벤처기업의 기업가정신이 전략적 지향성 및 경영성과에 미치는 영향

Venture firms impose innovation in business activities, create job positions, progress national economy, and contribute in growth. Moreover, it creates new industrial fields and improves the quality of living by offering high-quality products and services through the enhancement of technology. The previous studies on the entrepreneurship of venture firms focused on the aspects of identifying how venture firms influence business performance and they have been conducted on a single dimension. However, the single-dimensional studies examining entrepreneurship and business performance have limitations in identifying the business performances of venture firms since entrepreneurship is not the process improving performances by working as one systematic dimension but refers to the activities and the process of enterprises not being bound by controllable resources and pursuing new opportunities. Thus, this study aims to conduct a multi-dimensional research which takes into account business strategic elements and not merely the performance aspect of entrepreneurship. Specifically, this study aims to examine the effects of the entrepreneurship of venture firms on strategic orientation. For this aim, entrepreneurship has been set as innovativeness, progressiveness, and risk-taking and strategic orientation has been comprised of two factors: customer orientation and competition orientation. Innovativeness either refers to the creative process arising from the process of developing new ideas, products, services, and technologies or the tendency to support it. Progressiveness is the insight toward the future during decision-making process and displays the behavior to predict and respond to environmental changes or problems. Lastly, risk-taking means the effort to create new opportunities through active behaviors in the situation when definite success is not guaranteed. In addition, out of strategic orientations, customer orientation means identifying and analyzing customers' preferences and demands to organize marketing strategies. Competition orientation refers to short-term strengths and weaknesses of existing competitors and potential competitors and will and ability to understand and respond to long-term strategies. This study tried to look at how strategic orientation influenced business performance and corporate reputation - the performance aspect of venture firms. In this study, business performance was measured by using cognitive aspect of venture firms's CEO. Furthermore, corporate reputation was measured as the index of identifying the components of corporate reputation. Based on this objective, this study aimed to provide the theoretical and practical implications for improving the business performances of venture firms by having an expanded and integrated approach toward the effects of the entrepreneurship of venture firms on business performance, which had been carried out on a single dimension in the existing studies. The research model of this study is <Figure 1>. In order to identify the causal relations between the constructs which had been set through the hypotheses, the constructs have been measured based on the scales used in the previous studies. Respective indicators have been estimated by utilizing the 7-point scale and they were used after being modified so that they are suitable for this study. In a bid to analyze the research model, questionnaire surveys were conducted targeting the CEOs of venture firms. The surveys targeted the firms established at the KAIST TBCI and the Gyeongnam Technopark. First and foremost, the researchers requested cooperation from the CEOs in advance by phone and carried out the surveys through e-mail and telephone. Among 186 enterprises, 108 firms responded to the survey and excluding 8 insincere responses, 100 responses were used as the survey data. Prior to verifying the hypotheses, this study aimed to look at the validity of the scale which estimated the constructs. The reliability of the estimated items has been identified and exploratory factor analysis (EFA) was conducted to assess validity. As a result, the reliability and the validity of the scale were identified. The following are the results of verifying the hypotheses of this study. First, innovativeness and progressiveness - the key components of entrepreneurship - improved customer orientation and competitor orientation - the strategic orientation factors - and risk-taking has been found to improve competitor orientation. This finding demonstrated that venture firms improve their capability to respond to external environment through entrepreneurship and secure corporate competitiveness by maintaining the flexibility necessary for survival. However, risk-taking did not influence customer orientation. Second, customer orientation and competitor orientation - the subordinate factors of strategic orientation - have been found to positively influence the business performance aspect. Previous studies on entrepreneurship of venture firms focused on single dimension study for identifying performance and these studies have the limitation in examining the process of invigorating venture firms and business performance. In this regard, this study is not a single dimensional study in which entrepreneurship of venture firms directly apply to performance but aimed to examine the effects of entrepreneurship on business strategy aspect for confronting external environment and aimed to identify its influence on performance. For this aim, an integrative and comprehensive research which can look into the process of entrepreneurship of venture firms making companies grow was carried out. In spite of the contribution of this study, this study has the following limitations. First, this study suggested entrepreneurship as innovativeness, progressiveness, and risk-taking. Other than the factors suggested in this study, existing studies suggested various elements such as autonomy and competitive aggressiveness. However, this study closely examined three elements of entrepreneurship. Thus, future studies need to figure out how respective elements influence enterprises by organizing various dimensions with regard to entrepreneurship. Second, this study tried to understand how entrepreneurship influences strategic aspect and suggested customer orientation and competitor orientation in strategic aspect. Other than strategic aspect of venture firms, entrepreneurship can influence various parts. In addition, there are a variety of elements such as technology orientation in strategic aspect and they can influence organization's inner characteristics. Therefore, future studies have to figure out which other factors entrepreneurship of venture firms influences other than strategic aspect of companies. Third, this study conducted several researches based on several industries for empirical analysis. Also, 100 industrial samples were not enough. This implies that there is a problem with generalization. Thus, analysis has to be carried out after collecting number of samples which is enough to represent a group by targeting more diverse industries.