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Your best business development ideas in South Korea

Hi everyone,

As a foreign entrepreneur, launching a business in South Korea is a fantastic project and an exciting challenge. Some ideas are likely to succeed. Some others are promising but may not work as well as intended.

In your opinion, what kind of business or industry is likely to succeed in South Korea? What kind of industry or service currently unavailable or underdeveloped in the country would meet local needs?

On the other hand, what are the most common business types foreign entrepreneurs would be eager to launch in the country but with very little chance of success?

Thank you for your insights.
Priscilla

Hey Priscilla,

I really think the Korean market is so advanced.  It changes really fast and Koreans are so fast to copy and adapt a service.  I tried to rent a big motorcycle a couple weeks ago and was shocked how impossible it was.

I have a bike here but have some engine problems so licence and experience was no trouble.  I think the luxury side of things is worth investigating since Koreans have become so successful.

Things like glamping and other high end industries seem lucrative but in my opinion foreigners are destined to fail here.  Take Google maps for instance.  Daum just blocks their advancement.  Uber is copied by Kakoa.  Etc.

The big Korean organisations want the power and control for themselves.  I'd recommend pairing up with a national and avoiding being seen as an outsider. 

I think chevy is a great example of this.  Daewoo/ Chrysler or other car companies have international ties but are not seen as predatory.

My advice would be  shared rides.  The traffic here is outrageous so co op buses would be a cool direction.  Maybe selling as a 1st class experience.  Buses with bathrooms and seats you can lie down in like some very expensive air planes have.

Solar panels and other green technology might take off.  I'd recommend something like Airbnb but the laws here don't allow that sort of thing.

It would be great if the new government eases some restrictions in the market place but also tights up safety requirements.

Ideally, if the border with North Korea could be semipermeable then trips to China and Russia by land could become feasible.

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