earticle

영어

The goal of this study is to develop policy suggestions in order to increase theefficiency of entrepreneurship. First, regression analysis is carried out to examine howinput variables affect output in each phase of startup development. Then, dataenvelopment analysis(DEA) estimates efficiency in each development process in 26countries and identifies where South Korea locates herself in terms of entrepreneurialefficiency. The empirical results in the regression analysis implies the following. First, in terms ofentrepreneur, more young people should become self-employed to achieve businessopportunities in the market. Second, in terms of regulatory environment, governmentprogrammes should be diversified and differentiated in order to meet the various needs ofstartup companies. Third, in terms of market, startups should be tenacious, equipped withglobal competencies to survive. Fourth, in terms of financial support, it should be easierfor startups to enter into market with accessible unsecured loans. Fifth, in terms ofknowledge infrastructure, it is critical to encourage substantial investments on R&D. Sixth, in terms of education/training, vocational and lifelong education/training producesmore effective result than the one at universities. Last, in terms of cultural environment,society needs to show more respects to entrepreneurs, and media should pay moreattention to their entrepreneurship. DEA addresses benchmark countries for South Korea to improve efficiency in eachstage of development phases. While the efficiency of Korean startups is above average inthe phase of pre-startup, early-stage startup, and growth, it is far below average in thephase of failure/recovery. Among the entrepreneurship in benchmark countries on theefficiency frontier, it is highly suggested that the one in China should be extensivelyanalysed to carry implications to Korea.