The objective of this study is to build a model to predict small business bankruptcy using logit analysis. The initial sample was composed of 554 firms with 277 firms in each of the two groups. The companies in the bankrupt group are (1) the small manufacturing firms that went bankrupt in a single year, 2003, (2) the firms which had received credit guarantee by S-Fund. The size, in terms of assets, of these firms fell in between 1,000 million won 7,000 million won. the size, in sales, of these firms was over 1,000 million won.
Non-bankrupt firms were ed through a paired sampling method stratified by industry size. The study ed companies which were still in existence in 2004. All the financial data were obtained from the electronic data center of S-Fund. Because the large number of financial variables in the previous bankruptcy studies were found significant, the indicators used in the past studies - 32 variables - were involved in evaluation of the model proposed in this study. The variables were classified into six stard categories including liquidity, profitability, activity, productivity, growth, cash flows.
In order to test the efficiency of the model, secondary sample of 410 firms with 205 firms in each for bankrupt non-bankrupt groups had been chosen, which were collected separately to test the model's efficiency. To derive the final model, the following procedures were taken: (1) observation of statistical significance of each variable; (2) evaluation of correlations among the relevant variables; (3) observation of predicting accuracy of various profiles; (4) subjective judgment by the authors.
From the original 32 financial variables used in the study, four variables below were chosen to be included in the final prediction model for the corporate bankruptcy. The four variables were Liquidation Value/Total Sales, Interest Expenses/Total Sales, Value Added/Total Sales, a Growth Rate in Total Assets. These variables were found to be statistically significant at 1% or 5% level of significance. The directions of the three variables were come out as we expected. In addition, a dummy variable, indicating proprietorship or corporate, was included in the model found to be statistically significant at 5% level of significance. All the five variables have been significant at 1% or 5% level of significance. The predictability of the model for the estimation sample of 2003 was a little over of 66% that for the validation sample of 2004 was 68%.
This model can be used for financial institutions to evaluate small firms which apply for credit rating or letter of credit guarantee. The model developed in this study is very valid to predict, because the model's predictability derived from the estimation sample was almost the same as that from the validation sample.

Supply Chain Management(SCM) which involves the strategic process of coordination of firms within the supply chain is one of the key issues in the current business environment. The importance of a supply chain integration strategy to corporate competitiveness has been recognized over the last decade, such awareness will continue to grow into the next decades. The objective of this study is to empirically test the influence of power on relationships their influence on supplier performance.
Power may be defined as the ability of one firm to influence the intentions actions of another firm. Power research holds strong roots in the social political sciences, the topic has been explored in the marketing channels literature. French Raven(1959) were among the first to explore inter-firm power research in the development of the bases of power. Reward coercive remain the most transparent widely recognized power bases, indicating the ability of the source to mediate dividends or punishment to the target. Other power bases may also retain a prominent role in the supply chain. For one, expert power refers to the perception that one firm holds expertise that is valued by another firm. Another base, referent power, implies that one firm desires identification with another for recognition by association. Finally, legitimate power, which includes both its inherent legal forms, refers that the target believes in the right of the source to wield influence.
Many researchers have attempted to simplify power research through dichotomization of the different bases into categories such as coercive/non-coercive, mediated/non-mediated economic/non-economic. The most appropriate dichotomization of the supply chain environment is based on mediated non-mediated power sources. Mediated power sources, which include reward, coercive, legal legitimate, involve influence strategies that the source(buyer) specifically administers to the target(seller). The intention is to bring about some direct action. Mediated bases represent the competitive negative uses of power traditionally associated with organizational theory. On the other h, non-mediated power sources, which are more relational positive orientation, include expert, referent, traditional legitimate. These power bases occur as a natural part of buyer-seller business transactions do not necessitate intention from the source. In fact, the source may not even be aware that non-mediated power bases exist.
Logistics researchers have applied the power literature to the analysis of marketing channel relationships have found that the different bases of power affect inter-firm relationships. The significant effects of power on inter-relationships hold direct implications for the supply chain. Power affects the elements critical to effective supply chain integration, so power may play a consequential role in the formation maintenance of supply chain relationships.
Trust, commitment, dependence have each been considered a component of intimacy in personal relationships linked to social structural bonds in buyer-seller relationships. In this study, collaborative relationships are measured by the levels of these three components.
