Business tips on doing business in South Korea

Are you planning to do business in South Korea? Something you need to bear in mind is that doing business in foreign countries brings with it cross cultural challenges. In that case, you need such an understanding of a country's business culture, attitudes and etiquette is a useful way of establishing good interpersonal relationships which ease the business process.

Below is such a useful business tips on doing business in South Korea. This business tips on doing business in South Korea is not meant to be a comprehensive summary of business tips, but the insight here is useful when you are doing business in South Korea.

Business tips on meeting & greeting etiquette when you are doing business in South Korea
When doing business in South Korea men greet each other with a slight bow sometimes accompanied with a handshake. When handshaking, the right forearm is often propped up by the left hand. Maintaining eye contact is good etiquette. In South Korean business culture, women also shake hands. Western women doing business there will need to instigate a handshake with Korean men, as out of politeness, a hand will not be forthcoming.

Address people by their title or by their title and family name. First names can be used once a relationship has been established but wait for your Korean counterpart to initiate this change.

Business tips on business card etiquette when you are doing business in South Korea

Prior to doing business in South Korea bring a plentiful supply of business cards. They will be exchanged frequently. Try and have one side of the card translated into Korean. Mention your title on the card along with any qualifications - this helps convey your rank. When presenting or receiving a card, use both hands. After receiving a card, read it and comment on it before putting it into a card case or pocket. Do not shove it into a pocket as this will be viewed as disrespectful.

Business tips on gift giving etiquette when you are doing business in South Korea

A part of doing business in South Korea is the exchanging of gifts. It is done to secure favours and build relationships. Gifts are always reciprocated so bring be sure to bring some with you from your native country. Good gifts for a first visit are office items, maybe with your logo on them. After this try and bring items of beauty and craftsmanship. Foodstuffs will also be appreciated. Avoid overly expensive gifts as this will require the recipient to match the value when they reciprocate.

If offered a gift, it is good etiquette to offer some initial resistance. However, after the giver insists for the second or third time feel free to accept. Gifts are usually not opened in front of the giver, although it may be a good idea to ask if they would like you to do so.

Business tips on having a meeting when you are doing business in South Korea

Prior to doing business in South Korean ensure you book any meetings well in advance. The most convenient times for doing business are between 10:00 a.m. to 12:00 p.m. and 2:00 p.m. to 4:00 p.m. Times of the year to avoid include holidays like the Lunar New Year (around January/February) and the Moon Festival (around September/October).

Punctuality is important in South Korea and being on time is recommended. However, business people are busy and have hectic schedules which may cause them to be late occasionally. Be courteous and do not display any negative emotions if someone is late to meet you.

When entering a meeting room, the most senior member of your delegation should enter the room first and should sit at the middle of the table.

Before doing business in South Korea understand that personal relationships generally take precedence over business. A first meeting is a 'get to know' affair rather than focusing on business matters. It could take many business trips to South Korea to reach an agreement or close a deal.

Business opportunity in South Korea is wide

The tips above point to a few considerations one must make prior to doing business in South Korea. Cross cultural awareness in areas such as meeting etiquette and business protocol are ways of enhancing your business trip and maximizing your potential by minimising misunderstandings and promoting clear lines of communication.

Business opportunity in wine industry in China

Are you planning to run your own business in China? Are you looking for a business opportunity in wine industry in China? Well, China has such opportunity for you to start your business in wine industry. China may not be the first country you think about when you think about wine consumption or production but this is fast changing along with so much else in China. Sales of wine in China last year(2009) were 44 billion Yuan ($6.44 billion) at retail price, up 12 per cent on 40 billion Yuan in 2008, according to research by global management consultants AT Kearney reported in a Feb 2010 article in China Daily.

This figure may not sound a lot in comparison to major wine producers/consumers and it is not - yet! China's wine consumption at 0.4 liters per person a year is still quite low in international terms. To compare, in France where wine is central to daily life, people drink 50 liters a year. In Australia also a country where wine is a big industry and also a part of many meals, consumption is 25 liters and even in the United States, where wine also is a major industry - 15 liters, according to AT Kearney figures.

