Impact of Religion on Entrepreneurs in South Korea

Running Header: International Business
International Business
Authors Name:
Authors ID:

International Business
Contents
Introduction......................................................................................................................................3
Impact of religion in South Korea...................................................................................................3
Two issues faced by entrepreneurs in South Korea.........................................................................4
Main stakeholders that are affected.................................................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

International Business
Introduction
Trade and transactions between two global boundaries or between two companies from different
nations can be termed as execution of international business (Internationalrelationsedu 2013).
Global business comprise of the commercial activities that are executed for exchanging the
goods, services, people, ideas etc. across national boundaries. The below presented analysis is
focused on the impact of South Korean religion on entrepreneurs.
Impact of religion in South Korea
A change in region brings changes to the culture and this is due to the influence from the
religions, custom, tradition and norms. In a country like South Korea, a lot of significance is
given to culture which is very unique; people practice their culture in their daily live and in fact
in their business behavior, especially when the deal is with foreign companies. On the basis of
the research conducted it has been noted that South Korean markets are found to be the most
favorite places for making foreign direct investors (Lee 2012). There are some more factors that
make the markets more appealing such as the country’s flourishing economy, liberalizing
market-place and wide-spread use of English language in business. But still there are some vital
cultural alterations and challenges that are required to be considered while thinking of business.
“Business is religion, and religion is business, this statement that has been presented by Maltbie
Babcock.
So for any international company, it becomes very important to understand that cultural
significance, respect it and moreover use it in a very careful manner to work there in South
Korea. This makes it very easy for them work well with Koreans as business partners. The main
factors which influence it are below;
• Kibun
• Inhwa
• The power of distance and hierarchy
• Confucianism