• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.5
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• pp.3099-3110
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• 2015

Recently, there are so many music school graduates. In addition, there are many private music institutes. For this reason, there is a fierce competition in music education market. In the past, those who worked in music education market earned big money and so many parents wanted their girls and boys to learn playing a piano and other musical instruments. In the recent times, however, birth ratio was reduced dramatically in Korea and parents do not want their children to learn musical instruments due to economic depression and deteriorated music market. Eventually, the size of music education market was diminished dramatically and the competition in music education market is getting fiercer. Therefore, it is difficult to expect good performance in music education market without having an improved management system. In this respect, this study aims to understand what main factors have an impact on business performance in music institutes. The main areas studied in this paper include successful factors, reason why they start up a business, and successful management factors. The survey of this study targeted music institute owners. Based on the surveyed results, for the owners of the music institute, the method of the venture management approach, in other words, the application of the marketing knowledge, the consideration of the company system, the application of the smart technologies, etc., has been presented.