• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.247-254
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• 2014

This study explored how early stage entrepreneurs think about key success factors of startup and its impact factors. Previous research on key success factors of startup focused on high technology industry or explored retrospectively main reason of their startup success. However, preparatory entrepreneur who lacks career and social experience has different point of view of startup success, because of their situation which they overcome various problem of entrepreneurial process. This research surveyed key success factors and impact factors of entrepreneurial success based on 905 preparatory entrepreneur. We witnessed that preparatory entrepreneur recognizes various key success factors and found different key success factors according to the attribute of preparatory entrepreneur. We found that man, team startup and non technology related startup in 20s age emphasized procuring superior manpower. But solitary startup and previous career related busienss and long preparation term in 30s age recognized importantly about the entrepreneur's ability. Also, preparatory entrepreneur who considered importantly sales promotion and thorough preparation has different attribute. We can find a unique point that Funding capability was not significant attribute. Finally we suggested implication and further research agenda to foster young entrepreneur based on major findings.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.2
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• pp.43-57
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• 2015

All countries of the world are promoting the creative economy policy to overcome the global economic crisis. Korean government enforces the creative economy policy for the economic growth and job creation. Especially, Technology based startup is actively supported to realize the creative economy. To maximize the efficiency of supporting start-ups, we have to analyze a perception gap of the startup success factors between technology based entrepreneur and startup facilitator. Through the analysis, the supporting policy of startup utilized efficiently the limited resources is necessary. So, the purpose of this study is analysis the difference of the startup success factors which technology based entrepreneur and startup facilitator recognize. To analysis, the start-up success factors derived from previous studies were categorized them as 1) characteristics of the founder, 2) start-up strategy, 3) characteristics of the organization, and 4) start-up environment. Also, The CEO of technology based start-ups and the researcher in national research institute to support SMEs were surveyed. Then, Survey was analyzed by utilizing the ANP methodology to priority derivation of start-up success factors. Result of analysis, Technology Based Entrepreneur was determined that 'composition and expertise of organization' is most important factor for success of startup. On the other hand, Startup facilitator was determined that 'financing strategy of organization' is most important factor for success of startup. Both groups are recognized as important strategy. And start-up environment is recognized as a relatively unimportant. On the other hand, the importance which two groups evaluate about characteristics of entrepreneur and characteristics of organization was different. This study has a academic significance to analyze the priority of the startup success factors between technology based entrepreneur and startup facilitator. Also, It can be utilized practical guideline when policy making about technology based startup.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.71-86
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• 2023

Although starting a business plays a key role in strengthening national competitiveness and creating jobs, it is recognized as a risky choice. Failure to start a business can result in a wide range of negative effects, such as loss of personal wealth as well as deterioration of national competitiveness. This study considers startups that have reached a level of sustainable growth by achieving performance above the minimum profitability and sales standards for KOSDAQ listing, or achieved EXIT through sale or listing, as successful startups. based on the practical experiences of 23 successful entrepreneurs and Based on perception, the importance and priorities of startup success factors were derived through stratification analysis (Analytic Hierarchy Process, AHP), and interviews were conducted. In particular, using the ERIS model, we comprehensively analyze various variables of a start-up by considering the four elements of the entrepreneur, resources, industry, and strategy, and examine the changes and importance of success factors according to the characteristics of each growth stage of the start-up. As a goal, we specifically identified the challenges and opportunities faced by entrepreneurs at each stage. As a result of the study, the order of importance of the top factors of success factors in the start-up period was found to be the entrepreneur, resources, industry, and strategy. In particular, the importance of the entrepreneur's entrepreneurship spirit, special capabilities, general capabilities, and human resources was emphasized. The order of importance of the top factors of success factors during the growth period was found in the following order: entrepreneur, resources, industry, and strategy. In particular, the importance of general capabilities, entrepreneurship, and human and organizational resources was emphasized. This study is significant in that it analyzes startup success factors from the perspective of successful entrepreneurs and provides useful insights and directions to entrepreneurs and policy makers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.39-50
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• 2018

