Until recently, I used to have only a very vague understanding of the word business. To me, it involved maybe transactions and advertising, with an ultimate aim of profit maximization. Then I learned that financing and marketing are the most important aspects of business, I have been putting all my efforts to learn these fundamentals through participating in my school’s business club and, especially, the Korea National Business Competition.
The Korea National Business Competition (KNBC), sponsored by Maekyung Biz, was held from August 1st to August 3rd at the Coex Exhibition Center and the Intercontinental Parnas Hotel. I was familiar with the concept of “business competitions” thanks to my school’s “Business Club,” but it was cool to see such a large event taking place in South Korea. The KNBC involved 25 or more teams high school teams from South Korea. Each team was composed of four to eight members. This year, the topic was to “form a new business utilizing the Line Corporation’s services.” Line is a South-Korea based social media company that has expanded as the most used SNS platform in several South-east Asian countries such as Thailand.
[A selfie taken by Matthew Choi of the KNBC promotion poster
Among various services provided by Line, our team chose Line’s social media outlet. All of the teams were given approximately one and a half months to prepare. Although the process involved overturning and rebuilding our ideas countless times, fixing the finance chart at the last minute, and improvising our presentation, we had the utmost confidence that our team would do well in the competition.
Each day was composed of different events. For example, on August 1st, we were given a chance to get help from our mentors, who gave feedback on how to improve our ideas. The second and third days consisted of the elimination round to determine who had the best business idea. The judges, who were business professionals, and the peers criticized and complimented each team’s business plan. Our team recorded 1-1 in the qualifiers, and had to win one more match to make it into the elimination round. During the elimination round, we received the same mark but lost; we could not proceed further into the competition, since it was formatted like the NBA playoffs.
[The waiting venue where KNBC participants prepared for the competition
Although the final loss hurt, we still took it gladly. We knew that all of our members put their best efforts, and our record was sufficient enough to reflect our performance and work ethics. I have to say that regardless of the result, it was a valuable experience for me to participate in the KNBC, since it allowed me to explore the business concepts in depth and cooperate with other future business leaders to build a novel yet sustainable business model. As a high school student, it was worthwhile to experience the real process of making financial decisions finance, organizing data charts for income, revenue, and profit, and coming up with practical solutions. After all, trying out new experiences is what fosters growth within us.
Asia Pacific International School
Matthew Choi firstname.lastname@example.org
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