• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.615-635
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• 2018

The Korean government has selected job creation policy as first goal in order to overcome the recession and response of 4th industrial revolution. Technology based start up is worth noting in order to job creation. Because the ripple effect of technology based start up is higher than self-employment. Therefore, the government and the private sector conduct various policies and services for the vitalization of technology based start up. In order for technology based start up to be successful, it is necessary to maximize personal (founder) capacity. In this study, the correlation between "features of personal (motivation, capability, experience, entrepreneurship)", "competitiveness of company" and "corporate performance" was analyzed using structural equation modeling (SEM). Also, in this study analyzed the differences between 2 groups based on the career of CEO (work for government funded research institutes VS the others). This study can be utilized when policy making and practice about technology based start-up.

• Journal of Korea Trade
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• v.24 no.6
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• pp.173-193
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• 2020

Purpose - This study aims to examine the effect of entrepreneurship of start-ups on export performance when the business closure rate is higher than business start-up rate in Korea. Thus, this study analyzes various factors for start-ups established within the past seven years and uses export performance as an indicator. Prior to analysis of factors, the study defines the concepts of start-up factors based on various studies. Design/methodology - In order to analyze the export performance of startups, this study conducted an empirical analysis using statistical analysis. Theories were established based on previous studies, and hypotheses and research models were designed based on the established theories. Subsequently, in order to verify the research hypothesis and research model, factor analysis such as validity and reliability, and structural equation modeling were analyzed. Findings - As a result of analysis based on previous studies, we found that there is a difference between theoretical and practical aspects. Whereas previous studies showed that market orientation, technology orientation, and social capital have a direct impact on export performance, the present study analyzed that there is no such impact, and that technology capabilities were important as a result of the unique traits of start-ups. Originality/value - Existing studies have limitations in understanding the overall characteristics of a company by using market orientation, technology orientation, and social capital as individual independent variables. In addition, the existing researches have been analyzed in relation to corporate performance, whereas this study has been limited to export performance, so it can be regarded as different from other studies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.17-30
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• 2022

The purpose of this study is to analyze the impact of the characteristics of start-up CEOs on the performance of investment attraction from the perspective of Series A investment. The results of the study are as follows. First, when the educational level of start-up CEOs was high and startup CEOs had start-up experience and investment attraction experience, venture investors such as venture capital had a significantly positive (+) effect on the investment for start-ups. This was systematically significantly positive even when control variables were introduced. When start-up CEOs had work experiences, there was no significantly positive effect on the total investment amount for start-ups but a significantly positive (+) effect on the average investment amount. Second, the standardization coefficient of total investment amount was larger in the case of start-up experience than that in the case of investment attraction experience while the standardization coefficient of average investment amount was larger in the case of investment attraction experience than that in the case of start-up experience. This suggests that the start-up experience is important for the total investment amount while the investment attraction experience is important for the average investment amount. Third, when the sales of start-ups were high at the time of Series A investment, the total investment amount and the average investment amount were also significantly high. Even if early start-ups are less profitable or have losses, the start-ups with a certain level of sales seem to be attractive investment targets for venture capital. The results of this study are useful for the investment decisions of venture capital and the financing strategies of start-ups. The implications for pre-CEOs preparing for start-ups art that the total amount of investment will increase if they have expertise through degree acquisition, challenge start-ups, gain start-up experience and implement investment attraction. Even if CEOs of start-ups do not have start-up experience, the average amount of investment for start-ups can increase if they have work experience in related industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.31-41
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• 2018

The purpose of this study is to look at the difference between the importance and the satisfaction with respect to government startup aid programs perceived by entrepreneurs to improve the effectiveness of government startup aid policy and verify the causal relationship between startup aid project and business performance. In this respect, this study aims to look at the impact of entrepreneurs' perceived satisfaction over government startup aid programs on startup business performance. Major study findings from this study are as follows. First, as a result of testing statistical significance of the difference between importance and satisfaction in startup education, facility/space, consulting, or fund support field, respectively in start-up assistance project, it appeared that there was a significant difference in all fields. In addition, fund support was the field that showed the biggest difference between importance and satisfaction. Second, the results of IPA (importance-performance analysis), which displays relative importance and performance of start-up assistance project on four quadrants so that entrepreneurs can evaluate which start-up assistance projects they think important and which projects they are satisfied with by themselves are as follows. Let us summarize the distribution of start-up assistance project on four quadrants in the first place. Facility/space support project is distributed in the 1st quadrant that requires ongoing maintenance; start-up funding program in the 2nd quadrant that requires concentrated improvement; consulting support project in the 3rd quadrant that requires limited use at low priority; and start-up education support project in the boundary between the 3rd quadrant that requires limited use and the 4th quadrant that requires rejection against unnecessary items. Third, the results from multiple regression analysis to identify the impact of satisfaction with government startup aid programs over business performance are as follows. As a result of analyzing the influence relationship between government startup aid program and financial performance, it appeared that satisfaction with facility/space had a positive (+) impact on financial performance. This suggests that the higher the satisfaction with facility/space, the higher the financial performance. As a result of analyzing the influence relationship between start-up assistance project and non-financial performance, it appeared that satisfaction with startup education had a positive (+) impact on non-financial performance. This suggests that the higher the satisfaction with startup education, the higher the non-financial performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.141-157
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• 2024