In Korea, there still exists unbalance of power between buyers sellers in the supply chain. However, in the near future, it is expected that competence will be based on the supply chain rather than individual firms. Thus, positive relationships among firms in the supply chain which result in cooperation will be critical for implementing the effective supply chain. Research related to the effect of powers on the relationships their influence on the performance in the supply chain has recently been conducted.
In this study, we test the effects of power on the relationships measured by level of trust, commitment dependence their influence on the supplier performance. The research hypotheses are as follows: First, we examine the effects of the different power sources(mediated non-mediated, respectively) upon the collaborative relationship in the supply chain as measured by levels of commitment, trust, dependence. Second, we examine the effect of the level of collaboration upon the overall performance of the suppliers in the supply chain.
The suppliers of the large manufacturers adopting implementing supply chain management in Busan, Ulsan, Gyeongnam areas were chosen for testing the research hypotheses. Based on the interaction with experts in the academic industrial fields as well as an extensive review of relevant literature, a survey instrument was developed to measure the research variables. Each variable was assessed with at least three statements, all of which used 5 point Likert scales. Total numbers used in the analysis are 156 questionnaires. Most suppliers are automobile parts, electronic parts shipping parts manufacturers. SPSS 12.0 was used for the statistical analysis.
The result of this study shows that expert-based referent-based powers have positive impacts on the collaborative relationship among supply chains, whereas legal legitimate-based power has a negative impact on the same relationship. However, coercive-based legitimate-based power have no significant impacts on the collaborative relationship. In addition, reward-based power has a positive impact on the collaborative relationship, which is the same result as the study of Maloni Benton(2000). Finally, the level of collaborative relationship among supply chains has a positive impact on the supplier performance which were measured by BSC(Balanced Scorecard) including four perspectives of performance, that is, customer perspective, internal process perspective, learning growth perspective, financial perspective.
Our research seeks to contribute an initial offering to reveal the role subsequent importance of power in the supply chain. The findings may be summarized as follows: First, power plays a significant role in the supply chain, the different sources of power have contrasting effects upon inter-firm relationships in the chain. Second, a stronger buyer-supplier relationship will enhance the supplier performance. Third, power influence on the buyer-supplier relationship the effects of this relationship on supplier performance expose the potential of power to promote integration of the chain empower higher levels of performance.
Therefore, it is critical to realize that those firms in any industry that seek to lead the race to integrate the supply chain must become fully conscious of their power effective manage it to support their integration strategy. Those that do so will be better qualified to both recognize capitalize on integration opportunities, helping them to develop sustain supply chain integration as a source of competitive advantage. It is hoped that this study will provide guidelines for the partners in the supply chain who are already implementing as well as those who plan to adopt implement SCM.

After their first introduction in the mid 1980s, venture firms have played an important role in the economic growth of Korea. More than 150 Korean venture firms have experienced annual sales of ‘100 billion Korean won.' Their industries are also very diverse from manufacturing to bio-technology. Behind this success story, however, Korea also witnessed many disastrous cases of venture firms which went to bankruptcy, even though some of them enjoyed a very successful launch. Why does this happen? Why do ‘once’ successful venture firms with a very rapid-growth rate disappear after an abrupt internal challenge? Flamholtz Rle proposed an important direction in explaining this disastrous phenomenon of failed venture firms who enjoyed an initial success. They suggested that the issue of managing ‘growing pains’ would be a remedy for overcoming these challenges. In short, an early observation proper management of growing pains is critical in preventing future risks.
Interests in ‘growing pains’ were initially started from medical field, defining it as “Maladies de la Croissance (成長病)” in 1823. Several management researchers begin to accepts this term of growing pains recently. Flamholtz Rle wrote a book of ‘Growing Pains,' arguing that it is 'discrepancies between organization growth organization’s managerial capability' that all organizations go through growing pains at any stage of their growth. This means that ‘growing pains’ is a symptom that a firm’s growth rate is so fast that it cannot be managed properly by old system current managerial capabilities. Thus, new systems infrastructure is needed for sustainable growth of a firm, if a firm does not give a proper attention to this, it might face a big challenge. Some Korean researchers also try to define growing pains. Han argued that growing pains occur when an organization does not have the management skills appropriate for growth. Adapting modifying from the previous research, we define growing pains conceptually as a ‘situation of chaos caused by the short of managerial capability to cope with unexpected challenges when a firm grows fast.' There also have been several attempts in explaining the causes of growing pains. Flamholtz Rle presents that symptoms of growing pains are caused by absence of strategy cooperation, vagueness of vision, lack of commutation, internal disturbance among employees. These are all caused by the absence of capability of management. Therefore, in order to properly manage growing pains, we can conclude that a firm must enhance its internal managerial capabilities.
