Executive Summary

This research report will highlight the chllanges and barriers to start-uos firms in the US, China, Germony, and Japan compared to UK.  The report is comprises on 5 chapters. In first we briefly describe the introduction of start-ups of frims in US, Germony, China, Japan, and UK. We briefly describe the procedure and challenge which faced the firm in these countries. Around 30% of new businesses fail within the first two years. As a result, this paper examines the factors that influence the commercial viability of start-ups as dependent on the available government of US, China, Japan, and UK aid and proposes strategies to improve the effectiveness of government-supported projects. A literature review of start-ups in the United States, China, Japan, and the United Kingdom was conducted, and the researchers used flow experience and hihiglight the barriers and compare with UK start-ups market approach. The results show that there are minor differences among these countries.

Introduction

Since the mid-2000s, the world has been enthralled by start-ups, and this trend is predicted to continue(Mayer-Haug et al., 2013). In the United States alone, start-up investments in 2018 totaled $99.5 billion, a record high and at least a 30 percent increase over 2017. Cloud services like Dropbox have been popularized by leading global IT businesses like Google, Facebook, and Uber, while Xiaomi is referred regarded be the Apple of China because of its popularity in China. In a short period, all of these firms have grown into world-renowned corporations as a result of the start-up fever and have boosted their enterprise worth by billions of dollars. The creation of new jobs relies heavily on start-ups(2018 was the Best Year on Record for New US Unicorns - CB Insights Research, 2021). SME firms have absorbed up to 95 percent of all companies in OECD nations since 2009, with start-ups significantly contributing to OECD countries(Cavallo, Ghezzi, and Rossi-Lamastra, 2020). The importance of start-ups as a breakthrough to secure new growth engines and generate employment throughout the world is expanding at the national level following this trend. Other nations look forward to Silicon Valley, Tel Aviv, and London as examples of strong start-up ecosystems because of their well-developed start-up settings. In 2002, Japan enacted a regulation to assist small and medium-sized enterprises (SMEs) that reduced the minimum capital. A growth in early-stage start-up funding by individual angels (JPY 2.5 billion) and venture capital (JPY 90 billion) as a result of this trend. Entrepreneurial start-ups have proliferated across the country since China announced its "Widespread Entrepreneurship and Innovation" economic development policy in 2015, and the Chinese government is placing greater emphasis on "innovation via entrepreneurship." First, they are establishing an atmosphere in which it is relatively simple for external investors to come forward to fund the startup costs. Individual and national economic growth must be considered in the context of the survival and growth of start-ups to secure their long-term viability and viability. Various external programmes may have a long-term impact on the performance of start-ups thanks to government funding. When it comes to supporting new businesses, it is important to examine the long-term viability and growth of the company, rather than relying just on regular support (Kang, 2018).

Therefore, this study intends to highlight the relevance of business sustainability for start-ups supported by government funding and to offer the best method of achieving this. Data from small start-ups supported by the government are used to examine the key factors that lead to business sustainability in small start-ups based on government help, such as entrepreneurialism and market orientation, and the network's impact on business sustainability, which is empirically examined in this study. It's time to transition from financial assistance to social investment to help entrepreneurs and start-up businesses thrive in the face of the Fourth Industrial Revolution and technological advancements. As a result of this study, the government's involvement in the strategic growth of start-ups will be defined in a specific way.

Challenges

The following challenges are faced in Start-up in the USA, Japan, and China.

