According to a survey conducted in South Korea in 2022, around 79 percent of total early-stage entrepreneurs stated that they are starting or running a new business to build great wealth or a very high income. Another motivation for South Korean entrepreneurs was to earn a living due to job scarcity.
Motivation for early-stage entrepreneurial activity in South Korea in 2022
< Definitions of listed indicators according to the source >
- Necessity-driven: percentage of the population aged 18–64 years who have started a business out of necessity because they had no other option.
- Opportunity-driven: percentage of the population aged 18–64 years who have started a business out of an opportunity.
The survey data shows that 11.9 percent of the total respondents reported to be involved in early stage of entrepreneurial activity, either in the process of starting a business or already started a business which is less than 42 months old.
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GEM. (February 16, 2023). Motivation for early-stage entrepreneurial activity in South Korea in 2022 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/
GEM. "Motivation for early-stage entrepreneurial activity in South Korea in 2022." Chart. February 16, 2023. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/
GEM. (2023). Motivation for early-stage entrepreneurial activity in South Korea in 2022. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/
GEM. "Motivation for Early-stage Entrepreneurial Activity in South Korea in 2022." Statista, Statista Inc., 16 Feb 2023, https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/
GEM, Motivation for early-stage entrepreneurial activity in South Korea in 2022 Statista, https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/ (last visited November 22, 2024)
Motivation for early-stage entrepreneurial activity in South Korea in 2022 [Graph], GEM, February 16, 2023. [Online]. Available: https://www.statista.com/statistics/880556/south-korea-early-stage-entrepreneurial-activity-motivations/
