More People Starting Their Own Business

  • By Choi Yeon-jin

    March 31, 2022 11:16

    The number of small start-ups operated by a sole owner or fewer than five co-owners looking to leverage their creativity and professional expertise is increasing each year.

    The Ministry of SMEs and Start-ups on Wednesday released a report based on last year's survey of small professional businesses excluding real estate agencies, wholesalers and retailers, and hospitality service providers.

    The number of single-person professional businesses stood at 458,322 in 2019, up from 427,367 in 2018 and 402,612 in 2017.

    Most, or 49.6 percent, of the businesses surveyed said they started their own business "to make the best use of their talent and expertise." Next came "to earn a high income" (32.9 percent) and "to make ends meet" (16.4 percent).

    In a similar survey in 2019, 60.3 percent cited "to make the best use of their talent and expertise" and 20 percent "to earn a high income."

    More people have shown interest in launching their own business to make more money than they would in a salaried position.

    These businesses earned W276 million on average in 2020, up W33 million from the previous year (US$1=W1,211). 

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