  1. Immigrants who are highly educated, but not born in the United States, Japan, and China are forced to leave the country after graduation because of current immigration laws (2021).
  2. In certain high-growth industries, there is a shortage of skilled workers. It is difficult for startup companies to locate employees with the necessary skills and training.
  3. Startups may not be able to hire employees as readily as larger corporations due to a lack of financial resources (Haddad and Hornuf, 2018)..
  4. To make matters worse, the current tax policy for entrepreneurs is unnecessarily convoluted and does not always serve to encourage risk-taking.
  5. This is especially true in the present economic climate where traditional loan markets are more difficult for entrepreneurs to access.
  6. As startup finance is scarce, it is imperative to discover and grow alternate platforms. Regulators, on the other hand, limit the use of these platforms(Wonglimpiyarat, 2016).
  7. Many entrepreneurs lack access to venture finance and private equity. Venture capital financing is unevenly distributed across the country, particularly in underdeveloped areas.
  8. Liquidity restrictions prevent investors from exiting at a later time, potentially reducing investment across the board.
  9. The SBIR and STTR programmes for small businesses are mired in legislative limbo because of this. SBIR and STTR programme reauthorizations that last only a few months are inconvenient for small enterprises because they delay grant awards and financing(Chapter 3, 2021).
  10. As a result, cutting-edge research often fails to find a commercial application. We must do a better job of linking government R&D expenditures with commercial prospects (Czarnitzki and Hottenrott, 2011).
  11. There is a lot of work involved in obtaining and defending a patent. As recommended in the America Invents Act, streamline and speed up the process of obtaining patent rights.
  12. There is a risk that patents that are awarded but never used or leased might slow down the process of innovation and entrepreneurship. Patent Assertion Entities (also referred to as "patent trolls") have developed a business around acquiring intellectual property (IP) and suing rather than commercializing or licensing the assets they acquire.
  13. Government contracting is often touted as a way for small businesses to develop, but the process of bidding for government contracts may be difficult and time-consuming.
  14. The profusion of forms and paperwork for programme applications is burdensome, confusing, and duplicative.
  15. Entrepreneurs can't keep up with the government's reward programmes and regulatory processes.
  16. Entrepreneurs and their investors may not necessarily benefit from regulations aimed at huge corporations(Barry and Pollman, 2016).

 

