In 2023, the number of foreigners residing in Korea exceeded 2.4 million, including short-term residents. Many foreigners come to Korea to find work or to start a new family. However, recently, the number of foreigners attempting self-employment is increasing.

In 2022, the number of self-employed foreigners doing business or running restaurants in Korea is 43,200, an increase of 6,100 (16.4%) compared to 2021. In Korea, the number of foreigners will increase significantly in the future due to the low birth rate and aging population, and it is expected that the number of foreigners attempting self-employment will also increase.

Being self-employed in an unfamiliar country means taking on new challenges through starting a business. Starting a business is completely different from simply having a job. You must take full responsibility for your own work. If you succeed, you can make a lot of money, but if you fail, you can lose everything.

Nevertheless, foreign residents who take on this risky job are likely to be people who have adapted to life in Korea, have capital and Korean language skills, and have a certain level of confidence. However, even with these abilities, it is not easy to become self-employed.

It is said that over 80% of Koreans close their businesses within 4 years of starting a business. What should a foreigner do to succeed in the risky startup market, especially in an unfamiliar country like Korea? How great would it be if someone who has experienced success and failure gave you advice?

Papaya Story introduces the story of Mr. Gurung, a Nepalese businessman who started a Southeast Asian food ingredient store in 1999 with only 3 million won, then expanded the number of branches by 54, and in 2012, recorded annual sales of 1 billion won and net profit of 300 million won at a Nepalese restaurant.

Mr. Gurung still operates three restaurants and earns a considerable amount of income.

If you listen to the story of Mr. Gurung, a senior in starting a business, you will be able to get hints on what and how foreigners who are trying to start a new business should prepare. It will also be a good stimulus for foreigners who have already started a business and are trying to succeed, to reflect on themselves.

Annual sales of 1 billion won and net profit of 300 million won. Would you like to take on the challenge?