NewsLetter DailyWeekly
My HanCinema | Sign up, Why ? Your E-mail   Password    Auto| Help
HanCinema :: The Korean Movie and Drama Database, discover the South Korean cinema and drama diversity Contact HanCinema HanCinema on TwitterFaceBook HanCinema PageHanCinema on Twitter

Booming Startup Statistics Mask Lackluster Reality

2014/08/31 | Permalink | Source

A record number of new businesses opened last month, but most of them were mom-and-pop operations run by retired baby boomers.

The Small and Medium Business Administration said a total of 8,129 startup businesses were registered in July, the most since statistics began in early 2006.

The figure was also up almost 14 percent compared to the same month last year.

There has been a steady increase in the number of startup businesses this year, from 6,930 in January to 7,729 in April. It fell to 6,365 in May due to the impact of the ferry disaster but surpassed 7,000 in June and rose past 8,000 last month.

But half of the new startup businesses were mom-and-pop stores people run as a lifeline. Some 47 percent of those startups registered in the first seven months of the year were service businesses like tourist accommodations, restaurants, real estate agencies, and retail shops.

People in their 40s and 50s made up the majority of fledgling businesspeople, suggesting that most were retired baby boomers, and they mostly opened real estate agencies or shops.

Also, 50.4 percent of startup business owners in their 30s opened small companies in the service industry.

An SMBA spokesman said, "A growing number of people are showing interest in opening their own businesses thanks to government supports, but not many people are venturing into businesses with innovative ideas and technologies".

Attention You're reading the news with potential spoilers, make them spoiler free, dismiss



 Previous news

Subscribe to HanCinema Pure to remove ads from the website (not for episode and movie videos) for US$0.99 monthly or US$7.99 yearly (you can cancel anytime). The first step is to be a member, please click here : Sign up, then a subscribe button will show up.


Remove ads

Sign up




Visible, hide

Learn to read Korean in 90 minutes or less using visual associations