EXECUTIVE SUMMARY
With the growing financial crisis and collapse of the bubble economy of Japan, small, innovative, companies can offer the catalyst the economy needs. Yet the traditional culture of Japan, its educational system, and entrenched employment and promotion practices have not encouraged risk-taking. This exploratory study surveys Japanese managers’ views on entrepreneurship as well as the challenges that face their own personal self-employment. Results indicate the lack of a risk-taking culture as well as fear of failure will continue to hinder rapid new business start-ups in Japan in the coming future. Findings include ways to encourage entrepreneurship in traditional companies.
INTRODUCTION
Japan has not characteristically been friendly to entrepreneurs. Heavy government regulations, the domination of many sectors by large corporate groups, conservative banks, and few funds for business start-ups have discouraged many would-be entrepreneurs. More difficult still is overcoming the traditionally risk adverse culture that is cited so often in stories about the country.
With the current, prolonged economic recession, Japan’s industrial structure is currently undergoing a painful and drastic restructuring. This has forced major conglomerates and corporations to abandon lifetime employment and seniority practices, the two key systems of security in Japanese corporate life. High unemployment and the collapse of key corporations that once promised managers security and potential future success have called into question the traditional culture and values of some Japanese.
But is entrepreneurship a viable way of life for the willing and capable Japanese? In an economy undergoing rapid transformation, has there been enough innovation and creative destruction of the existing structures and rigid order to allow entrepreneurial start- ups to freely emerge? This paper attempts to answer this question by polling Japanese managers in a traditional corporate environment about their proclivity toward future entrepreneurship and self- employment through new small business start-ups.
THE PAST: JAPAN INC.
In the 1980’s, undergraduate and business schools in the U.S. and Europe were embracing the Japanese business model that placed Japan in the center of the world economy. Behind this business model, often referred to as “Japan Inc.,” were principles sacred to the Japanese organization, including lifetime employment and stability. Lifetime employment is the unwritten contract between Japanese employer and Japanese employee, which states that the employer will take care of the employee for life in return for unconditional loyalty to the firm. New recruits entering the corporation upon university graduation spend an average of seven months in intense training on all company aspects to learn the “company spirit.” Promotion in Japan Inc. is primarily a function of seniority and not based on merit. If an employee leaves the security of their firm to join another, he can only expect to enter at the bottom of the new company with little hope of promotion.
The traditional Japanese “sarariman” or salary man takes great pride in his title and position within the firm, which provides him with status in society, security, and a social life. To many, venturing outside the corporation with the knowledge of how difficult or impossible it would be to get back in, would be akin to the highest of gambles, with personal, family, social, and financial status at stake.
The pension system of Japan Inc. is another factor weighing down firms and labor mobility. The traditional defined benefit pension plan used by Japanese firms promises a specified pension to each retiree. The problem for firms is that many have huge unfunded pension liabilities. In fact, Daiwa Research Institute estimates that the total unfunded pension liabilities in Japan total at least 20 trillion yen or US$200 billion (Shinbun, 1999). Troubling for the employee and future entrepreneur is the pension that one has accumulated through years of service cannot be transferred if he leaves the job.
The environment in Japan is slowly changing, but at a pace that is very fast for Japan standards. At the forefront of the change was the burst of the bubble economy in the early 1990’s, which severely damaged if not shattered the principles of Japan, Inc. With unemployment rates now exceeding that of the US at close to 5 percent, the concept of lifetime employment and loyalty is starting to take a back seat to profitability and efficiency, although many traditional Japan, Inc. firms are slow to change. Firms are simply kicking out the army of “generalists” who are unemployable outside the security of the firms creating them. Japan has lost more than 1 million jobs since 1998 (“The Amazing Portable Sarariman,” 1999). Young men and women now perceive the role of the company in their lives in a new way. The results of a recent poll carried out by Dentsu Research reflect this fact showing that one of two males in Japan under the age of 30 would like to start a new business (“Japan Ventures Forth,” 2000). Mr. Shintaro Hori describes Japanese workers as being in a state of “accumulated unhappiness” and says the desire to find a job outside the company is greatest with those just starting their careers (“The Amazing Portable Sarariman,” 1999). Japanese management guru, Kenichi Ohmae, states, “We have no loyal army of company men in Japan anymore. Those who are trying to swim are jumping off the boat (“Who wants to be…,” 1999).
