- Volume 13 Issue 7
DOI QR Code
A Convergent Study of Motivations, Success Factors and Issues of Foreign Entrepreneurs in South Korea
대한민국 내 외국인 기업가의 창업 동기부여 및 성공요인에 관한 융복합연구
- Walcutt, Brandon (Dept. of International Studies, Hankuk University of Foreign Studies)
- 브랜든 월컷 (한국외국어대학교 국제학부)
- Received : 2015.05.12
- Accepted : 2015.07.20
- Published : 2015.07.28
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.
Foreign entrepreneurs;convergence;South Korea;entrepreneurial motivations;entrepreneur success factors
Supported by : POSCO TJ Park Foundation
- Rebecca M. DeLancey, "Entrepreneurship and Immigration: A Study of Africans in the Korean Economy", International Journal of Knowledge and Innovation, 1(1), pp. 1-20, 2014.
- O. Ozsoy, D. Oksoy & K. Kozan, The Characteristics of Turkish Entrepreneurs and Their Enterprises. Long Island, NY: College of Business, Alfred University, 2001.
- Zuzana Papulova & Matej Mokros, "Importance of Managerial Skills and Knowledge in Management for Small Entrepreneurs," E-Leader, 2007.
- I.Verheul, A. Van Stel & R. Thurik, "What is an Entrepreneur? Self-image, Activities and Gender". Puerto Rico: International Council for Small Business, 2002.
- Elizabeth Walker & Alan Brown, "What Success Factors are Important to Small Business Owners?", International Small Business Journal, 22, pp. 577-590, 2004. https://doi.org/10.1177/0266242604047411
- American Sustainable Business Council Home page, http://asbcouncil.org/sites/default/files/files/Regulations_Poll_Report_FINAL.pdf, Jan. 12, 2015.
- Korea Trade-Investment Promotion Agency Home page,, http://english.kotra.or.kr/, Dec. 1, 2014.
- Ministry of Justice Immigration Home page, http://www.immigration.go.kr/HP/IMM80/index.doc, Dec. 28, 2014.
- Juna-a Song, Financial Times Home page, http://www.ft.com/cms/s/0/7af74400-3b06-11e3-a7ec-00144feab7de.html#axzz3PNOP5meU, Jan. 1, 2015.
- InvestKorea.org Home page, http://www.investkorea.org, Dec. 28, 2014.
- Si-soo Park, The Korea Times, http://koreatimes.co.kr/www/news/biz/2014/05/602_157834.html, Dec.27, 2014.
- Ministry of Justice Home page, http://www.moj.go.kr/HP/ENG/index.do, Dec. 15, 2014.
- Anuradha Basu, "An Exploration of entrepreneurial Activity among Asian Small Businesses in Britain", Small Business Economics, 10, pp. 313-326, 1998. https://doi.org/10.1023/A:1007956009913
- Cynthia Benzing, Hung M. Chu & Gerard Callanan, "A Regional Comparison of the Motivation and Problems of Vietnamese Entrepreneurs", Journal of Developmental Entrepreneurship, 10(3). 2005.
- Cynthia Benzing,, Hung M. Chu & Orhan Kara, "Entrepreneurs in Turkey: A Factor Analysis of Motivations, Success Factors and Problems", Journal of Small Business Management, 47(1), pp. 58-91, 2009. https://doi.org/10.1111/j.1540-627X.2008.00262.x
- E.D. Bewayo, "Uganda Entrepreneurs: Why are they in Business?", Journal of Small Business, 6, pp. 67-78, 1995.
- Annekie Brink, Michael Cant & Andre Ligthelm, "Problems experienced by small businesses in South Africa". Paper presented at the 16th Annual Conference of Small Enterprise Association of Australia and New Zealand, Ballarat, September 28-October 1, 2003.
- Edith Cowan, "What Success Factors are Important to Small Business Owners", International Small Business Journal, 22, pp. 577-594, 2004. https://doi.org/10.1177/0266242604047411
- Melanie Couchman, "Food from Foreigners: Examining Expatriate Entrepreneurship in the Food Sector of Nepal", SIT Study Abroad Independent Study Project, 2013.