As an exploratory research, this study attempts to identify success factors in Korean microbusiness startups. Based on prior studies, three types of success factors are focused : entrepreneur`s traits factor, financial factor, and managerial factor. T...
As an exploratory research, this study attempts to identify success factors in Korean microbusiness startups. Based on prior studies, three types of success factors are focused : entrepreneur`s traits factor, financial factor, and managerial factor. The traits factor includes entrepreneur`s experience in startups, management, and industry and psychological variables such as need for achievement, locus of control, risk-taking propensity, and ambiguity tolerance. Total startup capital and source of financing are included in the financial factor. The managerial factor of business success includes financial control, planning, professional advice, and marketing. With the empirical data obtained by questionnaire survey, it is analyzed how these factors influence entrepreneur`s personal satisfaction and financial performance.