Despite its practical implications importance, studies on growing pains have only been limited to the theoretical level with a number of publications. In this research, we empirically measure growing pains of firms, using data from Korean venture firms. Furthermore, we suggest major causes of growing pains theoretically empirically test their impact on the magnitude of growing pains. By doing so, this research is expected to help provide guidelines in preventing growing pains lead to sustainable performance of fast- growing firms.
Most entrepreneurs played critical various roles in managing firms. They directly involve participate in major managerial issues of their firms. Thus, the characteristics of entrepreneur him/herself are studied as a vital factor in understing firm growth. This can be more true in venture businesses where an entrepreneur has a bigger importance on firm performance than any other cases of established firms. Thus, we can conclude that characteristics of an entrepreneur seem to have a strong relationship on the performance of a firm. We developed three major characteristics of entrepreneurs which might impact on growing pains; management experience, technological experience personal networking of an entrepreneur.
Management experiences include necessary knowledge needed to managing the firm, such as planning, human resource, marketing, finance experience. They, in particular, play a critical role in the introduction stage of a firm. This is why many researchers have emphasized the management experience as a key factor in firm performance of the growth stage. If the entrepreneur has affluent management experiences, it is most likely that the firm can be managed well in the various area of management such as vision sharing, strategic planning, human resource management, finance marketing. Based on this, we argue that the management experiences of an entrepreneur have negative relationship with the growing pains of a venture firm.
Also, many researches argue that a technological experience is vital to the venture firm's success. This means that the technological experiences of an entrepreneur make a firm more market, product, technology-friendly. This is particularly important in a venture firm where many firms are started based on entrepreneur's past technological industrial experiences. Prior technological experience of an entrepreneur would be an important asset for a firm in understing new emerging technologies or managing employees with technology background. These experiences will ultimately help prevent growing pains. This leads to our second argument that technological experiences of an entrepreneur reduces growing pains of a venture firm.
Furthermore, when a firm faced challenges, entrepreneur's personal network could provide a big help. An example would be the active use of mentors: firms with mentors have been proved to achieve more success than firms that do not. Also, networking can help firms in anticipating problems related to growing pains, find relevant solutions. In addition, we expect this effect of personal network is stronger in a country of which national culture values cooperation collectivism, such as Korea. Based on this, we argue that entrepreneur’s personal networking have negative relationship with the growing pains of a venture firm.
In order to test the effect of entrepreneur characteristics on growing pains, data is collected from the rapidly growing venture firms in Korea, which listed on the Korea Venture Business Association. 800 questionnaires were distributed, 183 were returned. Final sample size is 109 analyzed to test this study's hypothesis. The results of the empirical analysis show that prior managerial experiences networking of an entrepreneur have a significantly negative relationship with growing pains, but the technological experiences of an entrepreneur does not. These findings show that the prior experiences characteristics of an entrepreneur are critical factors in managing growing pains, which cause many problems to fast-growing venture firms.
This research has several contributions, theoretically practically. First, this study provides more concrete definition on growing pains empirically tests it. It is very meaningful in the current situation of having limited theoretical foundations on the topic of growing pains. Second, symptoms of growing pains made by Flamholtz Rle were based on the US firms, however, the same symptoms were found in Korean firms. It shows that this study can be used as a common ground for the global firms which grow fast expose to the challenge of growing pains. Third, previous studies had been limited on the issues of relationship between growing pains performance they were never related with the causes of growing pains. However, this study tries to find out the causes of growing pains empirically test it. This is important in that it shows some prevention lessening methods of growing pains. With these theoretical insights, we think that this research can provide some practical insights as well. We expect the theoretical research would go on this challenging topic give more implications for the struggling ventures.

Small business has the liabilities of newness difficulties with short of resources necessary. It has to design implement several strategies to acquire deploy the resources for survival growth.
