koreaherald.com/view.php?ud=20…
To show how crazy that number is, we have to consider the fact that as of February 2019, there are 38,695 McDonald's restaurants *throughout the world.*
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koreaherald.com/view.php?ud=20…
biz.newdaily.co.kr/site/data/html…
It depends on individuals' expertise and who does the planning. I majored in political science and economics. So I'm not a total dummy when it comes to business. Or so I thought.
The second thing that hit me hard was that the rep also neglected to tell me that the corporate parent company was planning to really double down on their own delivery service.
The third thing that really hit me, and this one wasn't foreseen even by corporate, was the excessively high minimum wage that was established by the Moon administration.
So, although I thought I was smart enough to deduce a good business opportunity, I made the mistake of forgetting that I'm not an expert who has access to on-the-ground statistical figures.
What are the alternatives? To explain, who are the people who go into these types of oversaturated businesses? There are approximately 6 million self-employed business owners (SMEs) in SKorea.
That's 1/4 of SKorea's workforce.
koreajoongangdaily.joins.com/news/article/a…
Imagine that you worked for a large corporation doing God-knows-what and then one day find yourself training your replacement.
As mentioned before, these businesses have the most accessible distribution networks and name recognition.
So, people do plan and think before they open their businesses. They're not opening the 90,000th chicken eatery because they're stupid. They're doing it because they have no better options.