The purpose of this paper was to analyze the business characteristics and entrepreneurial spirit of Korean business in Indonesia and Malaysia, based on the in-depth interviews about Korean business in Southeast Asia, which was arranged in Indonesia and Malaysia in August 2016. In addition, business characteristics and entrepreneurial spirits were analyzed as five types, such as resource saving type, labour saving type, market opening type, distribution service type and knowledge service types in Indonesia. In the case of Malaysia, it was classified as four types: distribution service type, trade service type, food service type, and Hallyu oriented type. Through the comparative analysis of business characteristics and Korean business’ entrepreneurial spirit in two countries, implications and future research directions have been presented.