The resource-based view has been a theoretical perspective logic system on the sources of organizational competitiveness. Traditionally, it has focused on the type of the internal firm specific resources, especially intangible immitigable organizational capabilities, strategic assets or core competences. But, the resource based view has several limits to predict explain the sources of organizational competitiveness. It has not discussed what the relationship among internal core competencies are, the change of the function of internal resources. Also, it has not considered the external resource linkages organizational capabilities(external resource co-optation capabilities).
This study has discussed several issues idea to make the resource-based view keep theoretical potential to explain predict the sources of organizational competitiveness. Also, this study tries to conceptualize a organizational life cycle model for Small Business Resource Management with resource-based view criticised.
It is necessary to make it have the logic ① that the attributes among internal resources are discussed, if those are complimentary or trade-off. ② the life cycle of the firm-resources. ③ The function of the firm-resources to organizational performance could be changed, ④ the relationships between organizational resources competitiveness. These could be new research directions topics to make the resource based view have theoretical forward.
We need to consider the characteristics nature of small business, when designing master plan for firm-resources management. Especially, organizational life cycle should be deliberately to think about the firm-resources to contribute organizational competitiveness.
At start-up stage, a small business has to catch some resource set. This study name a bundle of resource at growth stage as ‘Seed resource cluster.’ We can composite ‘Seed resource cluster’ with several elements such as innovation-oriented entrepreneurship, visionary/transformational leadership, absorption force, attractiveness, capturing opportunities ability, strategic thinking, finding new business item, creative problem solving capabilities, market exploitation, passionate entrepreneurial mind, management knowledge, management Skill. Also commitment /or passionate motivation of TMT, followership, Job KSA, cohesiveness of R&D employee, could be considered as Seed resource cluster. new technology, manufacturing outsourcing capabilities, mew business item, new business model, start business monetary resource, R&D investment fund, -alliance for R&D, alliance for manufacturing, TMT trust shared desirability for vision. Start business monetary resource R&D investment fund should considered.
At growth stage, a small business has to catch some resource set. This study name a bundle of resource at start-up stage as ‘Organizational Growth Hormone Resource Cluster.’ At growth stage, a entrepreneur possesses market-oriented entrepreneurship, business capabilities, social skill, personal network, capturing opportunities ability, strategic thinking, absorption force, attractiveness. The TMT should posses royalty, organizational commitment trust among members. R&D marketing employees should posses Job KSA, Cohesiveness, motivation. Also small business has patent, new manufacturing system, global marketing capabilities. financial leverage capabilities alliance for marketing are very important for small business competitiveness. systemizing capabilities shared core values are functioned positively for organizational competitiveness.
At plateau stage, a small business should possess some resource set. This study name a bundle of resource as ‘Revitalization resource cluster.’ Entrepreneurs of plateau stage should possess capabilities of finding new business item, humility, learning mind, absorption force attractiveness. The ‘Revitalization resource cluster’ could include royalty, trust, -initiating change innovation of TMT, employee's Job KSA, challenging behavior, new technology development, manufacturing system management capabilities. Also, some capabilities of finding mew business item global marketing capabilities are necessary for re-growth. Especially small business at plateau stage need capabilities of managing cash flows. Alliance for R&D, Business reengineering learning culture could contribute organizational copetitiveness effectively at plateau stage.
At re-birth stage for large firm stage, a small business should possess some resource set. This study name a bundle of resource as ‘Re-start-up resource cluster.’ Entrepreneurs of re-birth stage for large firm, stage should possess capabilities of absorption force, attractiveness, finding new business item, social skill, negotiation skill transformational leadership. The TMT should play some role of initiating change innovation, autonomy business ethics. Employees should have self directed learning, challenging behavior new KSA for changing jobs. At re-birth stage for large firm stage, a small business should possess new technology, manufacturing outsourcing capabilities, mew business item, marketing capabilities, global marketing, new business investment capital, strategic alliance, change management system, Re start business value sharing innovative culture.

