Business in South Korea
BUSINESS CULTURE IN SOUTH KOREA
Korean culture is heavily influenced by Confucian values and this shows in every aspect of life in South Korea. Authorities, seniors, and elders are always respected, and families and friendships are an extremely valuable part of life. South Korea is more conservative both in everyday life and business environment than the Western world but it should be considered as getting different opportunities to do business.
Greetings and introduction
If possible, the best way to be introduced to a Korean business person is through a third party. The traditional greeting among Koreans is a bow but nowadays people also shake hands just as commonly though usually both a bow and a handshake are done at the same time. When shaking hands it is respectful to support your right forearm with your left hand, and when bowing juniors bow first and lower than their seniors. First meetings are usually meant for building a relationship so it is very common that Korean business people ask a lot of personal questions regarding age, family life, or work. This way they also find out how to treat their business partners, as authority and seniority are very important in Korean culture. On the first meetings it is important to exchange business cards which are usually presented and received with both hands as a sign of respect.
Addressing
Koreans usually have three names: a family name and a given name that consists of a generational second name and a personal name, for example Kim Jae Hyuk, where Kim is the family name and Jae Hyuk the given name. Some people may also use a Western first name in the business world if they meet a lot of foreign business partners. Kim, Lee, and Park are the most common family names in South Korea so it is very important to remember your business partners’ first names as more than half of the population are Kims, Lees, and Parks.
When addressing Korean business partners, it is best to use the combination of their
Korean culture is heavily influenced by Confucian values and this shows in every aspect of life in South Korea. Authorities, seniors, and elders are always respected, and families and friendships are an extremely valuable part of life. South Korea is more conservative both in everyday life and business environment than the Western world but it should be considered as getting different opportunities to do business.
Greetings and introduction
If possible, the best way to be introduced to a Korean business person is through a third party. The traditional greeting among Koreans is a bow but nowadays people also shake hands just as commonly though usually both a bow and a handshake are done at the same time. When shaking hands it is respectful to support your right forearm with your left hand, and when bowing juniors bow first and lower than their seniors. First meetings are usually meant for building a relationship so it is very common that Korean business people ask a lot of personal questions regarding age, family life, or work. This way they also find out how to treat their business partners, as authority and seniority are very important in Korean culture. On the first meetings it is important to exchange business cards which are usually presented and received with both hands as a sign of respect.
Addressing
Koreans usually have three names: a family name and a given name that consists of a generational second name and a personal name, for example Kim Jae Hyuk, where Kim is the family name and Jae Hyuk the given name. Some people may also use a Western first name in the business world if they meet a lot of foreign business partners. Kim, Lee, and Park are the most common family names in South Korea so it is very important to remember your business partners’ first names as more than half of the population are Kims, Lees, and Parks.
When addressing Korean business partners, it is best to use the combination of their