Setting a Business Plan: Career Exploration Programme in South Korea
Setting a Business Plan: Career Exploration Programme in South Korea
Fung Wang Kin, Likey's Story
Faculty of Business and Economics
BEcon
In March 2018, Likey Fung, a first year Economics major, decided to leap into the plane to Korea and see into local social enterprises through a career exploration programme. Why would a freshman want to explore his career in Korea? Likey, who wants to have his own business one day, said that the program gave inspiration to his future business.
Likey participated in a case competition which he was not so satisfied with the
results. During his trip to Korea, Likey
found ways for improvement. “It is all
about how well your business can respond to consumer needs,” Likey said. Social enterprises in Korea look into small
details of conventional everyday life. For
example, a start-up Likey visited provides hostels to high school students to
prepare for the university entrance exam. “Korean social enterprises really put a lot of
effort into understanding what consumers want. They want to serve the local community.” Likey especially appreciates this ideology,
and believes this should be included in his future business plan.
Likey also learnt a marketing trick. Storytelling is a key technique of selling. Korean entrepreneurs are good at connoting
each product with a story, which makes the product stand out among fierce
market competition.
"This trip to South Korea is credited for giving him a preliminary business."
But every story has two sides. “The
financial situation of some social enterprises in Korea is far from
satisfactory,” commented by Likey. Comparing
to startupers in Hong Kong and mainland China, some Korean entrepreneurs are
less practical, thinking less regarding financial sustainability and lacking
long term plans. But for Likey, this
trip to South Korea is credited for giving him a preliminary business.
Written by:
Clare Wong
Year 2, Faculty of Arts
July 2018