The demographic trends do not paint a favorable picture for the traditional Japanese companies who are slow to embrace the “new economy.” Not only will they need a dramatic change in order to maintain and/or attract new talent (e.g. offering payment and promotion based on merit and not seniority, stock options, child care, etc.), but also the talent base of young workers is decreasing in rather staggering numbers. By the year 2015, approximately 25 percent of Japan will be over the age of 60. In addition, Japan’s population is shrinking, and will reach an annual rate of decline of more than 1.5 percent by 2014 (“The Amazing Portable…,” 1999). While this does not bode well for the large, inflexible firms, there are immense opportunities for aggressive, smaller firms who are able to provide these valuable young talents with the type of job and lifestyle they seek.
JAPAN TODAY
Recent governmental initiatives to create new employment and two new stock markets are helping the economic climate for entrepreneurs, as is the growing use of the Internet in Japan. Japan’s Ministry of International Trade and Industry, or MITI, is investing Y4 billion in funds that are jointly managed by private venture capital companies (www.miti.go.jp). Separately, the Posts Ministry plans to spend Y500 million as a subsidy specifically aimed for research and investment by entrepreneurial companies in Internet- related businesses. The Ministry plans to subsidize up to Y40 million for a company or up to two-thirds of the company’s R&D investment. The government also supports venture capital through special foundations nationwide where up to 70 percent of corporate bonds issued by venture start-ups is guaranteed. In addition, the overall supplementary budget spending is expected to set aside Y773 billion for financing small businesses. In October 1999, the government provided preferential tax treatment for investors in R&D- oriented start-ups to promote telecommunications, biotechnology and other growing sectors unveiled plans. These firms will be allowed to offer more stock options to management consultants, patent lawyers and external supporters, thus inducing their assistance greater than at levels prescribed under the current Japanese Commercial Code. High-tech start-ups are eligible for unsecured loans of Y700 million from the Japan Finance Corporation for Small Business, a government- affiliated lender, if they can meet their criteria (www.cskvc.co.jp).
The two new stock markets Mothers and NASDAQ Japan – have relaxed listing requirements and support new ventures and high growth companies. The market of the high-growth and emerging stocks or “Mothers” is managed by the Tokyo Stock Exchange and began in November 1999. NASDAQ Japan, a joint venture between Softbank and the National Association of Securities Dealers of the US, began operations in June 2000. The two stock markets expect more than 1,000 companies, mostly technology-related, to list with them over the next three years (“Softer Requirements…,” 2000).
More importantly, a “portable” pension system similar to the 401(k) plan in the United States is underway making job mobility easier. Japanese firms are also looking for a solution to rid themselves of their unfunded pension obligations especially since listed companies are now required to disclose unfunded obligations. While the contributions by the firm under this plan are fixed, the benefits vary depending on the investment choices made by the employee. The employer benefits as it limits pension outlays and shifts the liability for investment performance to employees. Employees benefit by being able to better control their retirement- financial destiny because the new defined contribution plan is transferable between companies, should the employee leave one company and join a new firm.
Another cultural change in the conveyor-line promotionsystem in large companies in Japan was evident with the amendment of the Japanese Commercial Code on stock options in June 1997. It devised a means to appropriately reflect a compensation system based on performance. These developments are seen as changes necessary to support the growth of entrepreneurship and improve labor mobility (“Tax Policy… ,” 2000).
Several incubators exist on a regional basis and associations such as Bit Valley, a support group of online ventures formed in Tokyo’s Shibuya district and Marunovchi Bit Valley, led by Mitsubishi Estate Property Company, are becoming a home to many Internet and technology ventures (“Japan’s Buttoned-up Backers,” 2000). A survey conducted by The Nihon Keizai Shimbun newspaper (www.wakkun.or.jp/info) shows that universities, both private and public, are eager to invest in developing start-up businesses to make commercial use of their technical innovations (“Venture Capital Firms,” 1999). Six universities have set up, or plan to set up, investment funds either on their own or with venture capital firms. Of the 350 universities surveyed, nearly 25 percent currently offer courses on entrepreneurship (“Universities keen to invest… ” 1999).