This study analyzes the effect of enterepreneurial competencies on start-up performance through network activities for young entrepreneurs. Enterepreneurial competencies are composed of opportunity recognition competencies, marketing competencies, technical competencies, and creative competencies. A total of 354 questionnaires collected from young entrepreneurs residing in the country were used for empirical analysis. SPSS v28.0 and PROCESS macro v4.3 were analyzed based on the research model of a single-parameter single-mediated model. As a result of the analysis, first, it was found that among the enterepreneurial competencies, opportunity recognition competencies, marketing competencies, technical competencies, and creative competencies have a positive (+) significant effect on network activities. Among them, it was found that marketing competence has the greatest effect on network activities and technical competence has the least effect. Second, network activities were found to have a significant effect on start-up performance in a positive (+) direction. Third, among enterepreneurial competencies, opportunity recognition competence, marketing competence, technical competence, and creative competence were found to have a positive (+) effect on start-up performance. Among them, it was found that creative competence had the greatest effect and technical competence had the smallest effect. Fourth, network activities were found to mediate between enterepreneurial competencies and start-up performance. As for the relative effect size of the indirect effects of independent variables, it was found that marketing competence had the greatest effect on start-up performance and technology competence had the smallest effect. The academic implications of this study include investigating the significance and relationship of various variables, providing verification of theoretical frameworks related to entrepreneurship, identifying the main drivers of start-up success, and suggesting the importance of the network between enterepreneurial competencies and start-up performance. In addition, the practical implications of this study suggest the importance of marketing competencies for networking, and suggest differentiation of competencies. It emphasizes the strategic role of creative competence and provides guidance to policymakers for supporting start-ups on customized policies for fostering valuable start-ups.

• Management & Information Systems Review
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• v.35 no.4
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• pp.251-268
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• 2016

The present study has the purpose of analyzing the relationship between entrepreneurial characteristics and success factors of small-scale start-up founders as well as the relationship between success factors and performances of start-up businesses. It is also aimed in this study to determine the structural effects of start-up founders' characteristic upon their performances and by thus, to provide those who prepare for and/or have been operating start-up business with suggestions for stable and successful start-up as well operation. The study resulted in the following outcomes: First, the analysis of the relationship between characteristics and success factors of start-up business found that the empirical characteristics of small-scale start-up business founders might influence every factor for their success including the financial conditions as well as management of shops, products and service. Their psychological characteristics, however, turned out to have influence upon the management of products and service only, but not upon the financial conditions and management of shops, a result implying that the higher desire and creativity small-scale start-up business founders have, the more probable the start-up businesses become successful. Second it was learned from the analysis of the relationship between success factors and performances of start-up businesses that such success factors of start-ups as financial conditions as well as management of shops, products and service could exercise impact upon their performances, signifying that the exact decision making of small-scale start-up founders might affect the performances of small-scale start-up businesses. Third, the analysis of the relationship between entrepreneurial characteristics and performances of start-up founders revealed that both empirical and psychological characteristics of start-up founders might have influence upon the performances of start-up businesses, leading to the conclusion that small-scale start-up founders could achieve higher performances in their start-up when they are highly aware of empirical and psychological characteristics for start-up as part of entrepreneurial characteristics.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.125-140
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• 2023

Careful preparation for a start-up can lower the risk of failure and create a successful business model. However, there are still challenges for middle-aged entrepreneurs, as start-up services and policies are often not readily accessible or fully utilized. Despite active research on middle-aged start-ups, previous studies have not delved deeply into the demographics of start-up preparation and various preparation behaviors. In response to this, a study was conducted to identify which start-up support services middle-aged entrepreneurs use, and how start-up preparation can be classified based on this. Data from 324 middle-aged tech start-up owners, based in Seoul and who started their businesses within the past 7 years, was collected and analyzed. The results showed that middle-aged entrepreneurs had moderate start-up preparation, with the greatest focus on the preparation period and the least focus on start-up education. Latent Profile Analysis revealed three groups of start-up preparation types among middle-aged entrepreneurs: "Overall Tribal Type," "Lack of Start-up Education Type," and "Comprehensive Preparation Type." BCH was performed on start-up satisfaction, start-up competence, fear of failure, access to start-up services, and support needs for middle-aged entrepreneurs based on the preparation type. The results showed that "Overall Tribal Type" had statistically lower start-up satisfaction, competence, and service accessibility compared to the other groups. Meanwhile, "Comprehensive Preparation Type" had a statistically lower fear of failure than the other types. "Overall Tribal Type" also had lower accessibility to middle-aged start-up services. All types had a high recognition of the need for support for specialized middle-aged start-ups. The findings highlight the need for more comprehensive support for middle-aged entrepreneurs. This could include expanding support projects to enhance their level of preparation, providing customized support based on their level of preparation, and improving the visibility and accessibility of start-up support services for middle-aged individuals. Additionally, specialized education that addresses the characteristics of middle-aged individuals should be provided.

