Every country is trying its own best to boost its economy with the advent of global economic downturn in recent years. Korea is promoting small and medium sized venture businesses through creative economy, with the purpose of creating jobs and developing its economy. The researcher`s goal was to find out how business consulting process, supported by governments, associations and educational institutions, affects business performance of small and medium sized business owners. The subject for this research was companies that have received business consulting service for the five years (from 2008 to 2012). The survey was conducted on the internet and mobile devices from 24 June to 5 July 2013. As a result, business consulting process for small and medium sized venture businesses has positive effect on both financial and non-financial performance. It was also found that business consulting process has positive effect on their organizational capabilities, which in turn contribute to financial and non-financial performance. Below are some practical points the researcher would like to suggest based on theoretical findings listed above: First, from an academic perspective, previous research has usually dealt with forms and patterns of consulting as a way of providing business consulting service. Instead, this study proved that organizational capabilities of a company can be improved through a business consulting process. Second, from a business perspective, this research will be a useful guide for organizations in conducting consulting services. Based on these findings, the researcher is convinced that this research could become a good basis for training and instruction materials for small and medium sized venture businesses consulting.