• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.5
• /
• pp.185-196
• /
• 2023

This paper investigates the effects of entrepreneurs' cognitive biases on business opportunity evaluation, given their strong entrepreneurial spirit, which is characterized by innovation, proactivity, and risk-taking. When making decisions related to business activities, entrepreneurs typically make rational judgments based on their knowledge, experience, and the advice of external experts. However, in situations of extreme stress or when quick decisions are required, they often rely on heuristics based on their cognitive biases. In particular, we often see cases where entrepreneurs fail because they make decisions based on heuristics in the process of evaluating and selecting new business opportunities that are planned to guarantee the growth and sustainability of their companies. This study was conducted in response to the need for research to clarify the effects of entrepreneurs' cognitive biases on new business opportunity evaluation, given that the cognitive biases of entrepreneurs, which are formed by repeated successful experiences, can sometimes lead to business failure. Although there have been many studies on the effects of cognitive biases on entrepreneurship and opportunity evaluation among university students and general people who aspire to start a business, there have been few studies that have clarified the relationship between cognitive biases and social networks among entrepreneurs. In contrast to previous studies, this study conducted empirical surveys of entrepreneurs only, and also conducted research on the relationship with social networks. For the study, a survey was conducted using a parallel survey method using online mobile surveys and self-report questionnaires from 150 entrepreneurs of small and medium-sized enterprises. The results of the study showed that 'overconfidence' and 'illusion of control', among the independent variables of entrepreneurs' cognitive biases, had a statistically significant positive(+) effect on business opportunity evaluation. In addition, it was confirmed that the moderating variable, social network, moderates the effect of overconfidence on business opportunity evaluation. This study showed that entrepreneurs' cognitive biases play a role in the process of evaluating and selecting new business opportunities, and that social networks play a role in moderating the structural relationship between entrepreneurs' cognitive biases and business opportunity evaluation. This study is expected to be of great help not only to entrepreneurs, but also to entrepreneur education and policy making, by showing how entrepreneurs can use cognitive biases in a positive way and the influence of social networks.

• 한국벤처창업학회:학술대회논문집
• /
• 2006.04a
• /
• pp.45-75
• /
• 2006

How much influence does a business plan have on a corporate performance? Whilst previous studies and literatures all assert a strong correlation between the two, very few have actually conducted practical analyses to support that. This study takes an empirical approach in its analysis of Korea' s small and medium-sized enterprises (SME) with the view to finding an answer to the question. A business plan' s components, which have to date been suggested only in theory and in concept, have been selected through the study of literatures and preliminary examination. The selected components were then narrowed down into five factors of productivity, implementation, operational direction, product/service and customer accessibility by applying factor analysis. With which items to measure corporate performance is also an important question as results differ depending on which measurement items were used. For the purpose of this study, corporate performance was classified into effectiveness, adaptability and efficiency to measure how greatly each is influenced by the components of a business plan. Results show that effectiveness and adaptability have a positive (+) influence on corporate performance. The regression model seems to explain effectiveness particularly well. However, different directions of influences were showed in explain power of the research model were not high. And it can be interpreted that implementation of the plan is as important as the establishment of it. Thus a good corporate performance is to be had only under an excellent plan and following an excellent implementation. In most of the companies surveyed, business plans were established regularly led by the intense involvement of the CEO. Such plans were then used in internal operations, such as guiding operational direction and measuring corporate performance. Unlike general expectations, relatively few companies used them in financing from external sources such as banks or venture capitals. These findings are different from previous studies conducted in this field. Also, as market uncertainty was pointed out as the biggest obstacle to business planning. a manager must pay more attention to acquiring external information and knowledge so as to minimize it.

