More and more Koreans are wanting to become entrepreneurs and start their own Korean Startups. That wasn’t always the case. In Korea, the dream was for many years was to work for one of the big conglomerates like Samsung or Hyundai. Times have changed and more young Koreans are looking to go into business on their own. Starting your own startup in Korea can be very difficult. There are a lot of risks involved. The fear of failure is high with Koreans who tend to get a lot of pressure from their parents in regards to having a stable job.
So how do you become an entrepreneur? Well, the basic outline is simple.
- Think of an idea.
- Write a business plan.
- Raise money.
- Hire staff.
- Market your product or service.
However, it takes a certain person to become an entrepreneur in Korea. Entrepreneurship is very new in Korea compared to the United States. Koreans tend to have more of a followers mentality than a leadership mentality. To be an entrepreneur you need to break that and start thinking outside the box. Find a problem and then become an expert about that problem and finally, find a solution. The more original and creative your idea, the greater chance at success. However, here is the problem. Most of the ideas have already been thought of. The biggest problems in the world have already been fixed. In Korea, most of the big corporations are working around the clock to solve problems and they have the resources and the manpower to fix the problem first. For example, an entrepreneur can’t compete with Samsung when it comes to smartphones, same goes for Hyundai with automobiles. However with every new technology created…problems will arise.
So how do can you come up with a great idea? This is actually quite simple. Just live out your day and find out what problems arise that get you frustrated throughout the day. Have you ever asked yourself “I wish they had a…..for this.” or “Why don’t they just…..” All these are possible new business ideas. If you are a foreigner living in Korea, you have a lot to bring to the table since Korea might not have the solution you are used to in your home country. This is why a lot of the top Korean entrepreneurs are Korean/Americans or those that studied in the States. The great ideas in America are brought to Korea 2-3 years later, usually by those that have lived in America. So the key is having the right insight into what makes Koreans unhappy the most. Find that problem then find the solution. This will give you a greater chance to become a successful entrepreneur in Korea.