SMEs Archives | Be Korea-savvy
Income Gap Makes Recruiting Young Workers Difficult for SMEs

Income Gap Makes Recruiting Young Workers Difficult for SMEs

SEJONG, March 6 (Korea Bizwire) — Young South Korean workers are avoiding small and medium-sized enterprises in fear of the long-term negative impact on their career and income, a new study has revealed. The report released by the Korea Development Institute (KDI) on Tuesday showed a worker’s first job has a significant impact on their career [...]

Small Business Owners Suffer From Poor Quality of Life

Small Business Owners Suffer From Poor Quality of Life

SEOUL, March 5 (Korea Bizwire) — Despite growing awareness of the importance of work-life balance, owners of small businesses have a poor quality of life, a study published on Monday has revealed. According to the study conducted by the Korea Federation of SMEs, South Korean small business owners work six days a week, 11 hours a [...]

Positive Perception Towards SMEs at 51.4 Points: Survey

Positive Perception Towards SMEs at 51.4 Points: Survey

SEOUL, Dec. 25 (Korea Bizwie) — South Koreans’ positive perception towards small and medium-sized enterprises (SMEs) was far lower than large conglomerates, a business association said Monday. In an October survey of 1,000 people aged 20 or older, the Korea Federation of SMEs found that their positive perception towards SMEs stood at 51.4 points, down [...]

S. Korea, Missouri Sign MOU on SMEs Promotion

S. Korea, Missouri Sign MOU on SMEs Promotion

SEOUL, Sept. 29 (Korea Bizwire) — The South Korean government said Friday it has signed a memorandum of understanding (MOU) with the state of Missouri to enhance cooperation between small and medium-sized enterprises (SMEs). The pact was signed in Seoul between Choi Su-gyu, vice minister of SMEs and Startups, and Missouri Gov. Eric Robert Greitens, [...]

Wage Gap Between South Korean Conglomerate and SME Workers Bigger than in U.S. and Japan

Wage Gap Between South Korean Conglomerate and SME Workers Bigger than in U.S. and Japan

SEOUL, Sept. 13 (Korea Bizwire) – The average salary of workers at conglomerates in South Korea is over three times higher than those working at a small-sized companies, a new study has claimed. Findings from a study on wage gaps between companies conducted by researcher Roh Min-sun at the Korea Small Business Institute show the [...]

No More Trickle-Down Effects from Big Business in Korean Economy

No More Trickle-Down Effects from Big Business in Korean Economy

SEOUL, Feb. 23 (Korea Bizwire) – Trickle-down effects from major South Korean businesses, creating a flow of benefits to smaller companies, are becoming less perceptible.  In a report announced Wednesday by the Korea Small Business Institute, researchers said that “there’s now very little trickle-down effects between big companies and SMEs,” based on a statistical analysis [...]

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

SEOUL, Feb. 20 (Korea Bizwire) – Some 800,000 small businesses open shop annually, but about half of them go bankrupt within two years, statistics showed Monday. A report released by Statistics Korea said that among businesses that started in 2013, 62.4 percent were still in operation a year later. The rate fell to 47.5 percent [...]

Korea’s “Innovation Centers” Bearing Fruit, with Uncertain Future

Korea’s “Innovation Centers” Bearing Fruit, with Uncertain Future

SEOUL, Dec. 30 (Korea Bizwire) – The Ministry of Science, ICT and Future Planning announced Thursday some of the most successful ventures by startups and SMEs funded or supported by the Center for Creative Economy & Innovation.  One of the companies introduced was 247 Korea, which manufactures a self-protection smartphone case that can automatically send [...]