Even with these key changes, statistics indicate the growth of entrepreneurship has not necessarily been on the rise. Largely due to the economic recession, corporate bankruptcies have exceeded the number of new start-ups between FY1995-1997. The total investment made by the 157 venture capital firms in Japan totaled Y122.1 billion in FY1998 (April 1998 – March 1999), down by 27 percent and marking a decline for two consecutive years (“Venture Capital Survey, ” 1999). Close to 67 percent of the total invested amount has been put up by the top ten venture capital companies. While such venture capital firms had a strong investment appetite for ventures and smaller businesses, they shared a common view that it was difficult to identify promising opportunities. The slow recovery of Japan’s economy made new companies less attractive and initial public offerings (IPO) for such companies increasingly difficult due to their poor financial performance (“Venture Capital Investment,” 1999). Last year Japan had only 98 IPOs (“This is Japan’s Venture Capital,” 1999).
According to a survey of venture capital firms in Japan conducted by the Nihon Keizai Shimbun for FY1998, the top three industries that have received venture capital were service (22 percent), computer-related industries (16 percent) and retail or restaurant (13 percent). In addition, further analysis indicates 49 percent of investments made were in companies that have been established for over twenty years (“Government to Expand,” 1999). Thus funds have not been allocated effectively to start ups and growing companies who need capital the most. In addition to funding and taxation issues, the shortage of capable and experienced legal counsel and accountants to assist both the entrepreneurs and investors, including the venture capital companies tend to discourage entrepreneurship.
But on the other hand, Japan’s economy needs growth from innovation, both from entrepreneurs and smaller businesses as well as the restructuring major corporations. Ongoing efforts by the government and amendment of the Japanese Commercial Code are creating a more comfortable environment for entrepreneurs (“Start- Ups Finds Ways,” 1999). A growing self-awareness of the individual and the changing definition of success among the Japanese are rapidly converting them to become more risk tolerant and independent. All these combined changes set the stage for entrepreneurship.
On the financing side, new moves can be observed among the venture capital firms in Japan. Former employees in charge of venture investments at Softbank and Hikari Tsushin, both great success stories of Japan’s entrepreneurship, have recently left the two companies to establish separate, independent venture capital firms targeted to invest in Japan’s hot Internet ventures. The increase of venture capital firms, not affiliated with banks or securities firms, is expected to expand investments to the risky but more promising young companies (“Japan Ventures Forth,” 2000; “Banks to Share Credit,” 2000).
Japan has always done well in playing “catch up” to the rest of the world. After the Second World War, Japan amazed everyone by how quickly it achieved economic prominence after total destruction only years earlier. Therefore, the fact that the U.S. and Europe may have a head start on Japan in the IT revolution does not mean that Japan will never catch up to the West. As an economist at Merrill Lynch Japan stated, “The real reason to be bullish on Japan is the country’s rising entrepreneurial spirit. Smaller startups are gradually transforming the Japanese economy and… are changing the way Japan does business” (“Japan’s Entrepreneurs… ,” 2000, p. 19).
METHODOLOGY
While researchers and authors have varying views about the future growth of entrepreneurship in Japan, studies have not specifically polled Japanese managers in a large, typical old-style Japanese company to find out their actual predisposition to entrepreneurship.
After completing a one-week seminar (30 contact hours) in entrepreneurship, conducted by Temple-University-Japan, for a group of ten managers (9 men and 1 woman) at NEC Corporation in Tokyo, participants were asked to complete an open-ended survey about the state of entrepreneurship in Japan as well as their views of entrepreneurship as a possible career path in general and more specifically for them. The bi-lingual managers understood the concept of entrepreneurship and had actively participated in case discussions and class projects from class and from their U.S. based text and casebook on entrepreneurship authored by Dr. Jeffrey Timmons (2000). The survey questions were based on the key themes of the class as well as cultural issues unique to Japan. The open- ended survey was administered on the last day of class. Nine of the managers responded for a 90 percent response rate.
RESULTS
Entrepreneurship Difficulties
The survey first asked the managers to give the top reasons why entrepreneurship is difficult in Japan. Responses clustered into the two main themes of financial difficulty and the lack of risk-taking in the culture. According to one manager, “no one knows that there are good opportunities and another choice of life. There is no acceptance of failure. Also, consumers have a strong brand loyalty and trust big company.”