• Cartoon and Animation Studies
• /
• s.32
• /
• pp.189-220
• /
• 2013

It is expected that interests and supports for 'the creative economy' will increase considerably since the establishment of the Park Geun Hye Administration. According to a report with respect to its cultural policy handed in by the Minister of Culture to the president on March 28, 2013, the administration will set up a basic plan of establishing regional fusion-typed laboratories including such genres as story telling, animations, games, cartoons, performances, etc. in May this year, and opening contents Korea laboratories across the country by the first quarter in 2014 as part of its core task. Furthermore, it will focus on implementing such policies for training professional manpower as creative mentoring programs, expansion of education for field employees and expansion of a creative education for young students, including a plan to train 1,000 creative contents talents by 2017 as described in the report. Since the Comics Promotional Law took effect in August 2012, the Korea Culture and Content Agency and the Comics Industry have been establishing the third plan for medium and long term development of the comics industry together. One of the most important policy is about training professional manpower. "Joint Business with Creative Talents," in which the amount of 4.5 billion won was invested, has already been implemented, and "Support Business for Field Employees of Comics Creating Enterprises," in which the amount of 0.6 billion won was invested, has been performed so far through the Korea Comics Contents Agency upon the request of the Comics Industry. The government's plan to train professional manpower is interlocked with its foundation and employment policies, and thus, this will be a good opportunity for colleges and universities that have comics related majors, especially for those that need proper measures for bring their graduates a chance to get a job. Accordingly, it seems that if the government develops more aggressive policies, reflects this on the third medium and long term development plan of the comics industry, and then organizes policy and study meetings led by the learned societies to implement this, it will be able to generate a significant synergy effect. This Article will concentrate on first examining the flow and patterns of the policy to train special manpower by the comics industry, the Ministry of Culture and related institutions since the establishment of the Comics Promotional Law, analyzing some problems in the first and second medium and long term development plan of the comics industry to be implemented from 2003 through 2013 and the third medium and long term development plan to be announced in June 2013 to train professional manpower, and then suggesting an effective direction and some alternatives to train professional manpower in universities in a medium and long term way.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.3
• /
• pp.157-167
• /
• 2016

The purpose of this study is to research, such as the following. And to the empirical results that affect the potential growth factors in the organization and development of human resources through staff training for enterprises to grow into a competitive enterprise. Through the analysis we propose a systematic training of the human resource development needs of the company. The results are as follows. First, the number of courses, the degree completion has had a positive effect on job satisfaction. Second, the number of courses can have a partial mediating effect on financial job satisfaction. Third, corporate education funding ratio has a negative effect and Business support form has a positive effect on turnover intentions. Fourth, the control variables of marital status has a positive effect on psychological job satisfaction and company size had a negative impact on turnover intention. The implications of this study are as follows. Organizational commitment to act as a mediating effect can be maximized through realistic training plan and quality training. There is also a need to be made a high quality education content development through the advancement of learning styles.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.1
• /
• pp.25-31
• /
• 2017

The objective of this study is to find the failure factors of venture companies. We analyze 210 troubled venture companies, all of which have been under guarantee from the Korea Technology Finance Corporation over the last three years. Methods of analysis for failure factors are as follows. First, we categorize the failure factors into the four different types based on growth and profitability indicators in the financial statements of targeted venture companies. Then we analyzed the failure factors of the subject companies based on the troubled guarantee reports made by the Korea Technology Finance Corporation. If a venture company under its guarantee program falls into insolvency, the Korea Technology Finance Corporation make the troubled guarantee report to find out the failure factors and evaluate the recovery potentials. We identify 374 failure factors of venture companies through the analysis. The most prominent among them are deteriorating of business environments (79 factors) and decreasing or withdrawing orders from major suppliers (54 factors) due to bankruptcies or change in business plans. They are followed by slowing collection of accounts receivable (31 factors), dropping or frozen product price (24 factors) due to intensifying competition and escalating pressures from major suppliers, rising raw material costs both at home and abroad (21 factors). In addition, the nuclear power plant disaster in Japan, shut-down of the Kaesong Industrial Complex and subsequent lawsuits, delay in technology development projects, high cost-low efficiency management structure, etc., are also revealed as new factors causing trouble for venture companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.7 no.3
• /
• pp.17-25
• /
• 2012

Wire bonding process in making semiconductor needs the most precise control and Critical To Quality(CTQ). Thus, it is regarded to be the most essential step in packaging process. In this process, pure gold wire is used to connect the chip and PCB(substrate or lead frame). However, the price of gold has been skyrocketing continuously for a long period of time and is expected to further increase in the near future. This phenomenon situates us in an unfavorable condition amidst the competitive environment. To avoid this situation, many semiconductor material making companies developed new types of wires: Au.Ag wire is one material followed by many others. This study is aimed to optimize the parameter in wire bonding with the use of 6sigma and QFD(Quality Function Deployment). 6sigma process is a good means to not only solve the problem, but to increase productivity. In order to find the key factor, we focused on VOB(Voice of Business) and VOC(Voice of Customer). The main factors from VOB, VOC are called CTQ. However, there were times when these main factors were far from offering us the correct answer, thus making the situation more difficult to handle. This study shows that QFD aids in deciding which of the accurate factors to undertake. Normally QFD is used in designing and developing products. 6sigma process is held more effective when it used with QFD.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.2
• /
• pp.129-146
• /
• 2014