Literature Review

Support of Start-Ups and Government Policies

Start-ups are project-based organizations or companies in a variety of business disciplines that commercialize a new business model by integrating creative ideas or sophisticated technology to deal with unpredictable conditions. An SME that has been operating for fewer than seven years has been designated as a start-up under the US government's Act supporting Small and Medium-sized Enterprises. Finance, insurance, and real estate are not included in the scope. In other words, government-backed startups are those that have received financial assistance from the government from their inception, or even before they were founded (Kim and Kwon, 2018). The social agreement is growing that giant firms are the only way to ensure new growth engines in economic development in light of the worldwide pattern of low growth. Entrepreneurship and start-up development programmes are top priorities for large countries like the United States, Japan, and China. It was part of the “Obama administration's Start-up America Initiative”, which assisted private sector entrepreneurs. For its part, the Office of American Innovation in the White House Office was established by President Trump's administration to promote these policies regularly. They all have active entrepreneurial ecosystems (state governments, colleges, huge enterprises, and investors) that have a substantial impact on economic recovery and urban growth in the United States today. Japan's national development aim includes the establishment of a business environment. Japan's 2017 Establishing connections among research institutions, such as universities, is one of the primary goals of the Growth Strategy, large corporations, governments, and private initiatives (Motohashi, 2007). When China entered the new century, it focused on policies to help small and medium-sized businesses (SMEs) thrive in five separate areas: finance, entrepreneurialism, technical innovation, market development, and social services, all of which were included in 2002 legislation. Key steps have been suggested since this legislation was signed into law, including the creation of a local government assistance network. (Hong et al., 2017) For the first time since 2014, China's centrally controlled regulatory body for the market (CEIC) (Chung and Lee, 2019) estimates that there were 6.07 million new start-ups across the country in 2017. [4] To avoid falling behind in the Fourth Industrial Revolution, several major nations are pursuing a variety of entrepreneurial and start-up aid programmes. In recent years, global competition and technological advancements have considerably increased efficiency in the US, and start-ups are supported as a substitute to out-of-work development focused on giant companies. The looming challenges of unemployment and stagnant economies can be alleviated by entrepreneurship, which fosters the next generation of entrepreneurs. There is a survival rate of 65.3 percent for the first year of the company, 50.7 percent after 2 years, and 41.5 % after three years, which indicates that at least 50 percent of start-ups die in the first two to three years of operation. As a result, start-ups have a low survival rate because no strategic structure has been developed to take their competencies and marketability into account, such as increasing investments appropriate for market structure or innovativeness of business and considering company sustainability in line with the national fosterage of start-ups. To get out of the start-up abyss, more help is needed for entrepreneurial finance. There must be a thorough examination of the barriers that prevent young people from starting their businesses as a method of reducing unemployment rates. Korean Ministry of SMEs and Start-ups 2018 start-up research supports almost two million small enterprises under seven years old, with a finding that 13.1% of these firms got financial aid from the government. R&D help at 3.8%, consulting services at 2.7 %, commercialization support at 2.3%, market-and-marketing support (1.0%), and networking events (0.1%) were the next three categories to get 9.7 % of the total funding for entrepreneurial education (0.8 percent). As of this year, the Ministry of SMEs and Startups estimates that the government's start-up aid plan would cost KRW 1.118 trillion, an increase of 43.4 percent over 2018. The most significant department in entrepreneurial support, the Ministry of SMEs and Start-ups, contributes 89.2 percent of the aid. Government assistance for entrepreneurship was shown to have a good impact on entrepreneurship by splitting it into help for taxes, money, technology, management, and entrepreneurial infrastructures (Im and Jeon, 2015). Potential entrepreneurs are more inclined to start businesses with the help of government-funded entrepreneurial aid programmes, according to academics. That which was supported by governments survived longer than that which was not, and those who were happier with the entrepreneurial assistance programmes performed better than those who were not. Research by Solomon et al. [9] found that the number of hours spent by outside specialists and the long-term success of start-ups is both positively correlated. Although low-performing start-ups benefited more from assistance in marketing and financial management, high-performing start-ups benefited more from assistance in secondary company tasks such as human resources and capital raising (Hussain et al., 2018). Start-up fever has resulted in an increasing number of profitable firms while the majority of businesses are still languishing. As the market environment continuously changes, it is exceedingly difficult for start-ups to effectively enter the market without first defining core strategies and implementing necessary procedures during their first market entry. To get to the IPO, just 1% of start-ups made it beyond "the valley of death" (IPO). So that new ideas can lead to successful commercial start-ups, Korea follows other countries' lead in deciding on the overall direction of their policies for promoting startup activity Start-ups are being encouraged and supported by the Korean government to increase their survival rates and global expansion, but there are limitations in achieving long-term results (Kim and Kim, 2021).

Sustainability of Start-Ups and Business Success

According to the data, several studies demonstrate that the skills included in the competency matrix for new businesses include entrepreneurship, market orientation, networking, technical innovation, and government assistance. (Buli, 2017) underlined the need for an entrepreneurial and market-oriented mindset. Focused attention was paid to competencies such as marketing awareness, networking skills, and entrepreneurialism by (Solano Acosta, Herrero Crespo, and ColladoAgudo, 2018). Entrepreneurial competencies, technology competencies, and managerial abilities were grouped by (The Double Mediating Effect of Start-Up Motive and Start-Up Spirit between Start-Up Opportunity Awareness and Expected Outcome of a Start-Up, 2019). The previous study has shown that entrepreneurship and the aspirations of entrepreneurs are relevant to start-ups that get government support, which stressed the importance of these competencies. Entrepreneurship and entrepreneurial skills, such as market orientation, marketing skills, and networking skills, were stressed by (Kim and Jung, 2017) that aspects of entrepreneurship such as creativity and a willingness to take risks had a substantial impact on how happy entrepreneurs were. Prior studies on start-ups in the 2000s focused on entrepreneurship, innovation, proactiveness, and risk-taking; however, research conducted after 2010 has underlined the relevance of a company's position in the market environment, including its market orientation, network, and managerial skills. Many start-ups do not make it through "the valley of death" because they do not take into account additional competencies such as the utilization of external resources or market-oriented marketing that goesbeyond ideas and technology. As a result, this research examines the link between entrepreneurship, market orientation, and networking as they relate to the long-term viability of start-ups.