Risk taking issues were a frequent theme in the class throughout case discussions and also in the survey results as well. Another manager agreed there is no safety net for the person who fails and the problem is based in Japanese culture and education. One manager explained, “The evaluation system in Japan gives everyone an initial ten points and points are deducted when you fail. Chances are not taken because in the Japanese mind we have been taught to be the same as others. People dare not take personal risk to be independent.” In summary, the Japanese culture is always severe to those who “stick out.”
The mindset of Japanese people in general perceives entrepreneurship as very risky. Most Japanese do not want to change jobs. They have a cultural perception that will not allow them to lead a challenging and risky life. They do not have a safety net. If they fail, it is very, very hard to restart a new life. The risk- taking climate also makes it difficult to find investors. Since risk taking is not advocated, investors and institutions have been reluctant to make loans to a new entrepreneur without a proven performance record.
Comments about the infrastructure and educational system problems included: “Our schools and education is not suitable for entrepreneurship. It is difficult to find venture capital despite having a good idea. The Japanese lifestyle of staying in the same firm must change.” “There is no education for encouraging the entrepreneurial spirit in the schools.” “It was not easy for a venture to get funds, but now it is easier than before, but government regulations and raising enough money to start a business is still difficult.”
These themes were echoed by a majority of the group in comments including, “There is no safety net. A lot of regulations make it very hard to enter the market and there is no developed venture capital.” “Our political system is not organized to support small business.” “It is difficult to find investors and sponsors for entrepreneurs. Also we have an immature stock market.”
Need for Entrepreneurship
The second question polled managers on the top reasons why entrepreneurship may be appropriate and needed in Japan. The key emerging themes in these responses were economic growth issues and global competitiveness, the need to create jobs, and the desire to change the business culture and environment.
Comments related to growth and competitiveness issues included: “To seek a new market and growth,” “New ventures will succeed well,” and “We are losing competitiveness in the market and the market is becoming more global,” “We need to meet the rapid global economy change and to catch up to the U.S.” Still others included: “To overcome current bad business conditions and catch new business opportunities,” “To create a competitive edge over others,” or “Many Japanese companies are losing their competitiveness in global competition and we must protect us by ourselves.” “While big companies are being competitive, ventures are expected to be the reinforcer to revive our economy and to keep up with rapid changes,” stated one manager.
Due to recent layoffs and growing unemployment, comments also included job creation themes: “To create new market to absorb unemployment,” “To create more jobs and give more opportunities to minorities,” and “We cannot expect the great success in the existing companies.”
The themes of chan\ging the business culture and environment stressed innovation as well and was evidenced by these comments: “We need to make different products from other competitors,” “We need creativeness with quick decisions,” “We are in the transition of industries due to IT development,” “We need to enrich our lifestyle much more and to change conservative culture,” “The Japanese spirit is perseverance, but we must make Japan pro-active and a pro-active person should be approved,” and “Changed business customs are better in a rapidly changing business environment and the Japanese need to be more independent and creative.” “Young generations are not dependent on established authority and are more eager to achieve their own dreams and the small business size is more suitable,” agreed one manager.
Creativity, Innovation, and Intrepreneurship
A popular exercise in almost any entrepreneurship class is to have the participants complete an inventory of questions and rate their potential and motivation to be an entrepreneur. These exercises typically ask about a person’s family background, desire for independence, and early risk-taking abilities. When the survey is given to an American audience, most of the group shows some entrepreneurial motivations and usually about one-third will score strong, indicating a high potential as an entrepreneur. In a separate group of American and some Japanese and Korean managers working for American-owned companies in Japan in an Executive MBA class at Temple University Japan (Tokyo), the results mirrored those of a similar U.S. EMBA or graduate studious audience. However, in the Japanese-owned NEC Company Japan, none of the ten traditional Japanese managers rated themselves as entrepreneurial at all. Even more interesting was that none of the Japanese managers were at all surprised by the results of the in-class exercise.
