한국 중소기업

This research examines why entrepreneurs seek growth for their ventures. We test two explanations with this inquiry. The first argues that the entrepreneur is motivated by the personal benefits expected from growing one’s firm. The second advances the position that an entrepreneur believes they can achieve high growth because they have an innovative opportunity that is competitively unique. We view this study from an expectancy theory viewpoint so we could surmise that those with particular motivations will have a different perception of growth. The expected outcomes in this case are related to greater personal financial rewards or independence. Entrepreneurs may therefore seek growth because they want to enjoy the higher income and independence offered compared to alternatives such as employment in established organizations. The second, opportunity-centered pursuit of growth arises from the assumption that expectancy in achieving an outcome helps influence the decision to aspire to that outcome. It is Schumpeterian in the sense that growth may arise out of opportunities to benefit from significant change. These opportunities represent a high level of newness and are initiated by producers, who teach consumers to want new things. Innovative opportunities therefore offer the potential for bigger gains. As a consequence, entrepreneurs are more likely to have growth aspirations when they have innovative opportunities that make this possible.
This leads to our main research question : do entrepreneurs seek growth because of their personal motivations, because they have innovative, unique opportunities, or both? We build and test hypotheses based on this research question, drawing on data from 196 entrepreneurs participating in the 2008 Global Entrepreneurship Monitor survey in Korea.
Our research finds support for both the motivation and opportunity perspective. Growth requires greater challenges, and this is weighed against possible outcomes. Those with higher goals (income, independence) also have the need to accomplish more. This provides the motivation for growth aspirations, which are expected to result in the fulfillment of these goals. Growth aspirations are also associated with the belief that efforts will lead to successful outcomes in this case, when one has an innovative opportunity with few competing options. The effect of low competition is also strengthened when the opportunity has high technological newness.
While prior studies have looked at human and social capital effects on growth, we examined the impact of the perceptions of the opportunity. Our findings support the view that resources can affect expectancy, and these are not just personal, but also material. Individuals weigh the perceived effort needed to achieve their desired results and their decisions reflect the belief their efforts will lead to successful outcomes. Innovation carries higher expectations of success, which can lead to better performance. Our findings thereby indicate that an innovative opportunity, from a market and technology perspective, may contribute toward one’s aspirations for growth.
This opportunity perspective also finds support with respect to the competitive environment, which is strengthened through the interaction with technological newness. Environmental variables can impact expectancy judgments. Where there are few competitors for an opportunity, it may increase an entrepreneur’s belief that efforts will lead to successful outcomes. There could be less competition because the technology has not been adopted by rivals, or because the geographic region or industry is not populated with intense competition. That we found an interaction effect with technological newness and competition supports the first explanation.
However, given competition exhibits an independent effect, we should keep in mind the evidence that choice of industry plays a key role in growth ambitions. With a perception of fewer competitors for one’s product, an entrepreneur may see the potential for profits before rivals notice and respond. Perhaps the interaction effect with technological newness indicates that technologically innovative, competitively unique opportunities are even more likely to provide growth potential. This research is valuable to academic research in contributing to our understanding about the drivers of entrepreneurial growth ambitions. For policy makers, it offers implications for selecting and motivating growth-oriented entrepreneurs.