• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.167-175
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• 2015

This study examined the linkage between uncertainty tolerance and attitude toward trying business start-up. Uncertainty tolerance can classify by degrees of uncertainty as risk and ambiguity. We examined the effects of risk tolerance and ambiguity tolerance on attitudes toward trying success and failure. And we also examined the effect of attitudes toward trying success and failure on business start-up trying. This study investigated these relationships using 173 under graduate students. The result of analysis indicated that the risk tolerance had positive effects on attitude toward trying failure, but it had not any effect on attitude toward success and process. The ambiguity tolerance has positive effects on attitude toward trying failure and trying process, but it had not any effect on attitude toward success. The attitudes toward trying success, trying failure, and trying process had positive effect on attitude toward business start-up trying. Then results of this study suggests that the uncertainty(risk and ambiguity) tolerance showed a role of antecedent of attitudes toward trying success and failure. Finally, this study concluded with a discussion of the implications of the research findings and directions for future research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.175-183
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• 2016

The government set up "national happiness, the hope of a new era of national vision under' job center of the creative economy" to achieve by national goals in the first and figure achieved through the establishment of new growth engines of the youth unemployment problem solve and national level there are a number of business start-up support. September 8, 2015 announced the Government's look at the '2016 Year of the budget, the government for new growth engines greatly promoted the venture entrepreneurship ecosystem revitalization and research and development (R & D) the business for enhanced performance in 2017. According to the direction of this study is to evaluate the current creative economy business incubator at the comparison whether the correct orientation mainly entrepreneurs, entrepreneurs preliminary recognition of student entrepreneurship ecosystem. Entrepreneurs 113 people in that way, 71 people pre-entrepreneurs, students 60, workers were founding agencies conducted an online survey of 47 people, 16 people Investors, 50 public and 11 additional persons including a total of 368 people. This study is in line with the orientation of these entrepreneurs to create economic status and recognition of the Republic of Korea entrepreneurship ecosystem, pre- entrepreneurs, students will examine the comparative analysis around. Analysis, social perception of entrepreneurship is somewhat higher than it was confirmed that the negative response of 32.2% to 36.3% of positive response. Social awareness of entrepreneurs showed a 2-fold higher response rate than the negative of response of 17.1% to 41.7% responding that positive recognition for the current start-up environment is bad, the response is good response to higher response rate than 23.5% to 41.1% It showed. The percentage of responses that better respect the entrepreneurship environment of the future Republic of Korea showed a higher response rate than the rate of 23% in response to deteriorate to 41.2%, with 52.9% awareness is the percentage that responded that the bad part about the ruthless Korea's entrepreneurship environment in China good part as response rate approximately three times greater than the 17.7% showed high response rates. Social awareness of entrepreneurs experience the presence of the founding start-up experience was confirmed that the more negative the number increases, the more the contrary the number of start-up experience increased awareness of the current and future environment of entrepreneurship was identified as a positive entrepreneurship environment. Also recognized was confirmed to change the parent of the more positive changes in the start-up of entrepreneurs doctor also positive about entrepreneurship, start-up entrepreneurs start with a doctor's motivation for founding non-economic reasons than for economic reasons has confirmed Higher. This study showed the overall level overview analysis of the status and recognition of the Republic of Korea entrepreneurship ecosystem. Future studies need to be a proposal for an existing previous studies for more precise direction to go forth to analyze the entrepreneurship ecosystem with a focus on problems and improvement of the Republic of Korea entrepreneurship ecosystem.

• Journal of Digital Convergence
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• v.19 no.5
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• pp.353-363
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• 2021

This study analyzed to provide information for business improvement by analyzing the management efficiency of start-up investment companies so that startup investment companies can operate efficiently and by presenting information on inefficient factors. From 2014 to 2018, 83 start-up investment companies were analyzed using the DEA model. Input variables were he number of employees, capital, and output variables were selected for start-up investment assets, operating income, and net profit. As a result of the analysis, technical efficiency and pure technical efficiency showed a pattern with an increase in average, but scale efficiency repeatedly increased and decreased. It is believed that the decline in technology efficiency was due to the decrease in pure technology efficiency, and the inefficiency of start-up investment companies seems to have influenced the inefficiency of start-up investment companies rather than the inefficiency of scale. In addition, the size revenue shows that the DRS value is gradually decreasing, and the IRS value is generally increasing. It is believed that efficiency can be improved if operational inefficiency is improved based on the results and efficiency measures are established through scale expansion.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.107-124
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• 2023

