Korean CEOs working their way toward the international stage
WITH KOREA well on track to world’s leading economies, it is quite easy to notice familiar names and big Korean brands abroad; people across the globe use Samsung mobile phones, watch LG televisions and own Hyundai cars. However, unlike these super-sized *chaebol* companies, you would be surprised at how many more middle-sized Korean enterprises are currently on the roll in the international market. They are standing firmly on the ground, successfully representing their brands and products, as well as Korea itself on the fields of their own specialty. The driving forces behind these companies, of course, are the founders and the CEOs, who brought these companies to where they stand on the global market with nothing but guts and feverish passion. By meeting these CEOs, their insight, knowledge, success and know-how from past experiences can be learned. Stories of living myth, full of hopes and inspiration now unveil.
A Magnetic Charm of Magnet4U - Richard Yoon
“Early in my youth years, I clearly set my priorities straight. The top priority was to earn money and get rich. I tried everything from snack stalls to stock market,” said Yoon. He started running the company at the age of 26 after inheriting his father’s magnet manufacturing and distributing company, which was heavily burdened with debts. Even without any specific business plans, he was always certain of himself. “I always had passion and vision. When you have passion, creativity and invention come along with it. This, I believe, is the key to my current success.”
Since he started running his business, he was searching for good business items and decided to travel some countries hoping for business ideas. “When I was traveling in Japan, I visited a toy exhibition as a part of the tour. Since then, I visited several other famous international toy exhibitions and thought that I could do better than what is featured in the show. That’s when I decided to concentrate on manufacturing toys,” recalled Yoon. He came up with the idea of creating magnetic darts having heard of the dangers of darts. With the magnet skills he possessed, he thought he could invent a dart that was harmless. The world’s first magnetic dart, his very own outcome of passion and vision, was a huge hit in the global market, especially in the U.S. and Japan. He did not stop there. He went on to develop other various magnetic toys including board games such as chess and the innovative MaxMag that consists of magnetic sticks and iron balls, with infinite capability to create shapes and objects.
At the start of his business, he went through hard times because of money problems. As the company grew bigger, the most difficult problem was the “people” problem, dealing with his employees. “I have and am confronted with problems all the time, small and big. However, I never worry too much because I am always confident that I can solve them. I remain optimistic and think everything will be fine the next day.”
Yoon’s passion for his work, optimism as well as focused drive, have paid off with his current success. However, he is not relieved with his current status and will drive himself towards the world best.
Last words to Yonseians: Those who succeed are not necessarily geniuses. It is those with endeavor and guts who are more likely to succeed in their lives. Always have passion and other qualities needed for success will also follow. In addition, if you have a dream and a vision, I recommend reading books on whatever you are planning to do. Books are teachers of your lives and tell us the shortcut to success. Lastly, dream big and build a plan on that dream. Work as hard as you can to achieve those dreams. As university students, now is the best time.
The Shining Beauty of PJ Jewelry - Park Joon-kil
Graduating from a high school in the countryside, he went to Seoul to work for a jewelry company in which his uncle was working, in order to earn money. However, his mindset was changed significantly as he spent years in that factory. “After working there for 8 or 9 years, I started wondering whether I should continue working there. That’s when I decided that I should start my own business,” said Park. “The moment I came out of the company, I was so full of confidence and sure of my own success. Of course, there were fears but the confidence was so overwhelming. I anticipated that moment for such a long time”
The road to success looked bright for the confident young CEO. PJ Jewelry kept growing bigger and faster. At that point, the infamous IMF crisis arose. Everything he built was totally devastated and was on the brink of completely shutting down the company. “It was by far the biggest crisis I have ever encountered but I never gave up.” To this seemingly unsolvable crisis, he thought of exporting his goods abroad as the possible solution. He went aboard on a plane to the U.S. with nothing but a sample of the goods his company produced and guess what? It was his first time going abroad. He went looking for buyers, asking Koreans living there and visiting buyers himself. His efforts finally paid off when buyers, interested in PJ Jewelry’s designs, contracted deals one by one. Since then, his company became export-oriented and was revived to live its golden age. “Many other companies were first reluctant to export their goods. I was quick to act upon this advantage. With confidence, decisiveness and the drive, I could stand on where I am now as the head of the leading company in jewelry industry,” said Park.