Entrepreneurship is often associated with the company development and long-term viability of start-ups. A study by(Zahra, 1991)] found that there is a strong correlation between a company's ability to innovate, take risks, and develop, and its ability to maintain growth. There is some evidence to support this. They claim that the entrepreneur's knowledge, skills, and talents represent a competitive advantage since they are difficult to generate or copy. (Tehseen and Ramayah, 2015) argued that these competencies are intimately linked to the start-competitive up's advantage and differentiating factors, providing the groundwork for long-term firm success.

Many researchers have shown that a company's ability to earn revenues from consumers and maintain a competitive edge is directly related to its degree of market orientation. A corporation may continue to expand if market orientation may be maintained in an increasingly varied and fragmented market environment. The study by (??? and ???, 2013)found that customer orientation, rather than competitive orientation, which prepares for threats from competitors in a rapidly changing market environment, increases innovation performance. Customer orientation prioritizes customer satisfaction by determining customer needs. In the end, start-ups must keep reinforcing their market orientation to ensure that new client values are consistently fulfilled under strong competition.

Third, a company's performance and long-term viability may also be influenced by the strength of its network. As a result, the entrepreneur's network has a substantial impact on the ongoing development of the company. Networking not only aids new businesses in overcoming problems but also allows them to see the possibilities that might lead to their success. The development of start-ups and long-term investment is aided by it as well. In the early phases of a start-up, when entrepreneurs encounter the greatest challenges, they reach out to other entrepreneurs or individuals in the industry who have experienced comparable to theirs. Through this network, they'll be able to get through the different roadblocks that come up while starting a business and provide the groundwork for it to succeed (Kim and Kim, 2021).

Start-Up Competencies and Flow Experience

Alternatively, "flow" refers to the sensation of being entirely absorbed in the activity at hand.. 'Autotelic experience,' coined by (Schneider, 2004), is a state of mind in which a person does an activity "without any expectation of future benefit, but only for the sheer pleasure of doing so." A requirement for a flow experience is an autotelic experience that piques one's interest in the relevant episode. (Hoffman and Novak, 1996) demonstrated that an enhanced flow leads to greater exploratory actions; it is believed that persons in a flow state enjoy goal-oriented behaviors without explicit external benefits. An experience of Flow is the same as an immersion, which signifies the highest feeling, most pleasurable experience, and a joyful mental state when the given environment and individual behaviors in everyday life are optimally intertwined. The content qualities of the activities that promote flow have been investigated by researchers who say that they may be produced by activities that require sufficient abilities and offer a proactive attitude and clear purpose. According to (Baumann and Scheffer, 2010), persons who have a lot of flow experiences tend to be more involved in their work when it gets difficult. People who frequently feel flow are more open to new possibilities and love experimenting with new ideas, and they have more demanding objectives, curiosity, and flexible thinking. Two factors contribute to a flow experience for entrepreneurs. As a result of this problem-solving mindset and productivity, several researchers have highlighted its relevance. They investigated the capacity of start-ups to execute ideas by focusing on CEOs and CTOs of start-ups and discovered that flow experience is linked to the intention and execution of ideas by these executives.

