Rapid Rise in 'Entrepreneurship' Among Individuals and Companies... 'Education Industry' Ranks Highest

[Asia Economy Reporter Donghyun Choi] The growth of ventures and startups has significantly increased the entrepreneurial spirit among individuals and companies in South Korea.

The Ministry of SMEs and Startups and the Korea Youth Entrepreneurship Foundation announced the results of the "2022 Entrepreneurship Survey" on the 19th, which surveyed the current status of entrepreneurship among the general public and companies.

The Entrepreneurship Survey is a nationally approved statistic that investigates and publishes data on entrepreneurial orientation, entrepreneurial capabilities, attitudes, and perceptions targeting more than 10,000 individuals and over 3,000 companies. Since its inception in 2015, it has been conducted annually, but from 2019 it has been conducted every three years.

This survey was conducted over three months starting in August, targeting approximately 12,000 individuals and about 3,000 companies. The results are used as fundamental data for diagnosing the status and level of entrepreneurship, as well as for research, education, and policy-making in various fields.

This year, the overall entrepreneurship level of individuals scored 56.4 points, an increase of 7.3 points compared to 49.1 points in 2019. By category, entrepreneurial orientation increased by 9.2 points, entrepreneurial capabilities by 8.4 points, and entrepreneurial attitudes by 4.5 points, showing improvement across all categories.

By gender, males scored higher than females, and by age group, those in their 20s and 30s scored relatively higher compared to other age groups within the comparison group.

Additionally, according to the results of the newly added "Perception of Companies" category in this year's survey, positive perceptions of companies (64 points) were higher than anti-corporate sentiments (57.6 points). Among company groups, positive perceptions were highest for startups (64.9 points), followed by venture companies (64.5 points), large corporations (63.8 points), and general small and medium enterprises (62.8 points).

The overall entrepreneurship level of companies also rose significantly compared to the 2019 survey (from 29.6 points to 47.7 points). By category, vision and strategy increased by 13.5 points, entrepreneurial orientation by 18.1 points, culture and structure by 20.2 points, and operational systems by 20.2 points, showing overall improvement.

Regarding entrepreneurship levels by company characteristics, the education service industry scored the highest by industry classification, and early-stage growth companies scored relatively higher within the comparison group by growth stage.

Furthermore, according to the results of the newly added categories "Relevance to 4th Industrial Revolution New Technologies" and "Business Model Innovation," companies related to 4th Industrial Revolution new technologies (48.7 points) scored higher in entrepreneurship levels than unrelated companies (47.6 points). Companies certified as Venture, Inno-Biz, or Main-Biz (52.1 points) also showed higher levels of entrepreneurship and business model innovation compared to non-certified companies (47.5 points).

Lee Young, Minister of SMEs and Startups, stated, "Since the survey results are utilized in various fields such as research, education, and policy, we plan to continuously manage it to ensure it remains a credible survey," adding, "We hope the improved level of entrepreneurship will become a driving force for innovation and growth amid the stagnant economic conditions."

The results of the 2022 Entrepreneurship Survey can be found on the Korea Youth Entrepreneurship Foundation website.

This content was produced with the assistance of AI translation services.