Tuesday, May 12, 2015

201302308 Dooseok Lee / Protecting and supporting small businesses / Wed 1-3pm

Have you seen cases when certain business succeeds, similar businesses arise making use of its naming and ideas? Claiming intellectual property when doing new business is very difficult in Korea. When certain business succeeds, other entrepreneurs apply its intellectual property and open a similar business. This happens a lot to small business entrepreneurs because they do not have money and power to keep hold of their intellectual property. Therefore, the Korean government should support small business entrepreneurs protect their intellectual property in order to protect small businesses, encourage new businesses, and change major-company focused economy..

When entrepreneurs of small companies start their business, they face other people copying their initial ideas. This is a bad situation for them because arise of similar businesses also means loss of profit. To prevent this, they need help of law. However, claiming rights by law is a big burden to them because hiring lawyers is too expensive. Small businesses are a crucial part of healthy economy. They bring diversity to the market, thus providing many choices to consumers. Therefore, the government should protect them for country's economy.

New businesses are also a very important factor for healthy economy. If new businesses do not appear, current businesses make use of that situation and they do not show will for improvements and developments. However, if intellectual property is not well protected and other firms can easily make use of it, new businesses will not be opened. No one will be willing to start new business in a situation when other wealthy firms can easily steal their ideas. The government should thus support new businesses in order to prevent these situations.

Current Korean economy is focused on major companies. This kind of environment is not very ideal because it generates monopoly and loss of diversity. Consumers will be provided with limited choices. However, encouragement of small business can prevent this situation because it encourages competition. Therefore the government should focus on supporting small business to empower them against big firms.

           Supporting small businesses brings benefits to the economy. However, setting aside the benefit it brings, it is still important when it comes to protecting their intellectual property. If the government lets this situation, which major firms easily steal small businesses ideas because small businesses don't have law and financial power to stop it, it is not right at all. It's a matter of letting crime happen or not. Thus, Korean government should be more focused on protecting small businesses.



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