This study was conducted to highlight the importance and sustainability of local entrepreneurship as a viable solution to the severe crises of local depopulation and regional economic stagnation currently faced by the Republic of Korea, and to derive ...
This study was conducted to highlight the importance and sustainability of local entrepreneurship as a viable solution to the severe crises of local depopulation and regional economic stagnation currently faced by the Republic of Korea, and to derive the key factors required for overcoming the various constraints encountered by local entrepreneurs at the early stages of startup development. A thorough review of existing literature confirmed that diverse challenges—such as lack of funding, limited market accessibility, and insufficient professional networks—undermine the growth potential of local startups. Based on these findings, a set of presumed variables deemed relevant to the local startup environment was identified and then refined through the application of the Delphi method across two rounds of expert panel evaluations. The analysis revealed that entrepreneurial characteristics (leadership, creativity, willingness to take on challenges, and a sense of responsibility), management capabilities (problem-solving skills, resource management, technological competence, market insight), access to financial resources and physical startup spaces, the establishment of collaborative networks, marketing strategies, and leveraging region-specific resources exert significant influence on the practical growth of local entrepreneurs. In contrast, “effectiveness of entrepreneurial policies” and “deregulation,” previously highlighted by earlier studies, did not attain expert consensus as direct drivers of local entrepreneurial growth. This discrepancy suggests that policy support may not mesh sufficiently with on-site startup realities, or that local specificities have not been adequately addressed, thereby limiting the perceived impact of such measures. Ultimately, the central conclusion of this research is that sustainable local entrepreneurship is enabled only through a synergistic combination of creative and responsible entrepreneurs, stable funding mechanisms, appropriate physical spaces, and robust linkages between cooperation networks and the local community, a conclusion consistently endorsed by the majority of expert panelists during the Delphi process. Accordingly, while this paper carries significance by offering a practical foundation to policymakers, field practitioners, and prospective founders who aim to promote both economic revitalization and social value within local communities, it should be noted that the limited scope of expert panel composition may constrain the generalizability of the results, and that the nature of the Delphi method does not permit a direct empirical analysis of causal relationships. Future research might involve follow-up studies incorporating a broader pool of experts with diverse regional and industry backgrounds, or adopt longitudinal and network analyses to comprehensively verify the long-term impact or policy implications of variables excluded from this study, thereby offering a more in-depth perspective on the growth mechanisms of local entrepreneurs.