"Youth Challenges Drive Growth"... Young Small Business Owners Share Their Struggles

"Growth and Leap of Young Small Business Owners" Forum
Presentations Focused on Case Studies of Young Entrepreneurs

An event was held to share the challenges and experiences faced by young small business owners during the startup process and to seek solutions.

On December 8, the Ministry of SMEs and Startups announced that it held the third relay roundtable on small business growth under the theme of "Growth and Leap of Young Small Business Owners" at the Youth Center in Yeongdeungpo-gu, Seoul.

This roundtable, which follows the "Small Business Recovery and Stability Roundtable Season 1" held from July to October, was organized as the third session of "Relay Roundtable Season 2 Focusing on Small Business Growth," which began last month. More than 20 participants attended, including 10 representatives of young small business owners, academic experts, and private sector experts in branding and distribution.

The third session focused on "people-centered growth," particularly highlighting the roles and growth paths of young small business owners. First, Park Seungbae, a professor at Seoul National University of Science and Technology, gave a presentation titled "Growth Strategies for Youth in the Era of Lightweight Civilization." He emphasized that youth entrepreneurship is the driving force behind innovation in the entire small business ecosystem, and highlighted the strengths of the younger generation, such as branding and content-based competitiveness and adaptability to the market.

Next, Noh Jihyun, the young small business owner and CEO of "Neurin Meokgeori Bugakga," delivered a presentation on "Opening New Markets with Bugak: The Growth and Global Challenge of Youth Entrepreneurship." She shared her experience in launching a brand utilizing bugak, a traditional food ingredient, and introduced case studies on expanding online sales and preparing for exports to the United States.

Finally, Lee Chungwhan, President of the National Federation of Merchants, gave a presentation titled "Talking About Youth Lee Chungwhan: The Journey from Youth Challenge to Leader of the Merchants Federation." He shared his experiences, from starting his business at the age of 28 to expanding his enterprise and growing into the leader of the National Federation of Merchants, vividly conveying the real concerns and turning points of growth that young people encounter in the field.

During the open discussion, participants exchanged opinions focusing on the difficulties and new opportunities that young small business owners face in the process of starting and running their businesses. Topics discussed included practical difficulties in stabilizing early-stage startups, cases of growth for youth-based local brands, factors for strengthening competitiveness such as branding and marketing, possibilities for global expansion and the use of online sales channels, and the need for policy design based on listening to the voices of young people.

Lee Byungkwon, the Second Vice Minister of the Ministry of SMEs and Startups, stated, "Based on the newly established 'Second Vice Minister System' dedicated to small businesses, we will provide more systematic and prompt support for young small business owners." He emphasized, "Young people are the main agents of change in market trends, armed with sophisticated branding, quick adaptability, and a spirit of challenge, and their challenges are the driving force behind small business growth." He added, "Rather than the government deciding the answers in advance, we will continue to listen and make improvements so that the changes and experiences created in the field are naturally reflected in policy."

Going forward, the Ministry of SMEs and Startups plans to further elaborate the blueprint for small business growth policies by continuing the remaining sessions of Season 2 relay roundtables, which will cover topics such as local and global markets, regional commercial districts, and small manufacturers.

This content was produced with the assistance of AI translation services.