This study examines the characteristics of 24 Korean hidden champions such as key success factors, core competences, strategic problems, desirable future directions. The study categorized them into 8 types with Danny Miller's four trajectories top manager's decision making style(rationality passion). Danny Miller argued in his book, Icarus paradox, that outsting firms will extend their orientations until they reach dangerous extremes their momentum will result in common trajectories of decline. He suggested four very common success types: Craftsmen, Builders, Pioneers, Salesmen. He also suggested common trajectories of decline：Focusing(from Craftsmen to Tinkers), Venturing(from Builders to Imperialists), Inventing(from Pioneers to Escapists), Decoupling(from Salesmen to Drifts). In Korea, successful startups appear to possess three kinds of drive: Technology-drive, Vision-drive, Market-drive. Successful technology-driven firms tend to grow as craftsmen or pioneers. Successful vision-driven market-driven ones tend to grow as builders salesmen respectively. Korean top managers or founders seem to have two kinds of decision making style: Passion-based Rationality-bases. Passion-based(passionate) entrepreneurs are biased towards action or proactiveness in competing getting things done. Rationality- based ones tend to emphasis the effort devoted to scanning analysing information to better underst a company's threats, opportunities options. Consequently this study suggested 4*2 types of Korean hidden champions: (1) passionate craftsmen, (2) rational craftsmen, (3) passionate builders, (4) rational builders, (5) passionate pioneers, (6) rational pioneers, (7) passionate salesmen, (8) rational salesmen. These 8 type firms showed different success stories appeared to possess different trajectories of decline. These hidden champions have acquired competitive advantage within domestic or globally niche markets in spite of the weak market power lack of internal resources. They have maintained their sustainable competitiveness by utilizing three types of growth strategy; (1) penetrating into the global market, (2) exploring new service market, (3) occupying the domestic market. According to the types of growth strategy, these firms showed different financial outcomes possessed different issues for maintaining their competitiveness. This study found that Korean hidden champions were facing serious challenges from the transforming economic structure these days possessed the decline potential from their success momentum or self-complacence. It argues that they need to take a new growth engine not to decline in the turbulent environment. It also discusses how firms overcome the economic crisis find a new business area in promising industries for the future. It summarized the recent policy of Korean government called as “Green Growth” discussed how small firms utilize such benefits supports from the government. Other implications for firm strategies governmental policies were discussed.

In many organizations, necessity of learning organization has been seamlessly emphasized to improve job skill enhancement of enterprise core competence. Actually many firms, however, were not able to obtain expected value owing to lack of sustainability of learning activities. This research investigates how to establish strategic learning organization based on action learning. For a small steel company for six months, learning organization had been built supported facilitating learning activities. In progress of meeting, researcher periodically investigated activities of each team member's behaviors.
A small steel manufacturing company with 48 employees was case field for this research. In order to promote learning capability with various methods such as action learning, fishbone analysis, creative thinking, brainstorming, brainwriting had been applied. At the beginning of consulting, three learning teams with each subject that was difficult to solve were established.
Under rapid change of business environment, enterprises need personnel who have positive attitude high adaptive sensitive nature. Actually lots of firms aggressively invest finance in education training for employees. However they don't gain satisfactory effectiveness frequently.
To improve job skill upgrade the enterprise core competence, necessity of learning organization based on action learning approaches has been emphasized (Moriarty, 2006; Murray, 2006). But actually it is difficult for many firms to experience expected value because there are no continuous vigorous activities since established the learning teams. Additionally, although information technologies (IT) can be utilized for effective tools in learning, firms usually didn't apply IT systems to learning.
Recently many firms try to establish KMS (knowledge management system) to gain share internal external business knowledge (Poston Speier, 2005). Nowadays, companies have recognized knowledge as high value intangible assets those can be key competence for gaining competitive advantage. Hence, enterprises have positively invested their efforts to transform implicit knowledge into explicit one (최동수 외, 2006).
By development of e-learning system service based on the web, firms can rapidly provide the digitized learning contents to employees just in time. Consequently, that promotes individual organizational competence. Moreover, by IT, firms are able to accumulate knowledge such as business, technical, sales, or R&D, etc. in the web on intranet share those in enterprise. By keeping pace with external rapid change around them, mutual exchange of knowledge has been possible (Murray, 2006). Through the continuous learning process, it is possible to develop individual capability (Lizzio Wilson, 2004) be able to expect to decrease a separation rate in organization (김영환, 2002).
