Park, C. Published by Emerald Publishing Limited. Currently, the concerns for uncertain future due to a long-term economic depression and global economic crisis are spreading throughout our society. Moreover, along with the trend in industrial scale downsizing and profit generation with a small manpower cost, concerns about the increase of youth unemployment due to jobless growth are deepening. According to National Statistical Office of Korea, the youth unemployment rate reached the highest record of 9.
This was the value 0. Many countries agree that the business start-ups are the solution for youth unemployment so that our government is also expending much effort in developing the policies to stop the increase in youth unemployment rate and create more jobs by instilling youth entrepreneurship and creating a positive atmosphere for business start-ups in this grave period of low economic growth. This method is important and also useful in maintaining steady economic and social growth. The young people at present are living in an era where a variety of new businesses are being continuously launched through internet media, and industries are developing according to the stretch of the imagination for contents and software.
Thus, this study attempts to identify what factors of entrepreneurship affect innovative start-ups like ICT-based businesses that are quite effective in creating jobs. Since the dawn of the twenty-first century, the importance of entrepreneurship started to be recognized as an element of promoting economic growth so that the researches for finding how entrepreneurship contributes to the growth have become active.
Park and Ahn explained to the young CEOs that entrepreneurship is an important factor in improving their business performances, and they need to expend the effort to cultivate their business competency. The core of entrepreneurship is a positive energy that challenges or changes existing conventions by acutely responding to the changing environments with an innovative and creative mind. Cultivating entrepreneurship for young people will be effective in solving the problems concerning youth unemployment, low and falling economic growth rates while contributing to Korean economic growth.
There are varied opinions about the elements of entrepreneurship among the scholars. Schumpeter defined entrepreneurship as the driving force of modernization having the characteristics such as innovation-seeking spirit, pro-activeness and risk-taking tendencies. Lassen et al. Based on the recent detailed and systematic researches conducted for the nature of entrepreneurship, the definition of entrepreneurship by Miller , who has claimed that the elements such as pro-activeness, innovativeness and risk-taking consist entrepreneurship, became the dominant view.
Thus, this study also considers these three characteristics as core elements. Meanwhile, Lee argued that innovativeness is one that an organization emphasizes the technological innovation or actively conducts product designing, market survey as well as product advertisement through product or market innovation based on process innovation and experimental management technique. Kang suggested that innovation is one of the elements of entrepreneurial strategies which can be an important means of promoting investments for consistent development of new technologies and improvement of products to gain a competitive advantage.
Business and Management
Therefore, with all of these definitions and contentions, innovativeness should be considered as a critical element of entrepreneurship with which companies can adapt themselves to the rapidly changing environment in the age of forth industrial revolution. Jung defined this term as a risk preferring decision-making behavior in an uncertain environment. While the entrepreneurs with low risk-taking tendency try to avoid risks or make decisions cautiously, ones with high risk-taking inclination tend to make decisions faster to capture opportunities Bin and Park, Risk-taking is meaningful only if an entrepreneur is proactive in seizing an opportunity, not just accepting the risks.
Pro-activeness is a future-oriented disposition that allows an entrepreneur to forecast future when he is supposed to make a decision strategically.
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The entrepreneur takes active behaviors after forecasting future opportunity and market demands. Lumpkin and Dess maintain that pro-activeness means a company preoccupying the market opportunity or holding a predominant position in the market. Covin and Slevin claimed that pro-active entrepreneurs compete more aggressively than the others.
That is, pro-activeness can be defined as a tendency or behavior of actively participating in the market changes one step ahead of their competitors Kim, It is possible to say that leadership is an important element in many success factors for start-ups and their continuous growth, but it is not easy to define them with a few words and its definition varies depending on the approaches taken individual researchers.
Bass considered leadership as an interaction process among the group members to structure or restructure their perceptions and expectations. Meanwhile, Northouse defined leadership as a process where an individual attempt to affect group members to achieve their common goal. A strong leadership that leads to harmonious and organized business activities is essential to achieve more than expected.
This study attempts to analyze and substantiate the impact of a strong leadership on the entrepreneurial intentions and the success of start-ups. In a complex information-oriented society like present, it is not easy for small-scale companies to satisfy economic demands while maintaining their competitiveness just by themselves, as they often lack some of the necessary resources. Creative ideas and networks are essential for achieving a successful business performance.