As getting in 4th Industrial Revolution Times, Continuing Education Enrolled Students(CEES) trying to find loophole for jepordized current life and need job transfer have surged their interest significantly on starting new business to bring up their post career after retirement through self-improvement. Government and university have actively initiated diverse policies of promoting startup for CEES in kicking off entrepreneurship courses and programs. However, relevant main policy, 'The 2nd University Startup Education Five-Year Plan (draft)' have too chiefly focused on theoretical start-up education rather than practical courses, causing the problem of inappropriate support for implementing real startup and business (Ministry of Education, 2018). This study is brought to empirically investigate the effect of self-efficacy as perspective of the impact of entrepreneurship education on entrepreneurial intention and behavior to come up with problem of poor entrepreneurial environment and entrepreneurship education to CEES. As to empirical research, this paper deliver on-line survey to CEES from September to October 2022, collect 207 effective feedbacks, In order to verify the reliability of the scale, the Cronbach's Alpha Coefficient (Cronbach's α) was calculated, analyzed, and measured. For hypothesis test, this paper utilize the multiple regression analysis statistical analysis method and use the SPSS 22.0 statistical processing program. Empirical results show, first, it was found that self-efficacy had a significant effect on start-up education. Second, start-up education had a significant effect on the intention to start a business of adult learners. Third, start-up education had a significant effect on the start-up behavior of adult learners. Fourth, self-efficacy had a significant effect on the intention of adult learners to start a business. Fifth, self-efficacy had a significant effect on the start-up behavior of adult learners. Sixth, self-efficacy had a mediating effect in the relationship between entrepreneurship education and adult learners' intention to start a business. Seventh, self-efficacy had a complete mediating effect in the relationship between start-up education and adult learners' start-up behavior. This paper is brought three significant implications. First, main consideration developing entrepreneurship education tools for CEES need to falls on defining potential needs of CEES as segmenting as to coming up with diversity of CEES's characteristics such as gender, age, experience, education, and occupation. Second, as to design specific entrepreneurship education program, both practical training program of utilizing CEES's career field experience benchmarking best practice startup and venture cases from domestic and global, and professional startup program of CEES initiating directly startup from ideation to develop business plan with pitching and discussing. Third, entrepreneurship education for CEES should be designed to incubate self-efficacy to enhance entrepreneurial intention of implementing entrepreneurial behavior as a real, eventually leading solid support system of self-improvement for CEES' Retirement life planning.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.2
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• pp.1-31
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• 2010

Biotechnology has strategic importance related to the development of start-up companies, industries and nations in the near future. Therefore, many countries have promoted and developed biotechnology. The United States has led the world in promoting biotechnology. American biotechnology policies are diverse, and thus no comprehensive systematic studies have been done on it. In our paper, we will discuss American biotechnology policy in detail. For effective analysis, we will rely on the concept of a national innovation system, which emphasizes the institutional settings of innovation actors and their interaction. This paper deals with the American national innovation system for biotechnology. We will analyze the role of major actors, academia, public research institutes, and venture companies and their interactions. The American biotechnological innovation system is composed of diverse actors and numerous start-up companies in the biotechnology industry. In addition, there are many diverse policy programs for promoting biotechnology. Because of country-specific frame conditions, every country has different institutional settings and policies for promoting biotechnology. Our paper will render meaningful implications for various countries. We also think that this paper will be of interest for international readers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.79-93
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• 2021

The question of why do you want to start a "start?" Is the most basic step in trying to do something. In other words, previous studies have shown that the degree of confidence in an individual's decision affects the setting of a specific purpose. Based on this, this study aims to provide basic data for deriving the direction of entrepreneurship education in college students by analyzing the effects of goal-oriented behavioral model on college students' self-determination and intention to start a business through the 5 factor model. To achieve the purpose of the study, a self-report questionnaire was conducted from October 01 to November 11, 2019 for university students attending located in Gyeonggi-do, Seoul. A total of 150 questionnaires were distributed, and 125 parts were used for the final analysis, except 25 parts with insincere responses or errors. Data were analyzed using SPSS Win 24, and reliability, validity analysis, frequency analysis, One-way ANOVA and regression analysis were performed, and three-step regression analysis and Sobel verification were performed for mediating effects. The summary of the study is as follows. First, the influence of university students' goal-oriented behavioral model on self-determination showed that attitudes, subjective norms, and perceived behavioral controls had statistically significant positive effects, and positive and negative expectations were statistically significant. Did not affect. Therefore, the higher the attitude, subjective norms, and perceived behavioral control, the higher the university students' self-determination. Second, the influence of college students' goal-oriented behavioral model on the intention to start a business was as follows.). As a result, the higher the perceived behavioral control and positive expectation, the higher the intention to start up. Third, regression model 1 showed that the behavioral control and positive expectation sentiment among the goal-oriented behavioral model had a significant positive influence on the college students' intention to start a business. Affected. Regression model II added the parameters of the 5 factor model, which increased 2.5% of explanatory power than the first regression model. Perceived behavioral control and positive expectations had a statistically significant positive effect, negative expectations had a statistically significant negative effect, and among the 5 factor model, openness had a statistically significant positive (+) Affected. From these results, it can be seen that the Big Five personality factors have a mediating effect on the relationship between goal-oriented behavior model and intention to start up. This study confirmed that the goal-oriented behavioral model of college students is an important variable in implementing self-determination and intention to start a business. In addition, by using his Big 5 personality factors as positive feedback, he has proved to play an important role by identifying the mediation role that can be set, planned and utilized to plan and achieve his life. The result of this study is that college students are interested in the intention of individual start-ups, so they are not freed from difficult employment difficulties. It is intended to provide basic data useful in the age of creation of government.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.63-73
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• 2016

