand, it was found that the positive attitude among entrepreneurs' individual competencies did not affect entrepreneurship opportunity evaluation and entrepreneurial intention. In addition, the magnitude of the influence on entrepreneurial opportunity evaluation and entrepreneurial intention was in the order of entrepreneurial opportunity recognition, prior knowledge, and social network. This is because the positive attitude of middle-aged office workers towards start-up has a negative image of start-up due to the shrinking start-up environment due to COVID-19, fear of failure due to lack of preparation for start-up, and successive cases of start-up failure due to cognitive bias errors due to overconfidence. implying that there is Second, it was found that the evaluation of entrepreneurship opportunities had a significant positive (+) effect on entrepreneurial intention in a situation where the entrepreneur's individual competency and entrepreneurial opportunity recognition were controlled. Third, the startup opportunity evaluation was shown to mediate between the prior knowledge of the entrepreneur's individual competency, social network and entrepreneurial opportunity recognition, and entrepreneurial intention, but it did not mediate between positive attitude and entrepreneurial intention. Fourth, among the factors influencing entrepreneurial opportunity evaluation and entrepreneurial intention, entrepreneurial opportunity recognition was found to be larger than founder's individual competency, confirming the importance of entrepreneurial opportunity recognition. Fifth, it was found that prior knowledge and network, which are individual capabilities of the founder, affect the evaluation of entrepreneurial opportunities and entrepreneurial intention, so that strengthening entrepreneurship education to recognize the importance of cultivating prior entrepreneurial knowledge and experience can revitalize middle-aged office workers' entrepreneurship. confirmed.

• 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.

• 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.121-137
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• 2022

The purpose of this study is to present the necessary success factors and strategies for high-tech social ventures and stakeholders in the related ecosystem by empirically identifying factors that affect their sustainable performance. Based on prior research, the dimensions of three performance factors were presented: core technology competency, core business competency, and social mission orientation. Then, such sub-dimensions such as technology innovation orientation, R&D capability, business model, customer orientation, social network, and social mission pursuit were derived. For empirical analysis, a survey was conducted on domestic high-tech social ventures, and the significance of the hypothesis was tested through PLS-structural equation analysis of the collected 243 valid data. As a result, it was found that the technology innovation orientation was embedded as an abstract organizational and cultural characteristic in the high-tech social venture, which is a research sample, and thus did not significantly affect the dependent variable. In other words, aiming for the latest cutting-edge technology alone cannot affect performance, and it is a result of proving the need for substantial influencing factors that can strengthen it. On the other hand, the business model had a significant effect only on social performance, which is presumed to be the limitation of measurement tools developed for social enterprises, and the results of additional multi-group analysis to determine the cause also supported the basis for this estimation. Excluding the previous two performance factors, R&D competency, customer orientation, social network, and social mission pursuit were all found to have a significant positive (+) effect on social and economic performance. This study laid a foundation for related research by identifying high-tech social ventures emerging in the ecosystem of a social economy and expanded empirical research models related to the performance of existing social enterprises and social ventures. However, in the research method or process, there were limitations such as factor derivation or verification for balance of dual performance, subjective measurement method, and sample representativeness. It is expected that more in-depth follow-up studies will continue by supplementing future limitations and designing improved research models.