A main purpose of this research is to identify success factors of start-up based on the AER case study. As a result of case analysis, In the early stage, the success factors of start-up are the entrepreneur's history, experience, expertise, prompt judgment, problem-solving ability, the capacity and teamwork of its members, business networks and supporting government start-ups. In the commercialization stage, securing commercialization and investment funds, timing, differentiation strategy, overseas advancement, and acceptance of customer feedback are important. In the growth stage (maturity stage), new product launches and diversification, and establishment of organizational culture are important. Based on the results of this analysis, this study sought success factors and implications for each stage and sought research directions in the future.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.7
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• pp.2371-2385
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• 2010

What are the success factors of IT venture entrepreneur that through initial phase and enter to the growth phase ? Both the duration of jobless growth and the economic recession are worsening employment market. Entrepreneurship is be proposed to a method for creating jobs and reducing the economic gap. Research on Entrepreneurship and the support of government policy has already been operated for a long time ago. Research on growth and duration of the entrepreneur in initial phase, compared with growth phase are insignificant in quantity or quality. Therefore, this study researches essential factors about growth and duration of the entrepreneur in the initial phase through cases related them. entrepreneur of this subject are classified the hardware development group and the software development group associated with manufacturing characteristic funded existence. There is a research on evaluation factors about selection and result evaluation of selecting Entrepreneur. And this can be investigated by studying to Entrepreneur's growth and duration in initial phase. There are affecting factors about growth and duration of first step. And they are divided by internal, external, synthetic, and characteristic factors of growth phase. The result of this study is be used to develop pre-established educational program, consulting guidelines and establish support policy.

• Journal of Digital Convergence
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• v.13 no.7
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• pp.125-136
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• 2015

Due to globalization, more foreign-owned small businesses have been joining the South Korean economy. In order to better support the growth, this study's purpose is to identify foreign entrepreneur demographics and company information as well as entrepreneurial motivations and perceived success factors. To fulfill these goals, a survey of 98 immigrant entrepreneurs from 31 countries doing business within the local Korean market was conducted. The results show that most foreign-owned small businesses are service-oriented and primarily started for intrinsic reasons. It was also identified that the perceived business success determinants that the government can most directly affect are skills-based, rather than infrastructure or financially oriented. Furthermore, top issues include unreliable employees, language barrier and too much competition. The findings of this study are particularly relevant to both academics and policy makers alike because almost no prior foreign entrepreneur-focused research has been conducted in Korea.

• Asia Pacific Journal of Business Review
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• v.3 no.2
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• pp.43-66
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• 2019

Home-based business (HBB) is one of the fastest growing form of business start-ups where the business is conducted from home. In develop economies, the HBB industry is an engine for economic growth that has proven its viability through significant contribution to the national GDP. In view of its importance, the Saudi Ministry of Commerce and Industry encourage local women to start and develop their own HBB as it gives them the flexibility while still contributing to the national economy. Although various initiatives have been taken place, little information is available about Saudi HBB. This study therefore aims to determine the factors that contribute to the growth as well as the challenges of female HBB in Saudi Arabia. The study was based on qualitative approach which adopted an in-depth interview with eleven Saudi females who run HBB. The findings revealed that HBB contributing factors comprised of access to funding, sufficiency of savings and the influence of the intrinsic and extrinsic motivation in starting the business. Meanwhile, the obstacles are government regulations and policies, culture, and home design. The study recommendations include improving banks and service institution policy and procedures to enable HBB to have access to funding and services and to develop legal policies to protect the right of the HBB operator and customers. Finally, the study also suggests future research on managerial factors that can contribute to HBB female success, the stress coping mechanism of HBB and the factors contributing to the difference between HBB in growth strategies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.1
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• pp.149-160
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• 2013