When asked why creativity, innovation, and intrepreneurship are needed within the confines of traditional Japanese companies, responses again included economic issues and the changing competitive landscape: “The Japanese companies have to survive in a world-wide mega competition,” “Many big companies are facing difficulties in their traditional businesses,” and “Many of the conventional type of products and businesses do not generate enough profit because of competition.” According to the managers, Japan needs to change to catch up with global competitors. “The market is open and everybody is able to come in with new, smart ideas,” “Without this innovative spirit it is very difficult for even big companies to survive due to the equal entry of small ventures,” and “The market is changing rapidly and companies must change.” The Japanese companies must be more competitive to survive in global competition. One comment expressed it best, “While the business world in Japan has been changing, a company worker, especially in a large company has been protected and lived within a company for his whole life. However, there is no longer a lifetime hiring policy. We have to look outside just in case. During the previous stage of our industrial society, everyone wanted to be the same and focus on mass production, but now everyone wants to be different from others. In order to match the need, more innovative and creative thinking attitude will be the basis for creating business.”
Why Intrepreneurship will be Difficult
A question on intrepreneurship was included on the survey after the Japanese managers scored so low on the prior in-class entrepreneurial likelihood inventory and a class discussion followed on the need for innovation and a continual supply of new product and service ideas within established companies. Prior to the end-of- class survey, the seminar participants had also completed a homework assignment in which they developed a new product or service that could be implemented by NEC Company – Japan. The managers later presented their ideas to the class who evaluated their market potential. While their individual ideas were very creative, their responses to the next survey question indicated lingering frustration.
Since creativity is needed everywhere, not just by new start- ups, but within the confines of large corporations, managers were polled about intrepreneurship, defined as entrepreneurship within the confines of large companies. Again a culture averse to change, lack of incentives, and traditional management were key reasons for creativity problems.
“Sectionalism is a big obstacle to exchanging new business ideas across divisions,” reported one manager. “The old Japanese decision style still exists. Because we stay in the same company, people are afraid of change. The problem is the mindset of executives and higher management. Japanese companies generally work as teams and are expected to perform in this style.” “There are too many approval procedures to make changes. It is a long process to approve a new idea. The employees are too busy to pursue new ideas and we have not had training for intrepreneurship.” “We have a hierarchy-based management style and it exists in all typical Japanese companies and there is delegation.”
“The older person is always the project leader even if he or she is not skilled. Headquarters controls our work. There is no incentive to be innovative and our corporate culture is conservative.” “Top management does not adopt a new idea. Top management is afraid to change and does not have the experience or know-how to be innovative. The stagnated old hierarchy system is to blame.” “The company does not want management “star players” and the system does not allow big rewards for success.” “There is only small support for intrepreneurship by the company.” “The real entrepreneur in the company will quit the company and start business by himself, but there is only a small reward to be an entrepreneur. When risk is taken, the loser tends to be labeled as bad. People prefer to be stable rather than to take risks. Companies are reluctant to invest in totally new ideas.”
Starting their Own Business
The final homework assignment led to the next survey question. On the last day of class, managers presented an idea for a future entrepreneurial company they could potentially start. The true test of the spirit of entrepreneurship among Japanese salary men (and one salary woman) came in the question: Would you ever consider starting your own business and why? Four said “no,” two were only “slightly interested,” and only three said a definite “yes” to the question.
The “no” respondents felt they either did not have a good idea and resources or they still had to learn much more about business in general and more specifically about entrepreneurship. One summed up the typical Japanese viewpoint, “Unfortunately most likely no. For one thing, it would not be a personal decision meaning my wife will never support my idea but I cannot justify the risk in terms of supporting my family. I am a very typical Japanese!”
The two respondents in the middle said: 1) “Yes, but not seriously. I prefer to be a part of a big organization,” and 2) “Yes, slightly. I feel like I will never reach what I want to do otherwise.”
The “yes” respondents said: 1) “Yes, because depending on the idea, we can start own business without a lot of initial investment,” 2) “Yes, to be independent and get a chance,” and 3) “Yes, because I am not satisfied with my current job and its environment.”
Entrepreneurial Learning Achievement
As a test of understanding the relatively new subject material of entrepreneurship, the final two questions polled respondents on what key things they learned about entrepreneurship from the intensive weeklong seminar and what they still needed to learn. As an aside, participants frequently questioned whether the real-world cases in our text really represented actual people and companies. Often we visited company web sites to prove their existence or viewed a short video update on the case.
