South Korea is located in East Asia. The country occupies the southern portion of the Korean Peninsula. The country is bordered by the democratic people’s Republic of Korea to the north. The East Sea to the east. The East China Sea to the south and the Yellow Sea to the west. South Korea makes up to 45 percent of the peninsula’s land area. The capital is Seoul (Britannica,2021).
South Korea is the perfect place to consider doing business because of the potential that country has. Once you understand their cultures your business will be successful in the country which is the reason why we are choosing this country to do business with. We did a research on the country’s culture, Economy and Technology and we found quite interesting information in these criteria which will help us grow our business.
Korean culture is deeply influenced by Bhudist principles and this infuses not only personal lives, but also business.This research made me understand that in South Korea they take religion very seriously which is really important to know and understand in order to start a business there for example “Confucianism supports group harmony, respect for elders and authority, the importance of family, friendship and ancestors, and also, tradition. Kibun (equivalent to face, or honour) is highly significant to Koreans and they will always attempt to maintain their Kibun, or personal dignity. Confrontation is to be avoided at all cost as once Kibun is lost it cannot be regained”(commisceo,2021).
In South Korea, good relationships are crucial to success both in personal and business circles, and these are assimilated within the business world(Commisceo,2021). Korean’s make friends first, and clients second. To make the most of your business acumen you must also appear trustworthy, honorable and respectable in a social and business setting.
Fatoumata Cisse
