This paper was supported under the Supporting Business for University Entrepreneurship Center 2016 supervised by Small and Medium Business Administration (SMBA) and Korea Institute of Startup &Entrepreneurship Development.

Abstract

Venture creation has been highlighted during recession owing to the second reason. We focus on a fundamental aspect of venture creation, so called, risk taking career development compared to employed career development. We highlight how payoff from venture creation is different from that from the employed career path. In the paper, it is found that the gain from successful venture itself plays the most important role in venture creation rather than the chance to earn such a high gain from successful ventures. In particular, the degree of discount on choosing entrepreneurial career path is negatively associated with venture creation. Surprisingly, government subsidy is not able to encourage individuals' venture investment. Furthermore, venture education is not directly associated with venture creation as well. Finally, it cannot be necessarily said that those countries with well-equipped societal infrastructures can induce venture creation effectively.