But the important factor is that China’s current wine consumption is still low and has much space to grow as people become more prosperous. If China's per capita wine consumption was to only increase slightly because of the scale of the population it could easily shift the center of gravity of the world's wine industry. Many wine drinkers in China seem to have this goal in mind. Recently moving up to the ninth slot, up from tenth, as the largest wine-consuming nation on The International Wine and Spirit Record (The IWSR) study, China is definitely one of the fastest-growing wine markets in the world. The nation is expected to move to seventh place by 2012 with a total consumption of 103.5 million nine-liter cases per year. This figure suggests a staggering increase of 36 per cent in wine consumption between 2009 and 2012, and will see China top the one-billion-bottle mark shortly.

Many producers and distributors are now keen to correct the imbalance in wine consumption and this balancing act seems to already have its wheels in motion. According to The IWSR study, wine retail sales doubled between 2003 and 2007, while the volume of wine consumed increased by 61.59 per cent over the same period, a result of the growing number of imports. Imported wines accounted for 36.33 per cent of total wine sales in 2007, but only 9.9 per cent of total volumes consumed.

China is both a country with an ancient wine tradition and a new and emerging wine-producing nation. Wine production in China has thousands of year of history. Grape wine is a decidedly small portion of the total but this is slowly changing. In modern time, China is also an emerging wine-producing nation in its own right with brands such as Great Wall, Changyu and Dynasty. Local wines account for 90 percent of wine consumed in China. China already produces more wine than Spain and Portugal combined and some of its brands are already stocked in supermarkets in the West, competing successfully against New World wines from countries such as Chile.

One of the main features of the China wine market, as opposed to western markets, is the predominance of red over white wine. Around 80 per cent of the wine drank in China is estimated to be red. "This has something to do with the fact that white wine production started much later in China," said Irene Cai at AT Kearney in an interview with China Daily (Feb 2010). "It is also linked to red being associated with parties and happiness so it is appropriate to give red wine as a present." A lot of Chinese white wines, by common consent, tend to be inferior to western brands although much of this has the potential for change with planting of other grapes not previously cultivated in China and the introduction of modern techniques.

China has surpassed Japan as Asia's largest wine consumer. Young Chinese consumers are also now showing a preference for foreign imported wines, although they still make up only 11 percent of the wine drunk by volume in China. Some restaurants in China only serve overseas wine to cater for the tastes of foreigners and increasingly wealthy Chinese consumers. Guan Miaonan, manager of the popular South Beauty restaurant and Lan Club in the Guomao area of Beijing, said Chinese consumers now tend to opt for foreign wines rather than the Chinese ones. "Our customers who drink wine during dinner tend to order wine priced between 600 and 1,000 Yuan," he said. During our recent visit to Beijing, we visited several upscale restaurants in the Sanlitun area of Beijing. Most of them had foreign wines on their menus. We also visited the “Jenny Lu” Supermarket branch in Sanlitun which stocked a wide range of foreign and local wines in many ways comparable or better in some respects than you are liable to find in your local Safeway, Albertsons or Kroger supermarket in the U.S.

Foreign wine in China at this time is largely an indicator of status for many young Chinese. Irene Cai at AT Kearney said in the same interview with the China Daily noted above that a lot of Chinese consumers think some foreign wine is better just because it is more expensive and often don't realize that many Chinese wines are of quite high quality. “As a result a lot foreign wine makers have a vested interest in leveraging up their prices.” "A lot of quite low-tier foreign wines sells at a high price in China. Consumers in China have very limited knowledge about wine. It is very difficult for them to assess the quality of either branded or even non-branded wine." Joy Huang, a research analyst with market research company Euro monitor, based in Shanghai, said one of the problems was consumers had no system of classification to guide them.
The major wine producing area of China include Shandong, Hebei, Henan, Liaoning and Xinjiang provinces. Local wine brand Chanyu is produced in Shandong province and Dragon Seal and Great Wall, two other major brands, are produced in Hebei province. We only visited the first of these areas on this trip but earlier I have been in all the other wine areas with the exception of Xinjiang which is in the much drier far eastern region of the country.

