한국 벤처기업 경영패턴의 변화에 관한 연구 : 기업의 성장단계를 중심으로
(A) Study on Dynamic Management-Patterns of Korean Ventures
한국 벤처기업 경영패턴 변화;
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There are many deciding factors that play into the success and failure for venture companies. The cause and effect of these various factors are dependent upon companies' growth stages and their ability to effectively respond to market stimuli surrounding them. In considering these factors, this study examines the cause and affect analysis of Korean ventures, herewith defined as 'Management Patterns', to identify, profile and map-out which management patterns reflect the strongest representative forces in their growth cycle. In the final analysis, this study aims to deliver a clear indication of what kind of 'Management Patterns' are effective in Korean venture companies to increase their success factors and to provide a resolution of forces in building high-performance companies. This study sought to identify, characterize and reveal the root of the structural causes that bring about the most critical aspects of venture companies' growth performances. Findings identified 8 key factors and their 28 sub-factors where considerations of growth performances were essential in the build-up of successful companies. Outcomes fundamentally are the results of incorporating multilateral researches involving 115 Korean venture companies with 3 different growth stages. This time-series research also identified a number of differences in 'Management Patterns' of Korean ventures and the way companies inferred and adhered to the 8 key factors and their 28 sub-factors in relation to their growth stages. It is hoped that this study will contribute to the strong growth and development of Korean venture companies seeking to benefit from this 'Management Patterns' framework. The first is the extent to which the study went beyond the typical analysis of growth performances among the companies and its causing factors based on their growth stage. Unlike other preceding studies that gave way to extrapolation of relationships between growth performances and their inducing factors, this study identifies key areas representing the 'Management Patterns' that clearly demonstrate a new framework in which the growth performances, inducing factors and growth stages of companies are effectively outlined. Second, this study finds these key factors affecting companies performances at varied growth stages differently, while identifying companies have their own management patterns at every growth stage. Third, this study introduces key areas of the 'Management Patterns' that posed different characteristics when comparably detected along the performance growth curve that embodied both the low and high growth companies. Similarly, the study identifies pattern differences among the factors that influenced both the strong and weak performances. Fourth, this study observes the 'Management Patterns' to be different industries to industries. Also, a comparison of patterns between IT and non-IT industries shows a clear contrast. Fifth, the study examines desirable 'Management Patterns' for Korean venture companies that assist companies to bring out successful performances. By delivering a better framework of these pattern characteristics, the study aims to introduce a new direction for Korean ventures to challenge their growth-performances. Desirable Management Patterns recommended in this study are as follows; The first, ventures should concentrate more on their sales and marketing, operational process, business strategy and external market forces to a higher degree than other factors such resources as technology, human resources, capital and management. Management leaderships remain flexible especially for the venture companies and stay associated with companies' growth stage into their succeeding levels. This study recognizes the necessity for companies to nourish their definitive and influential leadership qualities in order to maintain high-performance operations. Venture companies often start out with a management team consisting of mainly engineers and justly so since these entrepreneurs represent a relative quantity. Nonetheless, in order for companies to establish, maximize and prolong its strong growth capabilities, venture companies should concentrate on filling its key management positions with suitable human resources such as non-engineers, professional management team. The focus also should be on placing proper human resources in marketing and sales versus research and development and hiring new members from expert domains rather than cultivating internal resources. Internal development, integration and ownership of core technologies serves as an integral part in ventures' competitive growth. Outsourcing technology developments or depending too heavily on external technology sources depresses competitive growth. To yield high performances, companies must intelligently focus on a target market and avoid aiming at an ill-defined marketplace. To achieve stronger revenues, it can be sometimes effective to build a cost-efficient pricing strategy for equal goods in the marketplace than attempt to differentiate its products and services with higher prices. The founders of venture companies should preserve their company ownerships to reasonable levels to help maximize their growth potentials. The founders should hold anti-dilution provisions in the event that the company receives further rounds of investments or sell stock in public markets. Companies should establish, maintain and grow a corporate culture that drives performance and not free rein, especially serving the founders' interests. As the ventures mature, the management should build a corporate culture that instills strict policies and procedures. The management should be rather authoritative, directive and systematic in order to control and yield the most value and excellence from its increasing workforce. Acknowledging the risks involved, companies planning and implementing more aggressive business strategies can sometimes be more advantageous than opting for conservative strategies. Noting the limitations inherent in drawing clear conclusions based on the data collected, it is worth pointing out the characteristics of the study and data pool it relied on. Admittedly, the venture companies in the data pool consisted only 115 in number and exclusive companies that were already backed by venture capital firms and in their mature growth-stage. A skewed outcome was a possibility if the study included younger ventures in the data pool since they are more susceptible to failures. Low interview turnouts and limited responses to questions surveyed also lend to the limitations of this study. Though the findings identified 8 key factors and 28 associated factors, the study overlooked indefinite number of other factors that affect venture companies' performance and neglected to review actual practicalities that often and inevitably follow successful companies.