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Serving
Students at
Santa Ana
College and
Santiago
Canyon College
SOUTH KOREA
Business Tips
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Business
Tips
Business
meetings can be conducted in English; promotional materials and correspondence
may be in English as well. English is the most widely studied foreign
language.
Business
Cards
Be prepared
to give out a lot of business cards. Have your name, company, and
title printed in English on one side and in Korean on the reverse.
Cards are very important, since they indicate an individual's rank and
provide a key to the level of respect granted. The card is offered
with your right hand. Cards should not be written on or put in a
back pocket.
Punctuality
Korean
businesspersons are conservative and have a strong work ethic. Punctuality
is expected of foreign businesspersons at meetings and social events.
However, the Korean businessperson may not be punctual.
Business
Hours
Business
hours are 9:00 a.m. to 5:00 p.m. Monday through Friday and often 9:00 a.m.
to 1:00 p.m. on Saturday. Lunch hours may range from 11:00 a.m. to
2:00 p.m. Appointments are necessary. Avoid scheduling meetings
from mid July to mid August (vacations), and early October and Christmas
holidays.
Negotiating
Contacts
are important in Korea. Make an effort to obtain a personal introduction.
Find out
who will be included in the negotiating team for the other side and match
the rank of the persons represented. Generally, representatives should
be older and hold senior positions in the company. A Korean man has
a higher social status than a Korean woman; women may open doors for men
and allow them to pass through first. Western businesswomen are exempt
from this custom; it is recommended that Korean business people are informed
that a woman will be included in the team prior to a meeting.
Modesty
is very important in Korea. Businesspersons do not enter an office
or home until invited. It is proper to wait for an invitation to
sit and to wait for the invitation to be extended several times before
accepting.
Personal
relationships take precedence over business and the first meeting is for
purpose of developing the relationship. Generally tea is served at
the beginning of each meeting to allow for time to talk and become acquainted
or renew acquaintences; business discussions follow after the rapport is
established. Sincerity and honesty are important in business dealings;
harmony and structure are valued. A formal professional relationship
is demonstrated by the foreign businessperson at all times. Relationships
are maintained after the trip by phone and mail.
Business
will tend to take place at a slow pace. Traditional values run deep,
especially with the older generation; younger executives may be more comfortable
to work with. Delays in decision-making may be a negotiation tactic.
Do not talk about your deadlines; just expect to make several trips to
Korea before reaching an agreement.
Though
the use of objective facts is becoming more common in negotiations, traditionally
negotiations in Korea are not based on logic and bottom line costs but
on mutual trust and compatibility. Koreans tend to be emotional,
verbalize frustrations, and express anger during the negotiation process.
It is important to remain calm and not internalize statements made during
these outbursts.
Sending
proposals in advance of a visit for the Korean businesspersons to preview
could help to establish a base from which to start the negotiations during
the visit. During presentation, recap the major points at the beginning
and the end. Break the information up into small segments with time
for question and answer periods; expect extensive questioning. Be
altert for signs the individual you are speaking to may not understand
what you are saying. Rephrase the statement or inquire if they would
like more information. The use of a translator is recommended to
avoid miscommunications.
Make a
beginning bid that will leave plenty of room for negotiation. Korean
businesspersons often start with an extreme position but will be prepared
to meet in the middle. This positions both parties of the transaction
for a win-win situation.
To maintain
harmoneous relationships, Koreans may not be clear about negative responses
chosing to answer "maybe" meaning no or offer other body language signals
rather than saying "no". Signs of inattention may signal the meeting
should be brought to a close for the day.
Be modest
about personal accomplishments and status in your company; if you receive
a compliment, politely refute it; expect others to do the same. Compliments
are welcome and appreciated, however. Take care not to embarrass
another person in public, do not criticize your competition, and do not
admit that you do not know the answer to a question.
Koreans
are proud of their distinctive language, history, and culture which contributes
to their sense of identity. Specifically, do not discuss anything
relating to Japan.
When the
Korean national anthem is played in a public place, stand at attention
out of respect.
Links
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