Under analysis of simple questionnaires interviews with boards, researcher proposed five propositions. First, sponsorship active participation of the management can affect boom-up upgrade learning activities. Hence, Proposition-I is that the higher durability active attention of managers of strategic learning organization is, the more affirmative performance of learning activities will be. Second, strong leadership may affect performance of learning. Hence, Proposition-II is that the higher property of leadership in organization is, the more affirmative performance of learning activities will be. Third, the systematic support such as incentive system, vacation for learning, promotion criteria will be crucial factors to promote the performance of learning. Therefore, Proposition-III is that the more positive systematic supports provide, the higher learning performance will be. Fourth, construction of the proper environment for learning activities may affect positive benefit of learning. Hence, Proposition-IV is that the higher proper environment constructs, the higher learning performance will be. Fifth, development of KMS (knowledge management system) active use can influence to the performance of learning teams. Under this assumption, Proposition-V is that the bigger scale of investment in information technologies is, the higher learning performance will be.
In S-steel as case field, at early stage of establishing learning teams some of employees have conflict mood. But they gradually change their own attitude mind showed positive behaviors. Also at the stage of orientation, almost members showed lack of positive attitude that propose their own opinion solutions to solve issues. However, after making a consensus of organizational learning, members experienced the estimation stage that require explanation of essence of issues share critics of alternatives. Almost members showed mind-open. At control stage as finalization, they showed constructive behaviors that try to suggest the modified integrated solution idea. they also share more constructive idea to sustain activities of learning teams in cooperation with each other. Additionally researcher can observe decreasing critical negative opinion increasing output-oriented attitude in learning team meetings.
By exploratory study of case, above five propositions directions of further research were suggested. This research results can give some implications to small medium-sized enterprises (SMEs) that want to establish learning culture positive activities in organization. The scope of research is that, in order to improve task skill, three learning team had been established investigated progressive process of those teams through consulting support. In addition to these, this study is for suggest five propositions for further research.
Based on five propositions, the next step of research will be empirical research, which verify analyze the influential factors to affect performance of learning organization. Additionally, the SMEs including venture companies who want to promote skill of tasks competence of enterprise can gain implications for successful implementation of learning organization. Moreover, actually digital technologies as tool for learning activities can be actively used the causal relationship between the digital technologies performance of learning organization should be tested verified deeply. several cases have to be provided comparative research can also provide important implications to enterprises.

Abstract: Entrepreneurship has become a driving force for economic social development in many countries. Today, the mechanism principles of entrepreneurship developed in the commercial world have been applied to other areas such as universities nonprofit organizations. Throughout economic development cycles, however, the entrepreneurial spirit has been boosted then shrunken again since the mid-1990s in Korea.
The purposes of the paper are twofold. First, this paper reviews the characteristics approaches of entrepreneurship based on existing academic literature, suggests how entrepreneurial management approaches can be exped into relatively new realms such as large corporations, universities, nonprofit enterprises. Corporate entrepreneurship, university entrepreneurship, social entrepreneurship have been on the rise in recent decades. Second, this paper analyzes recent developments in Korea's entrepreneurship trends to identify factors for facilitating restricting entrepreneurship development, proposes new directions of entrepreneurial development (Venture 2.0) in terms of government policies, venture habitats key success factors of venture firms in Korea.
In this paper, entrepreneurship is defined as “the pursuit of opportunity without regard to resources currently controlled” (Stevenson, 1983). Based on this definition of entrepreneurship the Timmons framework (Timmons, 1994) on the entrepreneurial process (consisting of three driving forces: entrepreneurial team, opportunity, resources), this paper compares the entrepreneurial management approach with the traditional management approach. The traditional management approach is: i) suitable for scale-intensive large firms, ii) focused on specialization functional management, iii) in pursuit of static profit management maximization of present values. On the other h, the entrepreneurial management approach is: i) suitable for technology-based venture firms, ii) focused on integration opportunity recognition, iii) in pursuit of dynamic growth management capitalization of future values. In addition, key success factors of the entrepreneurial process are summarized in terms of: i) the entrepreneur's experience, commitment management skills, ii) the entrepreneur's networking capabilities as well as network density diversity, iii) the team's synergy chemistry, iv) the attractiveness of opportunity based on successful pattern recognition, v) grasping the right timing when the window of opportunity is open, vi) minimizing resource commitment, vii) utilizing the resources of others efficiently effectively.
Entrepreneurship can occur- fail to occur-in firms that are old or new, small or large, fast or slow growing in the private, nonprofit, public sectors (Timmons, 1994). This paper examines the possible approaches strategies as to how the concept of business entrepreneurship can be implemented into corporate, university, social entrepreneurship.