Flow Experience, Entrepreneurial Satisfaction, and Business Sustainability

The non-financial performance or intangible assets are becoming increasingly important to business studies since the company environment has changed. The long-term viability of a firm, as well as its success after its inception, is critical considerations for start-ups. To be sustainable, a company must be able to run through market sales continuously and stably, reducing its reliance on the government's funding. Entrepreneurial intention and behavior can be predicted by the attitudes or experiences of entrepreneurs during business start-ups. A company's long-term employment, sales growth, government backing, called corporate sustainability. Flow experience, or the subjective level of interest in a firm's field, can be linked to a business owner's desire to continue in the industry(Wallace, 2005).

Hypothesis

Hypotheses build on based of the literature review.

  1. H1: Flow experiences will improve as a result of government-supported start-up entrepreneurship.
  2. H2: Flow experiences will improve as a result of government-supported start-ups' commercial focus.
  3. H3: The network of government-supported start-ups will have a favorable impact on the experience of flow.
  4. H4: Entrepreneurial satisfaction will rise as a result of government-supported start-ups.
  5. H5: Entrepreneurs would be happier if there is a supportive network of start-ups backed by the government.
  6. H6: Start-ups that get government assistance will have a favorable impact on their long-term viability because of their entrepreneurial happiness.

Methodology

This study examines the essential features that encourage the business sustainability of start-ups, with an emphasis on their poor survival rates, and is based on government funding. It experimentally confirms the link between company sustainability, flow experience, and entrepreneurial happiness. According to the research findings, entrepreneurship, market orientation, the network of entrepreneurs, and flow experience and entrepreneurial happiness all have an influence on company sustainability, with flow experience and entrepreneurial happiness as mediators. Based on the findings of the literature analysis, the research model represented in Figure 1 was created.

The proposed model consist of three phases, fisrt phase is consisting on three sub phases (Market orientation, Challenges and Comparision variable). H1 to H6 are hypothses assume on literature review. These variables testing these hypothese and concluded the results in next section. The Market orientation variable means the overall market (Internal and External operations).

Research approach

To conduct this study, an inductive method of research was employed. These findings are then utilized to develop inferences and theories from the study that begins with particular observations. the setting in which research is taking place, as well as being best ideal for small samples that provide qualitative data, were the main reasons for using the inductive technique. However, the fundamental drawback of the inductive technique is that it generates generalized hypotheses and conclusions based on just a small number of observations, putting into doubt the dependability of study findings.

Research Method

Qualitative research was conducted to verify the report's hypotheses. In general, qualitative research is best suited to small samples, and its results cannot be measured or quantified. For quantitative research, the primary benefit of qualitative is that it provides a comprehensive description and analysis of the study issue without restricting its scope and character(Kalra, Pathak, and Jena, 2013).

Literature Search

Google Scholar, Springer Link, Elsevier Science Direct, Research Gate, and the Lulea University database will be utilized to conduct a literature search of the sub-topics stated above in a period from 2011 to 2020. The English language will be the primary medium of communication throughout this project.

Results& Discussion

This study employed exploratory and confirmatory factor analyses to examine the constructs used in the research model to ensure its reliability and validity. Two items, one for proactiveness and the other for risk-taking, were ruled out by the exploratory factor analysis, and one item was also ruled out for the three independent variables related to networks. The 12 elements of the flow experience, which were used as a mediator variable, were not investigated as a single variable in this study. According to the causal structural model's description of flow, "challenge and attention" and "attention" were major elements in sub-variables of the flow experience, while "phenomenon and pleasure" was the core concept and "time wrap experience" was the outcome variable. That is why "challenging" and "attention" were chosen as leading factors in this study to stress crucial components that produce entrepreneurs' flow experience as sub-variables while ignoring "pleasure" and the 'timing of flow'. Four things (minus the item of the challenge) and one item (attention) were picked as the final selection. There were no changes to the other mediator variable, entrepreneurial happiness, and the dependent variable, business sustainability, which included all three components as-is. As a result, this research performed a confirmatory factor analysis without including the missing variables and checked the factor loadings of the measurement variables.

