This study identified the limitations of prior research analyzing the management/support effects of venture capital firms on venture enterprises, and sought to present a conceptual framework for analyzing the effectiveness of venture capital firms' management/support activities for venture enterprises through a more systematic approach—by categorizing management/support activities and establishing situational variables that influence the relationship between management/support activities and venture enterprise performance. Furthermore, an empirical analysis was conducted on the Korean venture capital industry, yielding the following findings. First, the higher the technological capability of the venture enterprise, the greater the effect of the venture capital firm's managerial and operational support on the venture enterprise's growth. Second, the more hostile the environment facing the venture enterprise, the greater the effect of the venture capital firm's strategic and operational support on the venture enterprise's growth. Third, the differential effects of venture capital firms' management/support activities according to the venture enterprise's growth stage varied across different dimensions of venture enterprise performance: in terms of profitability, the effect of management/support increases as the venture enterprise matures, while in terms of growth potential, the effect of management/support is greater when the venture enterprise is in its early operational stage.