Huggins and Johnston claimed that it is indispensable to use some of the external resources to surmount the difficulties in start-up businesses caused by the lack of internal resources. Similarly, Choi supported this by suggesting that start-ups will be able to optimize their performance by using the resources they lack by establishing some external networks. The importance of networks and their roles are being emphasized in many types of research conducted for start-ups.
Thus, this study also attempts to identify how network establishment and their activities affect the entrepreneurial intention of ICT majors in Busan area. The concept most widely used to understand the phenomena associated with the establishment of a business is entrepreneurship. Krueger et al. Considering that starting a business can be fulfilled through calculate and intentional activities, the first step, entrepreneurial intention, is essential for understanding overall phenomena involved in business start-up, as it is a key element in determining the early characteristics of start-ups Bird, ; Katz and Garter, Shapero claimed that the roles of entrepreneurs with entrepreneurial intentions are important for the nation, region or organization to have their power of recuperation to ride out economic downturns and self-reforming traits.
Therefore, it is important for our society to contribute to continuous economic growth by inculcating a positive perception in the minds of students with entrepreneurial intentions to promote and activate start-ups and let the ones with potentials to challenge and succeed. To study the magnitude of influence factors of entrepreneurship of Busan-area ICT majors over their entrepreneurial intentions, we have randomly extracted the samples from the ICT majors in Busan area during the period from November 1, to February 15, A five-point scale was used for the survey.
A total of questionnaires were distributed, and For the empirical analysis of influence factors, the SPSS Based on the study model shown in Figure 1 , a series of hypotheses were developed to deduce the influence factors and put to verification afterward. A multiple regression analysis was used in this study to verify the effect of facilitating factors of entrepreneurship on the entrepreneurial intention dependent variable.
Here, independent variables were also included for analysis i. From the results obtained from the multiple regression analyses performed against all the respondents, the applied regression equation was effective in explaining the dependent value, as the overall explanatory power for activation of entrepreneurial intention was Also, as the variance inflation factor VIF showed the maximum value of 1.
However, innovativeness and risk-taking factors were excluded at this level. For the study, some hypotheses for the influential factors of entrepreneurship which should be considered to promote the entrepreneurial intentions of ICT majors in Busan area have been developed and put to empirical analysis using a statistical technique. First, as for the verification by regression analysis, H1 , which assumes that entrepreneurship will give a positive influence on entrepreneurial intention was partially accepted compared to leadership which was fully accepted.
Innovativeness and risk-taking in H and H , respectively, were rejected as they did not have a positive influence, whereas pro-activeness H was accepted. This may have resulted from the fact that his survey was conducted for the general college students rather than for the ICT majors. The difference is that this study has targeted the ICT majors who have sufficient knowledge and experience that the high-tech industries involving artificial intelligence, robotics or other cutting-edge technologies can lead to a social innovation after being internalized as a foundation of our current society.
It is true that the knowledge associated with the 4th Industrial Revolution and in their potentials also contributes to such an innovation. Thus, this study has empirically proven that both innovativeness and risk-taking are not that influential, at least for the ICT majors in Busan area. Meanwhile, H1 -1 was accepted such that it is possible to determine that pro-activeness of entrepreneurship has a positive influence on entrepreneurial intention. This result is consistent with most other research results which concluded the same Yoon, b ; Park and Kim, ; Yoon, a ; Kim, Pro-activeness can be considered as the tendency that actively solves problems by positively dealing with changes and pursues something distinctively novel to find new opportunities.
The above result also means that pro-activeness is necessary for all the business founders for them to occupy a dominant position in a fluid and rapidly changing market on the threshold of the 4th Industrial Revolution.
The Roots of Entrepreneurial Research
Next, for the H2 , the studies on correlations between leadership and entrepreneurial intention are quite insufficient in the ROK. Yoo a , b and Kang and Ha are the typical researchers who claim that leadership has a significant influence on entrepreneurial intentions. Likewise, this study accepted the hypothesis that assumes the same.