• The Korean Journal of Franchise Management
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• v.12 no.2
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• pp.23-33
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• 2021

Purpose: The purpose of this study is to provide basic data such as development of sustainable support policies and performance management evaluation to support sustainable management of domestic franchises by deriving the sustainable growth cycle of domestic franchises. Research design, data, and methodology: This study is based on systematic review study. We combined search terms such as "Start-up", "Sustainability" and "Success" with four databases, RISS, KISS, e-article and DBpia and searched a total of 1,219 articles published by April 21, 2021. In the process, 35 studies were selected and analyzed after an expert review, excluding documents whose overlapping documents, gray zones (e.g., reports, conference presentations, etc.), degree papers, foreign language literature, and dependent variables were not related to the Sustainability factors. Using ERIS model, which is applied to research on the results of startup, and the franchise's growth cycle, which reflects the growth stage of franchises, we analyzed the factors behind the sustainability of franchise. Result: The results of the study are as follows. First, research on the sustainability of franchise has continued since 2009 in Korea, and has been conducted in various fields such as social welfare in addition to venture, start-up and management. Second, sustainability factors of franchise were analyzed from the ERIS performance model indicating the performance of venture, and the 68 subfactors were derived. Third, it is confirmed that there are important factors that affect the sustainable growth of franchise startups in each franchise's growth cycle. Conclusions: It is significant that through this study, we provided better understanding of the factors that sustain sustainability of franchises, policy suggestions, and presented the direction of future study. Theoretical suggestion is that the main reason for the continuous growth of franchise in each domestic franchise is based on the ERIS performance model. The practical implication is that the headquarters and Franchisor can use it to establish and evaluate performance indicators based on the business growth cycle. The results of this study are expected to be used as basic data for development and performance management evaluation of franchise start-up support policies to support the sustainable management of domestic franchises.

• The Journal of Economics, Marketing and Management
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• v.7 no.3
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• pp.13-28
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• 2019

Purpose - The purpose of this study is to analyze the start-up factors in start-up tourism companies and to analyze how these factors influence business performance. This study will be conducted for the further exploratory study with in-depth research with literature reviews, interviews and surveys. Research design, data, and Methodology - The activation of entrepreneurship is very important factor as for not only the development of entrepreneurship which is the characteristic of the innovative and risks-taking for the success of the enterprise, but also the sustainable growth and creation of performance of the entrepreneur. In other words, if it is the entrepreneurial spirit affects entrepreneurship, it is entrepreneurial orientation that continuously affects entrepreneurs. In order to achieve the above purposes, this study conducted literature research and empirical studies. Result & Conclusions - The sub-factors for independent entrepreneurial variables' orientation are classified as creativity, technological, enterprising, and innovation, and subordinate variables were set of management performance. The sub-factors of the control variable government support policy are classified as financial support, consulting support, and marketing support. For the purpose of empirical analysis, this paper collects data on companies selected for tourism venture business competition and CEOs of SMEs tourism for less than 7 years.

• East Asian Journal of Business Economics (EAJBE)
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• v.2 no.1
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• pp.1-6
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• 2014

This research was about understanding challenges in managing a business start up. University of Kigali was used as a case study. It is domiciled in Rwanda. It was chosen because it is a recent university establishment and it provided a good source of information for this research. The issue that triggered this study was to understand the virtue of having clear separation of duties in new business start-ups. The findings from this study reveal that 100 percent of the respondents believe that clear separation of roles and clear communication between management, shareholders and Board of directors is vital for new businesses. From the Literature review, it was clear that a firm in its infancy has a lot of risks and it would not be a bad idea for the start for shareholders and Board of directors to give a helping hand in the day to day running of the business until its stabilization. Employees need to know the vision and mission of the business start-up and again, the managing director of a firm needs to work closely with the chairman Board of directors for effective driving of the firm into the right direction. The momentum in growth of University of Kigali is due to respect of the pillar of separation of duties in its hierarchical structure and for allowing a decentralized structure type of management for flourish.