There were other impediments as well. During his stay in the U.S. at the time of the IMF crisis, he experienced a life or death situation, being threatened by an armed robber. At that very moment, he lost one hundred million won worth of jewelry. “For a while, I just didn’t see the point of doing business, even risking my life. It was such a big shock that I wanted to give up” said Park. “But I had a hope. I wanted to leave my trace in the world by making Korean jewelry upon which something the world looks. Having high hopes and aims, I stood on my feet again continued working.”
With confidence and endeavor, Park and his company could now stand at where they are. His consistence will drive him further forward.
Last words to Yonseians: I believe ardor is the main quality necessary in realizing success. Nothing can be achieved in a day’s work so one has to build as well as progress continuously, over a long period of time. I believe that if one tries hard enough, the outcome will be equivalent to the effort. From what I see, many university students spend long time thinking about many things in their head. However, don’t take too long because you are then more likely to miss chances. Lastly, always aim high and continuously challenge yourselves. Don’t make your dreams remain only dreams. Make them become real.
Bioengineering success of Biospace - Cha Ki-chul
“I believe I spent more time studying than most of the CEOs did,” said Cha. His resume is quite impressive; after graduating from Yonsei University; he went on to study in KAIST and was received with a Ph D in Bioengineering at the University of Utah in 1992. He also earned a Post Doctoral Degree at Harvard Medical School.
Finishing his studies in America, he returned to Korea in order to start and run a business of his own. However, things were not looking easy for the man who spent years solely on academics. “Doing business requires many things such as human networking, as well as an ability to solve problems and obtain capital. I started with none of those.” Neither did he have any experience in business nor life outside school. A year and a half since Biospace’s establishment, he developed the company’s first product worth 17 million won, many times more expensive than American and Japanese imports. “17 million won was the sum of all my company expenditures. Selling one device was enough to run the business for a month. My aim was to sell one device a month. I was happy just to keep the business running,” recalled Cha. Despite his worries, Biospace’s first product slowly gained recognition in major hospitals. The company grew and grew.
The next step was of course the world market. When many people would be first overwhelmed by the gigantic world market, Cha’s view was different. “I believed that doing business America would not be any harder than Korea if not easier. By courageously confronting all difficulties and improving upon wrongdoings, I thought success would naturally follow.”
There were difficulties too. Competing companies were always try to interfere with Biospace’s work and many of the company’s employees were young and inexperienced. Solving difficulties and problems generally took a long time because of these factors. However, always unafraid of new challenges and full of confidence, the company could expand its market to 37 nations.
Last words to Yonseians: In our society, people talk a lot about experience. Many people think that experience is something accumulated over a period of time but I think it’s not true. Experience is worthless unless something has actually been achieved. This experience I’m talking about cannot be earned in a day’s work and should be done with consistent ardor. However, as you grow older, you are likely to miss chances and lose the energy to achieve. Therefore, as university students, now is the best time to use that energy. Work and study like you have never done before and achieve your goals. If you achieve those goals, reach further for the next step. Don’t expect success without ardor. Ardor is the main quality that decides success and failure.
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The interviewees completely differed in areas in which they participate. Their personality, work ethics, and life style also seemed to vary substantially. However, from these three different people, similarities can be found. All three of them had clear visions and were so confident in themselves, but the most important and consistent factor of these CEOs’ success was ardor. Through all difficulties and obstacles, ardor was their ultimate answer. The new semester is now starting. Now is the time we renew our mindsets and work arduously to achieve aims. Better later than never.
Bae Han-keol
hankcool@yonsei.ac.kr