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Korea Federation of Small & Medium Business - Essay Example

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Korea Federation of Small & Medium Business

The federation continued to grow and in 1994, the Workface Service Corps for following workers was established. In 1997, small and medium business training centre was established.
There was marked growth on the federation in the 1990s which continued in the 2000s. In 2004, the federation establish outlet in Daegu and in 2004, it opened an agency office in Wonju, Gangwon-do which brought to seven the number of agency offices national wide. In 2006, the federation changed its name to Korea federation of small and medium business (Kbiz). This is an outline of a brief history of how the federation has evolved since the 1960s to play it's currently role in the economy and in the business world.
During its establishment the federation had set vision which was defined by a set of objectives. Kbiz had the vision of becoming a reliable partner of small and medium enterprises in order to realize dreams and goals in their operation. Therefore it was aimed at standing at the centre of the creation of new opportunity and future value offering the necessary support to the SMEs to help them continue with their innovation, and take them through their challenges.
In order to achieve this it had a hope model that outlined what the federal is aim at achieving. As revised during changing of its name, the federation was aimed at offering high service to the clients as give valuable services that will help SMes save time and money, development of a open network of fibers value creation network to be achieved through management which upholds the spirit of entrepreneurial spirit and efforts of the SMEs, and offering excellent effort to the SMEs by linking and connecting different people and different businesses.
Activities
The federation has been involved in a number of activities which are all aimed at helping the working of the SMEs. The federation is involved in SMEs policy development and research. In this regard, the federation host discussions with experts in order to identify problems that are faced by SMEs and therefore come up with recommended policies that can be adopted by the government and other related authorities and also helping the SMEs to pursue other means of achieving these recommendations. The federation carries out researches and provides all statistics and information as regards the operations of SMEs in the country. The federation also has been able to establish and operate innovative SMEs regulation centre which ensure that there is a favorable environment for formation of companies. In this regard it has been able to identify incentives and other areas of alleviation that are necessary for the operation and formation of these businesses. (Kbiz, 2008)
The federation has also been active in organizing and development of the SMEs by supporting a collective initiative. Kbiz has been proving support to help the SMEs to corporate and purse growth together. This has helped tem to advance and increase their financial viability which makes them an attractive investment destination for many investors. Kbiz also support necessary collective activity which is based on the spirit of mutual assistance aimed at enabling such activities like the development of technology, collective brand development, and several other activities which many businesses cannot conduct alone. The federation al ...Show more

Summary

Korea Federation of Small & Medium Business was established in 1962, after the SMEs act was declared and enacted in the constitution in 1961. The federation operated and continued to expand and in 1974, it opened its first launch branch in Daegu/Gyongkik. From this one the federation has been able to open other thirteen branches nationwide…
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