Finally, as for the H3 , most of the researches conducted for entrepreneurial intention find that network s do have a positive influence on entrepreneurial intention Burt, ; Yoo, ; Yoon, also maintains that the network environments are essential for producing a large number of start-ups. These researchers verified that various types of networks actually stimulate entrepreneurial intention. As these precedent studies, the hypothesis in this study which made the same assumption was accepted.
Current young people in the Republic of Korea ROK are in the midst of the 4th Industrial Revolution which goes beyond the information-oriented society. This new era focuses on a variety of novel ideas including artificial intelligence and advanced robotics. The ROK government and most Korean universities should foster intelligence information industry to respond to the requirements of this era and enhance global competitiveness of start-ups by promoting an appropriate start-up ecosystem to create more jobs.
Many developed countries around the world view creating quality jobs as the most important measurement for conflict resolution and income imbalance. Developed countries such as the EU, America, Japan and as well as emerging countries such as China are pursuing on the development of existing industries and the creation of new industries as core policies Ministry of Science, ICT and Future Planning, based on ICT development. The Korean government also needs to make efforts, basing on ICT, to expand the employments and also the number of young entrepreneurs who have a proper entrepreneurship or a challenging spirit to contribute to the national economy.
Thus, a study was conducted to determine what factors of entrepreneurship promote the entrepreneurial intention of ICT majors in Busan area. Also, an empirical analysis was performed by deducing the factors that need to be considered to activate the entrepreneurial intention in the universities. The existing factors that affected the entrepreneurial intention of university students were mostly structurally defined ones such as entrepreneurship education, support policies for start-ups and relevant educations which would drive the students to pursue start-up businesses.
These procedures permit identifying the structure binding works and theories and themes researched. Citation analyses rely on counting the number of times any given work is referenced by other scholars in their own works, and thus assess its impact, or influence, in the community White and McCain, Citing prior works is a crucial norm in scientific endeavors based on the rationale that scholars cite other works that are relevant to their own research.
Albeit citations may be made with a variety of purposes, it is a common practice, although not free from known criticisms e. A co-citation analysis examines pairs of works and assesses the frequency with which they are cited together, or co-cited, in other works Culnan Moreover, co-citation analyses are based on the premise that if a given pair of works is co-cited it is because they share some content, or intellectual, similarity White and Griffith ; White and McCain ; Ponzi ; Ferreira et al.
For instance, if two articles X and Y were cited by another article we may reasonably assume that X and Y are somewhat related. Thus, the more frequently a set of papers is co-cited in the extant research the stronger is the tie binding them and the more proximate they are White and McCain Thus, co-citation analyses allow researchers to understand the structure of the social networks in a more objective manner than would possible in other forms of literature reviews.
We depict the co-citation matrixes visually in a network to reveal the social structure of the field.
The third procedure entailed examining the themes, or phenomena, researched over the period and their relative centrality in the discipline. Usually such analysis would entail a content analysis, possibly subjective, which is unviable using a sample of 1, articles. To this aim we followed the procedure of Furrer et al. We designed a list of 25 major research themes based on Schildt et al.
Schildt et al. Perhaps using the author-supplied keywords is a rather stringent manner to observe themes, but it is reasonable to suggest that it is an accurate manner since the authors select the keywords to best describe what their paper is about to potential readers and for indexing purposes. This procedure involved, first, retrieving the author-supplied keywords from all articles in the sample. We obtained a total of 3, keywords it is worth noting that this analysis was conducted for the period to since ISI Web of Knowledge does not contain the keywords for articles published prior to Then, two coders full time graduate research assistants were given instructions and were asked to independently allocate each keyword to each of the 25 broad themes.
Jointly, the sample included 3, keywords. Any discrepancies were resolved between the coders and the assistance of the principal investigator. Methodologically, in Bibexcel the author-supplied keywords were replaced by the themes and a new co-occurrence matrix was generated for running a social network analysis. These maps are based on the matrixes of co-citations of references and of co-occurrences of keywords.
Entrepreneurial Business and Economics Review
The visual displays are intended to facilitate the identification and interpretation of the structure underlying a group of works. The analyses of the data follow the sequence: evolution of publication and geographic origin, citations analysis, co-citations, and the main research themes. Evolution of publications articles per year : — Computations by the authors. The articles in the sample were co authored by 2, scholars from 63 nations.
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