Business opportunity in wine industry in Shandong, China

Shandong Province in Northeast China and jutting out toward Korea and Japan is becoming a central wine producing area for the country. Agriculture is the largest industry in the province and the wine industry is number two. Yantai is currently the center of the wine industry in Shandong. Yantai in eastern Shandong province has taken the initiative to showcase its own wine companies and to boost China's wine industry by holding an international wine festival. More than 100,000 participants of wine companies and organizations from 20 countries took part in the previous three festivals. The Fourth Yantai International Wine Festival will be held between September 23-30 in Yantai, China's largest wine production city and the home of Chanyu Pioneer wine.
The festival is jointly hosted by CADIA, OIV, China National Association for Liquor and Spirits Circulation and Shandong Provincial People's government and sponsored by winery associations of Germany, Chile, Portugal and Spain. A total of 50,000 people in the wine industry, including 2,500 people from foreign wineries, are expected to showcase their products in the festival. “The festival has been and will continue to be the bridge between Chinese and international wine industries," said Long Yongtu, secretary general of Boao Forum for Asia
Yantai is the only Asian city named "International Vine & Wine City" by OIV. The city became the birthplace of China's wine industry after Changyu Pioneer Wine Company Ltd, China's first winery, was set up there in 1892.

The wineries in Yantai annually produce 250,000 tones of wine, accounting for one-third of China's overall production.

Business opportunity in wine industry in Penglai, China

To the West of Yantai is the Penglai peninsula. This was the first port opened to foreigners in Shandong province in the 1800s and wine companies there already produce Merlot, Cabernet Sauvignon, Riesling, Chardonnay and Cabernet Franc. Some call this region China's Bordeaux as the latitude at 37º of Penglai is the same as Bordeaux and the Napa Valley . The advantages of this area seem to be recognized by French wine growers. Domaines Baron de Rothschild (DBR), one of France’s most famous vineyards, certainly thinks China holds promise. After years of searching, DBR signed a wine-producing deal with state-owned CITIC, which owns 30 per cent of the project. The JV, located across 60 acres near Penglai in Shangdong province, gives the French producer a foothold in a valuable market. Although the producer has been selling wine in China for over 20 years, it is thought that they have waited until the demand for quality wines reached a certain level, extending beyond expatriate and five-star hotel demands.

To the east of Yantai on the coast and at the tip of the peninsula that juts out toward Korea and Japan and also a major wine producing area in its own right is Wehai, a pleasant city nearer the coast and with somewhat warmer winters and more moderate summers than Yantai. We visited some of the new wineries establishing in this area. One of them is Shandong Weal Winery Co., Ltd. which was established on June 29, 2007. Its total investment is 10 million US Dollars and the registered investment is 4 million US Dollars. The investment includes a large wine growing area with over 200 hectares under cultivation in various kinds of grapes. Mr. Zhang Tianhai, who gave us the tour of this modern and impressive facility, is the Chairman and GM of Shandong Weihaiwei Brewery Group Co., Ltd as well as the Chairman of Shandong Weal Winery Co., Ltd. Shandong Weihao Wine Co. Ltd. is the first Sino-America joint-venture wine company in Shandong and involves Shandong Weihaiwei Wine Industry Group and American Weihao company. Presently the company imports grape extract from America’s Napa Valley in California and processes it as wine and bottles in modern stainless steel tanks and a bottling facility on premises.

The vineyard has a very large and impressive three story Chateau with a basement where they store wine in oak barrels in an aging and maturing process. On the ground floor are food and wine selling facilities including restaurants, wine shop and a wine information area that advises both about the wine making process and also specifically about Shandong Weal Winery Company. On the third floor are larger rooms that are suitable for group parties and organized events.

According to Mr Zhang, the area would become increasingly well known for its wine industry. Further, he said that he and officials in Wehai welcomed U.S. wine producers to the area as they hope the area will in the future offer a range of wines and also pleasant tours and wine tasting similar to those in Napa, Sonoma and the many areas in France where wine was not only an industry but also a major tourism and employment generator. Mr. Zhang said that finding trained people to oversee and work in the winery and on the vineyard was not a problem and that he and other major investors welcomed foreign investment in China’s growing wine industry.

According to Gong Bengao, Director of the Industry Investment Promotion Office of Wehai Municipal Bureau Bureau of Commerce. This is the office that assists new businesses in establishing in Wehai. Gong Bengao spent several years in California near Santa Barbara. He said during his stay he had visited many of the wineries near Santa Barbara and had also visited the Napa and Sonoma valleys in California and would soon be visiting the Oregon wine growing area. Gong Bengao said that tourism is a central pillar of the economy as is sustainable agriculture in Wehai and that the city welcomed investors who have wine expertise gained in the U.S., Chile, Argentina or elsewhere to establish vineyards and wineries near Wehai. His office had a goal of having 50 wineries producing by 2020 and that they were hoping that the Shandong Weal Winery company would be a model for other wineries and would form one stop on a wine tasting tour that would draw new tourists into the Weihai-Yantai-Penglai region.

