Entrepreneurship Development Process in Korea: Theory and Practice

This study deals with the characteristics and development process of entrepreneurship in Korea and how the aspects and phenomena of entrepreneurship have changed according to the spirit of the times. This study consists of three parts: the definition and understanding of Korean entrepreneurship, the development process of Korean entrepreneurship, and the nature of K-Entrepreneurship. First, in connection with Korea's economic and social development process and the spirit of the times, this study defines entrepreneurship as “① an entrepreneur’s challenging mindset, competence, and action, ② identifying new opportunities, and ③ creating and sharing value through innovation, cooperation, resources and risk management, in the context of the spirit of the age. Three key elements of entrepreneurship were derived: ① opportunity, ② challenge, and ③ innovation/value creation. Second, the development process of entrepreneurship in Korea was analyzed. Following the embryonic period of entrepreneurship (the 1920s-1950s), when entrepreneurship was not yet fully realized, entrepreneurship in Korea has developed along three stages: ① the first generation (1960s-1980s), ② the second generation (1990s-2000s) and ③ the third generation of entrepreneurship (since 2010s). Representative entrepreneurs for each age were analyzed, and the characteristics of business opportunities were also examined. Third, this study explored the prototype and characteristics of Korean entrepreneurship (K-Entrepreneurship) based on the development process of entrepreneurship in Korea and the attributes of entrepreneurs' activities. In particular, four key elements of Korean entrepreneurship - ① dynamic development reflecting the spirit of the times, ② rapid innovation and execution, ③ strong government policy support, and ④ existence of excellent entrepreneurs and smart people. The findings of this study will contribute to understanding the characteristics of Korean entrepreneurship and seeking the development direction of Korean entrepreneurship.