To apply the entrepreneurial approach into large firms, the motivation, strategies, mechanisms, success cases of large entrepreneurial firms lessons for corporate entrepreneurship are reviewed discussed. Zahra (1991) observed that “corporate entrepreneurship may be formal or informal activities aimed at creating new businesses in established companies through product process innovations market developments.” The infusion of entrepreneurial thinking into large bureaucratic structures can make a new corporate revolution (Kuratko Hodgetts, 2007). Corporate entrepreneurship encompasses two phenomena: new venture creation within existing organizations the transformation of organizations through strategic renewal (Guth Ginsberg, 1990). For large firms, creating innovative new businesses while maintaining existing profitable businesses is the most important challenge to survive grow. They must become Janus-like, looking in two directions at once, with one face focused on the old other seeking out the new (Garvin Levesque, 2006). Because most new ventures set up by establishes firms fail, the firms attempt numerous experiments with several organizational structures to promote corporate entrepreneurship innovative culture within the firms. These firms should perform a number of the most critical balancing acts for entrepreneurial equilibrium. Based on literature cases, this paper summarizes seven key success factors for corporate entrepreneurship new business development: i) formulating implementing a relevant new venture strategy such as new venture division venture nurturing, ii) building a relevant organizational structure such as idea generating group, iii) creating a favorable organizational climate suitable for the ambidextrous organization, iv) designing the proper screening/incubating/accelerating processes incentive systems for corporate entrepreneurs, v) cultivating capabilities experiences of potential corporate entrepreneurs (champions), vi) identifying compelling attractive business opportunities, vii) promoting top management support. The process of Toshiba’s laptop development is explained as a good example of corporate entrepreneurship based on key entrepreneurs rather than the company-wide entrepreneurial system.
There are increasing dems on more contributions from universities to economic development through commercializing their technologies. Recently many universities in both the United States Europe have been attempting to become entrepreneurial universities these phenomena invoke the new roles of universities within the society. In this paper, the roles changing attitudes of universities the definition mechanisms of university entrepreneurship are reviewed discussed to exp the entrepreneurial approach with universities. This paper defines university entrepreneurship as “entrepreneurial activities in which a university could be involved, including, but not limited to: patenting, licensing, creating new firms, facilitating technology transfer through incubators science parks, facilitating regional economic development” (Rothaermel, Agung Jiang, 2007), suggests key research agenda on university entrepreneurship.
Furthermore, the importance characteristics of social entrepreneurship are explained the comparison of commercial entrepreneurship social entrepreneurship is made based on existing literature, such as Sahlman (1996) Austin, Stevenson Wei-Skillern (2006). In this paper, social entrepreneurship is defined as “innovative, social value creating activity that can occur within or across the nonprofit, business, government sectors” (Austin et al., 2006) some successful cases are presented to explain the nature of social entrepreneurship such as a multiple rewarding mechanism.
The final portion of this paper analyzes recent developments in Korea's entrepreneurship by dividing the process into two parts: Venture 1.0 Venture 2.0. This paper compares the venture habitats the characteristics of successful venture firms of two decades (1990s vs. 2000s) in Korea. The number of ventures has increased since the mid-1990s. The development of high-tech ventures in the mid-1990s (Venture 1.0 firms) was strongly supported by government policy. In the mid-2000s, new types of ventures based on market opportunity were founded (Venture 2.0 firms). This paper identifies factors to facilitate restrict entrepreneurship development proposes new directions of entrepreneurial development for the Venture 2.0 environment in terms of government policies, venture habitats, key success factors of venture firms in Korea. There were several changes in habitats from Venture 1.0 to Venture 2.0 along the stages of development. The identified changes include the method of government support (from direct to indirect), the focus of policies (from supporting individual firms to creating venture habitats), key words (from “venture” to “entrepreneurship”). Furthermore, how the changing patterns of interactions among universities, research institutes, industries can affect the performances of entrepreneurial activities is also addressed.
This paper reviews existing literature on entrepreneurship as an emerging discipline of management, suggests the entrepreneurial approach to economic, technological, social, cultural development, not only at small large firms but also at universities social enterprises. This will be the right direction forward for entrepreneurial firms, universities, nations. Further theoretical practical studies on the evolving entrepreneurship agenda in different contexts are needed.