In order to be successful in the very changeable competitive environment, the organization has to creative not only on the research and development but also on the Value Chain. Especially for the middle and small venture companies, they have to be creative on the Value Chain to get new profit. For the value innovation, kinds of factors which initiate the value innovation such as Meaningful Work, Risk Taking, Customer Orientation, Agile Decision-Making, Business Intelligence, Open Communication, Empowerment, Business Planning, Learning Organization and other similar factors should be included in the organization culture. By focusing on the above 9 factors with value innovation culture, the study practically analysis the effect of the Value Innovation Culture on the Individual Creativity, and the followings are the result of the study. Firstly, meaningful work, empowerment and risk taking are positively associated with expert knowledge which is one component of individual creativity. Secondly, open organization is confirmed to be positively associated with creative thinking skills. Thirdly, learning organization, empowerment and innovativeness are the factors which is positively associated with Intrinsic Motivation. These results have showed the employees' individual recognized Value Innovation Culture is confirmed to be helpful on inducing Individual Creativity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.5
• /
• pp.187-203
• /
• 2022

As the economic, social, and environmental problems of the local community reach a serious level, our society is realizing the need to foster young talents who discover opportunities in local issues through entrepreneurship education and create social values through creative challenges. However, entrepreneurship education programs are generally focused on commerciality, so customized education programs to solve regional problems are insufficient. Therefore, this study aimed to develop a community problem-solving entrepreneurship curriculum. In this study, a competency based curriculum model was applied to develop the curriculum, and regional problem-solving entrepreneurship competencies were derived through expert advice from a total of 10 people. In the process, the Delphi methodology was additionally used to reduce the possibility of errors in the competency model. As a result of the study, a total of 23 regional problem-solving entrepreneurship competencies were confirmed, and knowledge(K) - skill(S) - attitude(A) by competency consisted of 5, 9, and 9, respectively. By applying this to Dunham's problem-solving six-step model, modular learning support measures were developed in the order of phase 1(problem discovery), phase 2(problem analysis), phase 3(plan), phase 4(measure), and phase 5(evaluation). This study is meaningful in that it integrated theory and practice by developing specific entrepreneurship curriculum and learning support measures based on the theoretical model devised in social welfare. In addition, it has implications in that it developed a regional problem-solving entrepreneurship competency model based on expert advice and proposed a specific curriculum based on this.

• Journal of Digital Convergence
• /
• v.11 no.5
• /
• pp.245-256
• /
• 2013

The purpose of this study was to investigate the success factors of sports marketing companies in Korea. Four sport marketing companies were selected as research targets. Also, several data were collected through the books, articles, related literatures, and internet. In addiction, three in-depth interviews were conducted for the qualitative study. The results of this study was as follows. First, some sports marketing companies had been successful in business with big fund. Second, they used choice and focus strategies. Third, they had strategic and careful plans, and their own know-how for the blue ocean markets. Finally, they had expanded its business market by developing various strategies through the media.

• Journal of the Economic Geographical Society of Korea
• /
• v.23 no.3
• /
• pp.292-311
• /
• 2020

Coworking spaces have been increasingly considered as a way of building an innovative entrepreneurship ecosystem and facilitating population inflow. This paper aims at identifying the concept and characteristics of coworking spaces and examining these various types in a regional context. Coworking spaces located or planned in small and medium-sized cities and rural areas in Japan and Korea are empirically investigated. Through the case study, this study provides implications for a model of coworking spaces being a creative community in a region. Specifically, it is necessary to have distinctive features only for the regional context-based coworking spaces. Moreover, this new spaces should act as a multi-functional, convergent space and a venue for regional innovation. In a fast-changing work environment such as telework, the region-based coworking spaces can be reconsidered as the place that provides an alternative work, play, learn, and rest platform. Creative people hoping for new work and lifestyle may flow into the region through this intermediator, and thus foster the interplay between the creative community and regional environment.