In an interview with Seoul-based radio station tbs eFM Primetime, Dr. Ayman El Tarabishy, Executive Director of ICSB, a professor at George Washington University, and the Director of Strategy of the Korean Management Institute (www.KMIGWSB.org) recommended that South Korean small businesses find their own niche instead of trying to compete head-to-head with large Korean conglomerates.
Instead of focusing on competing over price, Dr. El Tarabishy suggests that South Korean small businesses focus on three components: speed, personalization, and convenience. Such traits are unique to small businesses in South Korea because of their ability to quickly make decisions with a personal customer touch, creating a different customer-business dynamic.
Chaebols, or large business conglomerates, dominate much of South Korean business. It is often difficult for small- and medium- enterprises to compete in such an environment, but the International Council for Small Business (www.ICSB.org) aims to support small businesses in both South Korea and other countries worldwide by providing resources to help business owners make informed decisions. Small businesses are a key to economic growth and recovery, with small- and medium enterprises employing 98% of the population.
As the United Nations plans its annual Sustainable Development Goals, ICSB is hoping the voice of small- and medium- enterprises are a key component in following through with these goals. The ICSB is planning to host its 61st annual meeting in New York and is working with the UN for joint activities.
Traffic Broadcasting System (tbs) is a major Korean broadcasting station in Seoul, South Korea. The interview aired on tbs’ English language station on a news segment called Primetime with Henry Shinn. The interview can be found in its entirety at http://tbsefm.seoul.kr/efm/Primetime/listenagain.jsp.