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Setting a Business Plan: Career Exploration Programme in South Korea

Setting a Business Plan: Career Exploration Programme in South Korea

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.

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

Setting a Business Plan: Career Exploration Programme in South Korea