In these days startup became one of the most hot issue in business world. The problem is many startup couldn't overcome the valley of death. For this reason many startup want to funded by venture capital. However startup's business is trade secret itself, so they have to make strategic approach to venture capital. The purpose of study is to find the way to make strategic decision for startup. By analyzing the relation between startup's characteristic and venture capital's investment portfolio. Four famous venture capital(Sequoia capital, Lightspeed venture, Firstround and Khosla venture) and their seed invested startup Dropbox, Airbnb, Snapchat, Uber and Instacart was selected for this study. As a result, each venture capital has their own invest category characteristic and their seed funding belong to their category. Moreover, between seed funded startup and 36,4% of 244 past invented company shown vertical relationship, beside 0.5% of past 244 invested company shown horizontal relationship. This result shown the importance of the relation between startup's characteristic and venture capital's portfolio. Startup have to check the venture capital's portfolio for the strategic approach for funding and venture capital have to make mutual positive portfolio for decreasing the risk.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.29-43
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• 2022

This study measures the realized rate of return of venture capital(VC) fund at the level of investment agreement(as opposed to fund level returns reported by most of the relevant studies). It also measures the stock price return of the VC's portfolio firms (unlisted start-ups) at firm level(as opposed to fund returns) and its variance for the first time using unique data of the VC funds held by the Korean Venture Capital Association. Results of the analysis confirm that VC fund returns exceed individual stock price returns. Additionally, it is confirmed that VC portfolio firms exhibit a positive relationship between risk and return measured by total risk. Finally, we find that stock price returns at firm level are lower than that implied by the associated levels of risk. Consequently, this may make individual investors hesitate to directly buy unlisted startups' stocks even when investment in individual startup companies guarantees high risk-high returns relationship.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.209-224
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• 2020

This study started from the question of whether the preference of corporate recruitment can be achieved without any difference between the start-up experiencer and the general job seekers. Therefore, the purpose of the study is to identify the factors related to start-ups that affect the preference of job seekers for companies, and to analyze the differences in the factors related to start-ups between general job seekers and job seekers with start-up experience. Third, it is to see the difference in the preference for employment between job seekers with start-up experiences and general job seekers. The independent variables of the research model were entrepreneurship, motivation for start-up (job search), and characteristics of the job seekers (founder). The dependent variables were job preference, and the moderating variables were presented as job seekers' classification (job seekers with start-up experience vs. general job seekers). The subjects of the study were personnel managers of 100 companies with more than 5 years of establishment and 100 new companies with less than 5 years of establishment. The questionnaire was distributed in two types, and 189 respondents, including 101 job seekers with start-up experiences and 88 general job seekers, were finally used for analysis. The results of the study were as follows. First, as a result of multiple regression analysis on both experienced start-up experiencers and general job seekers, only entrepreneurship had an effect on preference for recruitment. Second, the moderating effect of job seekers' classification was found only in the relationship between motivation for start-up and preference for employment. Third, the result of multiple regression analysis based on the start-up experiencers showed that the relationship between the motivation for start-up, the preference for recruitment, the characteristics of founders and the preference for recruitment was statistically significant. On the other hand, the characteristics of the founder and the preference for employment were rejected. Fourth, the results of the study based on general job seekers showed that the motivation for job search decreased the preference for employment. The study did not provide the results of differences in recognition between different industries, traditional enterprises and venture businesses due to the limitation of small examples. There is no clear definition of start-up experiencers either. However, it is meaningful to suggest the implications of what preparations should be made when the start-up experiencers close their start-ups and turn their career into employment and to help them to accurately recognize the importance of entrepreneurship. It also provides the preference of the general job seekers for the company, the preparation for successful employment, and the implications for the direction of the future start-up revitalization.

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.101-120
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• 2021

Purpose - As the research of Chinese unicorn companies is still in early stages, this paper aims to investigate the factors that influence the success of Chinese IT unicorns. Design/methodology/approach - This study is conducted as a single case study and used various sources such as interviews, internal data, press releases, IR data, etc. to enhance the reliability and validity. Findings - First, the characteristics of the start-up team, social capital, and strategies as internal factors affect the success of unicorns. Among them, the more Guanxi in social capital factors, the greater the possibility of growing into an IT unicorn company. Second, the role of venture capital and geographical location have been identified that two factors affect the success of unicorns. In the role of venture capital, it has been confirmed that the world's top-level venture capital company or a company that has been invested by "BATJ" is more likely to grow into a unicorn company in China. Research implications or Originality - This paper distinguishes between internal and external factors to explain the factors that affect the growth of unicorn companies, which lays the foundation for future research, such as the exploration of the unicorns and the development of new variables.