Many students agonize over choosing their jobs before graduating. Some students find their jobs in particular companies, and others think of establishing their own companies. Because of the high youth unemployment rate, some young people are interested in establishing a business. Establishing a business is attractive because businessmen can run their business without others’ interruption. Furthermore, they run their business, not other’s business, so they can feel much self-respect and pride in their business. When people establish their own business, they tend to feel that it is an immense thing because they start it without any foundation in business. However, setting up a business is not an immense thing. You can do it if you have passion and knowledge about establishing a business.


1. Writing a Business Plan
Before you establish your own business, you should write a business plan. Planning is very important for establishing a business. A business plan helps you prepare a perfect business and you can use it to get a loan. By writing a business plan, you can easily check that the business is ready to start because you can see your whole business on just a piece of paper. Furthermore, a business plan helps you achieve your business goal. When you run your business, you can evaluate whether you run your business toward your business goal by comparing the present situation of the business and your business plan.
There are no fixed rules in writing a business plan, but you should write at least four parts: goals of the company, your business’s product, your business’s marketing strategy, and your business’s financial strategy. In explaining about the company, you can write about the aim of the business. Second, you can explain your product. Third, you can write about your marketing strategy like target customers or method of service. Last, you can write about your financial strategy like method of financing or forecast for earnings. It is difficult to survive cutthroat competition when you do business with an unsystematic plan. For this reason, you should write a business plan systematically and specifically.


2. Support
Capital for a business makes a business plan perfect. Most young people don’t have enough funds. Nowadays, there are lots of organizations to support young businessmen. The government is offering 22 support programs for young businessmen in 2012. There are many kinds of support, different support budgets, and types of business, so you can find a suitable program for your business.

Small & Medium Business Corporation
The Small and Medium Business Cooperation helps small and medium-sized businesses. It has some programs for young people who want to set up a business.

- Foundation school
This school is for prospective entrepreneurs who are less than 39 years old and who are ready to set up a business in manufacturing industry and knowledge-based industry. A manufacturing industry creates products with machines or tools. In knowledge-based industry, knowledge becomes a tool to produce something. Film production and translation can be knowledge-based industries. In addition, the foundation school is offered to entrepreneurs whose company is less than 3 years old. The academy provides lessons like setting up a business and teaches students through a one-on-one professor system. Furthermore, they support students with a maximum of 70% of their business finances to a maximum of one hundred million won a year.

- Fund for Youth
This program provides capital for prospective entrepreneurs who want to establish a manufacturing business or a knowledge-based service and businessmen whose company is less than 3 years old. They lend a maximum of 5 million won at a fixed rate of less than 2.7% interest.
Small & Medium Business Corporation: http://www.sbc.or.kr/

Business Start-up Support Center
In Keimyung University, the Keimyung University Business Start-up Support Center helps students set up a business. They provide various programs to help students establish a business.

- Business Set-up Class
There are classes about establishing a business. The classes only evaluate students by pass or fail. The professors, who are experts in establishing a business, teach practical knowledge about establishing a business and writing a business plan. Furthermore, they invite successful CEOs (chief executive officer) for special lectures.

-Business Start-up Scholarship
This scholarship is given to students who set up a business and obtain good results. All Keimyung University students can apply for it. The scholarship has many criteria such as experience of setting up a business, awards, and school score. The total scholarship is one hundred and fifty-four million won for 98 students every year.
Business Start-up Support Center: http://www.kubic.co.kr


Setting up a business is never easy, but it is not impossible. It does not require vast knowledge or an excellent diploma. You can make it with just basic knowledge and passion. It will be a successful business if you provide products that consumers want and services that consumers enjoy. Don’t be afraid of setting up a business.