This aims to study impact of the youth start-up business incubating system by government's or local autonomous governments' center on start-up business performance. This focus on Youth Start-Up Business Support Program operated by Seoul Metropolitan City and explore practical alternatives. In this study, young entrepreneurs are defined as those who are aged between 20 and 40, and start-up is defined as an act by such entrepreneur that establishes an organization or system that produces any goods or services selected as business idea by utilizing capital in order to create profits. The empirical results are as follow; a significant correlation between scale of capital in initial stage by young entrepreneur graduating from Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. There is a significant correlation between the number of obtained intellectual properties before moving into Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. There is a significant correlation between the degree of satisfaction on start-up activity support fund for young entrepreneur in Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. There is a significant correlation between the degree of satisfaction on promotion and territorial cultivation support activities for young entrepreneur in Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. There is a significant correlation between the degree of satisfaction on collaboration support among member firms for young entrepreneur in Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. There is a significant correlation between the degree of overall satisfaction on start-up business support program for young entrepreneur in Start-Up Business Support Center and start-up success satisfaction by young entrepreneurs. The study has an implication that it provides a basic data on policy support strategies by central and local autonomous governments that facilitate young entrepreneurs to achieve start-up business goals by understanding the factors that affect the business performance of young entrepreneurs. In addition, the study offers an effective direction for young entrepreneurs in a way that promotes the start-up performance by young entrepreneurs, which expects to contribute to core factors of new employment opportunity creation as well as national and local economies, so that the author expects the study to play a role of raising the necessity of start-up business support for young entrepreneurs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.261-276
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• 2020

This study seeks to find an effective support plan through the success factors recognized in the early stages of startup and those recognized after success by grasping the success factors of successful small business entrepreneurs at each stage from the pre-start stage to the growth stage. To this end, a qualitative study through interviews was conducted with successful convenience store franchisees to derive success factors from the start-up preparation stage to the early stage and growth stage. The success factors of starting a small business were studied in consideration of the characteristics of franchise convenience store startups using the ERI model and the ERIS model applied in the study on the performance of startups. The success factors were studied using the multisite service firm life cycle of Sasser et al.(1978) reflecting the results. As a result of the study, the key factors of successful franchisees were the selection of the location of the first store, the selection of strategic additional stores, and the successful renewal of the contract. Depending on the characteristics of the founder, the enterprising franchisees took an active attitude in selecting strategic locations for additional stores and defending the commercial district, while the relatively conservative franchisees showed an active attitude toward store operation and renewal from a management perspective. In particular, the entrepreneur's mind is important in the preparation stage, and the importance of the entrepreneur's management strategy was discovered in the entire business cycle. Based on the results of this study, this study specifically sought out a start-up plan to effectively apply it to the future growth stage.

• The Journal of Industrial Distribution & Business
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• v.9 no.11
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• pp.39-54
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• 2018

Purpose - To success, in spite of deficient resources, a start-up company has to check various circumstances. Many researchers proposed different appraisal methods for technology commercialization. But everybody agrees Merrifield is the first one, who is a pioneer of an appraisal model of technology commercialization. After he proposed it, many researchers and field workers developed a more complicated model, which called a BMO model. In this research, considering the circumstances of start-ups that lack available resources, it proposes a new appraisal method for technology commercialization, which is named a weighted-BMO model. Research design, data, and methology - For the new BMO-model, it studied the preceding studies. And it found that the success factors for start-ups were correlated with technology commercialization. After comparing the success factors for technology commercialization of start-ups with BMO appraisal factor, it withdraws the net BMO appraisal model: which we are calling the weighted-BMO model. Results - This study found a few things. First, actually, the BMO appraisal factors related with the success factors of technology commercialization. Second, the weighted-BMO model, which included the entrepreneur ability factor, was more accurately estimated the success of technology-based start-ups than the BMO model. Third, it overcame the weakness of the BMO-model, which did not include quantitative factors. In addition to evaluating the feasibility of the BMO model, we also presented a strategy for the future direction. But, still, it included a few shortcomings, which we are calling the arbitrage of weighted value. Sometimes, the intentional weighted value can deliberate the different valuation. Conclusitons - Due to this study, the weighted-BMO model included appraisal factors related with the success factors of technology commercialization and the entrepreneur ability factor, and quantitative factors. When evaluating the combined score of the existing Merrified BMO components, 35 points of the first pass criterion accounted for 29.17% of the total score, and 80 points of the merit score of the second rank criterion were 66.67% Considering that the weighted sum is taken into account, the baseline score of the weighted summing method for each component of the modified BMO model is 2.92 points, which is 29.17% of the weighted sum total of 10 points. The evaluation score was 6.67 points, 66.67% of the weighted total score of 10 points.