Employment is a matter of great interest both nationally and personally in the age of growth without additional employment. To chase two hares of employment and growth at once, successful entrepreneurship and continuous growth of venture and small and medium businesses are necessary, which is capable of attaining high employment and flexibly coping with market condition. In this study, a level of entrepreneurs' behavioral expectancy that regarding entrepreneurial expectancy, venture and small and medium business entrepreneurs’ desired outcome(hereafter entrepreneurial outcome satisfaction) could be achieved through entrepreneurship was demonstrated with the Vroom’s expectancy theory model through questionnaire for 222subjects. For hypothesis testing, simple regression analysis and mediated regression analysis were used. Findings of this study are as mentioned below. First, entrepreneurial expectancy has a significant positive effect on realization of successful entrepreneurial activities. Second, entrepreneurial expectancy has a significant positive effect on realization of entrepreneurial outcome satisfaction that is desired by venture and small and medium business entrepreneurs. Third, entrepreneurial activities has a significant positive effect on realization of entrepreneurial outcome satisfaction that is desired by venture and small and medium business entrepreneurs. Fourth, entrepreneurial activities plays a mediating role for entrepreneurial expectancy to get entrepreneurial outcome satisfaction that is desired by venture and small and medium business entrepreneurs, and particularly, in terms of recognition and independence among entrepreneurial outcome satisfaction entrepreneurial activities plays a mediating role in most parts. This study demonstrated that the Vroom's expectancy theory model could be extended into the field of entrepreneurship requiring planned behavior out of the research field of organization management, which has been traditionally spot-lighted in business management studies and recognized as an independent area. In particular, people subjectively evaluate an expectancy level of outcome to be shown from their behavior or individual compensation,and such expectancy level for selection of further behavior is expected to be available as a theoretical tool that can broaden the fields of entrepreneurial studies of venture and small and medium business entrepreneurs with original risk and poor resource base.