To this question about what they learned from the class on entrepreneur ship, respondents again had varied answers. “I should always seek opportunities and chance. I should keep entrepreneurship in mind.” “Perceptions of the business are the key. Creativeness, working, and consulting with other experienced people in different areas is important.”
Others commented, “In order to have a business success, it’s indispensable to have a well-studied business plan. You also need a good team in order to compensate for any individual’s lack of a particular skill. Everyone has a chance to have a success if he has acquired an entrepreneurial spirit.” “Challenge your spirit and be open to change and encourage decision making.” “Perseverance is important. Take calculated risks. You need creativity. Remain creative whatever happens.” “I learned how to find and create a business idea and how to organize and evaluate a new business plan as well as how entrepreneurs think and grow businesses.” “There are many opportunities. Women can play a significant role. I learned key elements and the importance of a well-made business plan.” “It is not easy to be an entrepreneur. We must have knowledge and spirit.” “Experience cannot always be a key for success of a business. It is difficult to tell if a business will succeed in the end. The way of thinking of entrepreneurship is useful for daily business decisions.”
Entrepreneurial Learning Remaining
The final question polled the managers about their unanswered questions and issues they still would like to know or better understand about entrepreneurship. Their responses support the need for more specific business training by the group and in Japan in particular.
Comments included: “How do you form a business plan and what are the financial aspects? How do American, big traditional companies set up intrepreneurship inside their companies? What is the future or trend of entrepreneurship and intrepreneurship in the next 10 years o\r so?” “How do you prepare a complete business plan?” “What is the business model and cash flow plan as well as marketing strategy issues?” “I am interested in how to integrate good brand names and new products.” “How do you persuade investors and sponsors?”
The needed education of an entrepreneur as well as questions about where good ideas come from can be seen in these comments: “How do you develop an idea into a feasible business since not everyone comes up with the right answer from the beginning like in the cases we studied.” “How do entrepreneurs get a new business idea?” “It was mentioned in class that high percentage of entrepreneurs are immigrants and I am curious about how well Asians are doing. Also I want to know the financial aspects involved in starting a business.” “Is it necessary to get an MBA when starting a business? At what point is it useful and useless? If stock market falls and few invest in ventures, what happens to the trend and to the existing ventures?
The other category of unanswered questions reinforced the group’s and the culture’s overall fear of failure. “In the case of a failing new business, what does the entrepreneur do after that? Do they try again or do they get a job in a company?” “I would like more examples of business failures and discussion of the reasons for the failure and information about safety nets for entrepreneurs.” “How do you face a business crisis and overcome it? How do you close the business quietly when necessary?” “How can a business survive in difficult times?”
CONCLUDING THOUGHTS ON ENTREPRENEURSHIP
This study explored the perceptions of traditional Japanese managers in a typical, large company toward entrepreneurship and self-employment. The findings indicate that while the country is experiencing current financial challenges and making changes to offer an environment more conducive to entrepreneurship, the surveyed managers still see numerous personal weaknesses and cultural threats to starting new ventures.
Personal perceived weaknesses were evident in the questions remaining after the weeklong seminar of lectures, cases, homework, in-class exercises, and presentations. Managers felt there were financial challenges to entrepreneurship and a culture in their country that almost forbids any risk-taking. After completing case analyses and examining financial ratios as well as key marketing and management decisions, the Japanese managers agreed they needed a better foundation in the functional areas of business and additional exposure to entrepreneurship.
Changes in Japan are creating a more favorable environment for self-employment, including government support programs, venture capital funds and the growth of stock markets for IPOs. Other changes including offering merit pay and promotions, employee stock options, and 401K-style pension plans will keep to lessen risks of self-employment. Further study of entrepreneurship in Japan will indicate whether these changes will be sufficient to change the traditional culture and encourage the much needed risk taking.
CR Vol. 13, No. 1, 2003
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Dr. Marilyn M. Helms is the Sesquicentennial Endowed Chair and Professor of Management at Dalton State College (DSC) in Dalton, GA and is Director of the Center for Applied Business Studies.
Copyright American Society for Competitiveness 2003