Wine consumption is increasing. China already has many producers but there still seems to be considerable room for new projects. Wine growing and producing areas such as Oregon, California, Chile, Argentina, Australia and New Zealand should really take note of both the growing market for fine wines and also the opportunities for establishing new vineyards and wine making facilities in this dynamic and growing market.

Business opportunity in China: the great opportunity in doing business in China and its risk factors

Are you looking for an opportunity in doing business in China? With its great economic growth, China is now becoming the 3rd largest world economy after the U.S. and Japan. It is the 4th largest country in terms of size and the largest in terms of population. Up to now, China has largely been noted as a location to locate an export base or source product but increasingly it is also developing a significant internal economy that companies are focusing on because of its domestic market.

What is the figure of consumer spending in China? According to NBS or National Bureau of Statistic, China's consumer spending continued to grow strongly as retail sales of consumer goods rose 17.1% in April and 16.9% in May 2011 from a year ago. The figures were released by the National Bureau of Statistics (NBS) and reported by Xinhua News. In April, China's retail sales totaled 1.36 trillion Yuan ($210.2 billion ). Urban retail sales increased 17.3% year on year, faster than the 16.3% rise in rural areas said the NBS. Besides the retail sales record, China's April CPI was up 5.3%, PPI up 6.8% and Industrial output up 13.4%, according to the paper.

Today, in China's large cities like Beijing, Shanghai and Guangzhou, one can see many high-end specialty supermarkets specializing in imported and organic products. These new stores, all owned and operated by foreign retail chains, have rapidly gained popularity not only among expatriates, but also among locals especially the young and rich, who have been worried by a spate of food scandals, reported China Daily. It is estimated by some industry insiders that the primary investment, including high rent for prime locations, is four to five times more than what it costs for an ordinary supermarket.

Besides the specialty food retail business boom in China's first-tier cities, other China second- and third-tier cities are also prepared to offer favorable tax and other policies to help draw foreign retailers to set up shops in their areas. With rising incomes and better infrastructure links in the country, many retailers are now moving into China's many hundreds of cities and towns classified as third and fourth tier to tap into new and lucrative niche markets, reported China Daily in March 2011.
However, Sun Yuanxin, commercial economy specialist at the Shanghai University of Finance and Economics, said to the newspaper that although there are many well-to-do people in these cities, the number is still small compared with the population in general. The up market food sector is still considered in its infancy in China.

Leading retailers such as Wal-Mart from the U.S.,Tesco from the UK and Carrefour from France, for example, are all intent on developing a national presence. Nestle, the world’s biggest food company, agreed in June 2011 to take a 60% stake in China’s Yinlu Foods Group, becoming the latest multinational to target China’s fast-growing food and beverage sector. Nestle has been operating in China for more than 20 years. Note that in China, these stores which are considered "Mass marketers" are often considered specialty and high class in China.
From Asian countries, one of the largest investors is The Charoen Pokphand Group(CP) from Thailand. who's CP Lotus and Super Brand Mall group just opened its first up market food retail brand, Bazaar by Lotus, in Shanghai's Xintiandi, the fashion hub and one of the most famous locations in the city. The retailer provides more than 7,000 products, of which 70% are imported, at its 3,200-square-meter venue decorated in the style of the lively and colorful open markets found in the Middle East. CP has been in China's retail market for decades and this new move is a small part of their overall presence in the country.

Even though China has great business opportunity for foreign investor, not every businessmen had succeed in China. For example, US retailer Best Buy has closed all of its nine brand-named stores recently. Home Depot, another US retailer, announced in January 2011 it was closing its last Beijing store, leaving it with just seven stores in the rest of the country, reported China Daily. The Taste, a subsidiary high-end supermarket brand from Hutchison Whampoa, controlled by Li Ka-shing, Hong Kong's richest man, has not been regarded a success after opening in Shanghai in 2004. This is despite generous support from headquarters and its well-established reputation in Hong Kong. "There is an intense level of competition. Getting the right formula for the China market is critical", said an expert to the paper.The rate of inflation in China is also a concern. It is set to rise further in the first-half of 2011, according to the National Development and Reform Commission In May 2011, annual consumer price inflation hit 5.5% and is forecasted to increase next month and into the fall.