Table 1: Table Search Query

Description

Condition

Number of Documents

Search query

 

TITLE-ABS-KEY ( " Barriers and challenges "  AND  "start-up firms" ) 

399 Documents

Next Search query

TITLE ( "Firms USA"  AND  "Firms UK" ) 

 

210 Documents

Third search query

TITLE ( " Barriers and challenges "  AND  " start-up firms " )  AND  ( LIMIT-TO ( DOCTYPE ,  "ar" ) )  AND  ( LIMIT-TO ( LANGUAGE,  "English" ) ) 

121 Documents

Access

We included only document type article title, English language and the year from 2011 to 2021

145 Documents

Query search date

Nov10,2021

years

We included all years

Subject area

We included our search of all subject areas.

Source type

We limited our search to journals

language

We limited our search to the English language only

 

The above table describes the search criteria of research in detail. We search from different databases such as Google Scholar, Science Direct, Research gate, Academia by specific words.

Comparison Between US, Germany, Japan, China and UK Approach

After analyzing the data above, literatures were then asked to explain why they founded difference between US, Japan, Germont, and Chinacompared to UK to start-up in business. So that we can back up our assertions that startups can generate effective solutions to a variety of issues in support of social progress (social innovation), we need to know the startup's primary goal or mission, as well as if there is any connection to social innovation and startup goals while developing(Davidsson and Henrekson, 2002).

Many new businesses with a sincere desire to address real-world issues show great signs of long-term financial success. Business must not only show financial success, but also show how it makes a constructive contribution to society and, in doing so, alter the image of what "good business" means. 'Recent phenomenon' that benefits both parties is a good thing. In order to attract investors and consumers, startups searching for financing aim to market their social impact concept in order to generate finances to bring their ideas to life as well as make a good contribution to their society. According to (Digital, 2021) the London-based digital business EtonDigital, fast technological advancement is resulting in an increasing number of ambitious tech entrepreneurs who are particularly interested in tackling social and environmental issues.

A startup's success or failure is heavily dependent on these factors. According to the study results, 34.4 percent of startup founders in US and Germany market claimed that financial resources are insufficient. Startup entrepreneurs rated the present financial resources as scarce because of the dearth of programmes and grants that produce financial funding for businesses. When it comes to financial resources, 62.5 percent of the founders said they were somewhat sufficient, and only one company founder said that such resources were readily available in the United States.

We've already spoken about how government and its institutions may have an impact on people's daily lives in our introduction. To what extent new enterprises may contribute positively to society or solve national problems depends heavily on the government's participation and political actions in creating the startup culture.

Conclusion

This research report scientifically examined the hurdles and issues in start-ups in US, Germany, Japan and China. Entrepreneurship and firm sustainability were found to have a positive link in government-supported start-ups, with flow experience and entrepreneurial satisfaction functioning as mediators. The success of the start-ups and long-term survival of the company may be attributed to the entrepreneurial spirit of the founders. This specific competitiveness of entrepreneurial abilities in start-ups is an important factor in the long-term success and sustainability of start-ups. We safely concluded that there are not much difference in these countries, but UK have flexible policies towards Start-ups in firms.

Pre-startup planning and the early stages of a company's existence necessitate customized government aid programmes. In assessing the long-term survival of a company, it was found that entrepreneurs' pleasure was the most essential component. Managing startups is connected to non-financial success like joy, achievement and stability, which is seen subjectively by entrepreneurs through the difference between expectations before and results after a firm start-up. It was found that the networks of entrepreneurs or start-ups may be a vital resource for survival in the market and in the face of fierce competition. Entrepreneurs should realize the value of networking and actively participate in these activities while beginning a new firm. It is also important for governments to set up proper networking programmes for start-ups with angel investors and venture capitalists as well as government support agency officials, as well as merchandisers for both local and international distribution. Even though this study is focused on US start-ups, it cannot be generalized to other countries. This necessitates broadening the scope of the investigation to include start-ups supported by the government in Asia.

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