This study was motivated by the intent to comprehensively identify the factors determining the performance of venture firms, which have been growing in importance from the perspective of enhancing national competitiveness. To this end, the study sought to construct a comprehensive research model encompassing various factors related to founder characteristics—which have been prominently discussed since the earliest research—as well as competitive strategy and industry environment. Meanwhile, by employing structural equation modeling, the study attempted to distinguish between direct and indirect effects of each factor on firm performance. In particular, through the results of structural equation modeling analysis, the study sought to elucidate the relationship between strategic fit and firm performance by considering the effects of environment-strategy and resource-strategy fit on performance. Analysis of a total of 370 venture firms confirmed that founder characteristics (managerial ability, achievement motivation), technological capability, external environment (market growth rate, degree of competition), and competitive strategy all significantly influenced venture firm performance, as hypothesized. Among these variables, technological capability, degree of competition, and aggressive competitive strategy were found to have direct positive effects on firm performance, while the remaining variables were confirmed to influence venture firm performance indirectly through aggressive competitive strategy. These findings carry significant implications for the process by which venture firms generate superior performance. Specifically, venture firm performance is not simply determined directly by founder characteristics or external environment, but rather by whether firms pursue competitive strategies that are appropriate to their internal and external environments.