Great Essential Tips for Business Success

Are you wondering on how to make your business success? Are you looking for some business tips for success? Having a successful business is not just a dream but ways to get there is important to know. Here are some business tips on how to make your business success:

You need to understand the flow of your energy, creativity, and talents
Some months you're hot in business but the other months you're business down. Don’t worry about that, that's ok and normal. But one thing you need to remember when doing business is that you won't stay stuck forever as long as you keep trying. When you can identify you best energy and creativity then can plan your business accordingly. Understand your seasonal high points and tap into your peak times for big launches.
Celebrate other people’s successes.
Ever get an email from someone announcing their big success and you just seethe with envy? Well quit it. It's not serving you in any way. There's a win for you in other people's successes if you look closely enough.
Celebrate your own successes
I hear from a lot of people that they're uncomfortable celebrating their own successes because they were taught not to brag. Here's a great workaround: celebrate your success by sharing client success stories. Make sure you include how your mentoring, coaching, consulting, etc helped in this client's success.
Take leadership
As the owner of your business, you are the leader. Even if you're working with a mentor or just starting out, you're the leader and don't need anyone's permission to take action. Get feedback from colleagues or friends, but ultimately the decisions are yours.
Stretch yourself- try new things.
As soon as you feel you've achieved mastery in something, it's time to stretch and learn something new. It keeps your brain sharp and your creativity on fire.
Maintain a positive attitude.
In keeping a positive attitude you can see everything in a more positive way.
Ask for help when you need it.
When someone called me "Little Miss I Can Do It All", I knew it was time to examine my ability to ask for help. During a personal crisis, asking for help was the only option I had. By reaching out, my clients got rock star treatment from some of the top names in our industry as they came to bat for me and filled in. Guest blog posts poured in and I was able to focus on the challenges at home.
Tend to your personal needs: physical, emotional, spiritual, and psychological.
You're better equipped to focus on revenue building activities when your human needs are taken care of. As a leader and a decision maker, you can't afford to neglect your emotional, physical, spiritual and psychological needs.
I hope you'll make more money, grow your business, and give impact to the world.

Business tips to help you success in business: become the expert of your business area

Do you need a tip about the relation between area of business and the success rate of your business? Well actually it is simple, you just have to pick the area that you are very good at. The area of business that you will become expert in. You can use this area of business to build your revenue. It is important to sharpen your revenue building skills in the area of business that you can benefit from. By doing what you are good at, you will get even more better in that area and you can be a specialist in that business area. When you are becoming expert in one area of business then the opportunity to make money in your business is getting higher.

Being an expert in a business can be achieved in many form of business. You can be the expert in material production, industrial area, service and even home based business. Do you think that home based business is nothing but a scam? Well it is not. Home based business has many form and ways to operate. As long as you can be the expert in home based business, then you can also be success in this business.

Revenue building can be achieved in many ways of business activities, but one thing is important is that you have to be the expert in that business if you want to keep a long term business success.

Business tips on how to finance your small business with loan

You might have just asked yourself about how to finance your small business. Actually as a small business owner, you can find some financing options. You can find the right investor who would might interested in your business and willing to invest their money. You can also pull out a business loan or you can also apply for government grants.

How a get a loan for your small business opportunity. But what is loan for small business in general understanding? Generally, loans are borrowed funds that your small business will have to pay back with additional interest. Currently, loan is the most widely available resource for small business funding. How many type of loan program are there available for small business? There are at least three different loan programs for small companies and businesses; the 7(a) Loan Program, the Microloan Program and the CDC/504 Loan Program. Each of these government-sponsored programs is designed for a specific purpose and is available to businesses that meet the standards and requirements of each respective program. However, aside from the previously mentioned government loan programs, as small business owners you can decide to obtain funding from local financial institutions.

What about the interest rate of the loan for small business? Most financial institutions offer a wide variety of business loans with varying interest rates and monthly payments. Common types of business loans include loans for real estate, loans for company equipment and loans for the vehicles you use to perform company services and activities. Each of these loans has the potential to benefit your business in a variety of ways and the usefulness of each loan depends on the type of business you own. Most financial institutions have a portion of their website dedicated to businesses and typically provide information on the type and availability of their loans within this section. If you feel more comfortable meeting someone in person and shaking a hand, most local banks have a dedicated staff for small business owners. They're always more than happy to help.