The proliferation of venture companies is regarded one of the key characteristics of economic recovery of Korean firms after IMF financial crisis. However, many venture companies disappeared during the first decade of the New Millennium. This study investigated the rise and fall of venture companies on their CEO characteristics. Through the case analyses of four venture companies, we found the CEO`s unethical leadership played a critical role in the companies` failure. Narcissistic leadership was commonly found through the case analyses. Behavioral characteristics of Narcissistic leadership were described.