From survival to self-fulfillment

Following is the fourth in a series of articles marking the 70th anniversary of Korea's liberation from the 1910-1945 Japanese colonial rule. ― ED.

Perspectives on business undergo changes over past 70 years

By Lee Min-hyung

Lee Kyu-dae, chairman of Medical Dream, a healthcare devices maker, speaks about the changed business environment over the past few decades at his office in Pangyo, Gyeonggi Province, Monday.
/ Courtesy of Innobiz Association

Jenny Lim, CEO of Cosmo Angels, a startup operating the business-card sharing application Beezling, explains how she was motivated to start the business at her office near Hakdong Station, southern Seoul, Wednesday.
/ Courtesy of Cosmo Angels

Korea has grown into the 13th largest economy from a state of devastation after it was liberated from Japanese colonial rule in 1945.

Apart from the economic development over the past 70 years, perspectives on business have also undergone dramatic changes.

Lee Kyu-dae, 58, chairman of Medical Dream, a healthcare devices maker, said people started businesses simply for survival in the 1960s.

"When I was nine years old, I had to beg for food at grocery stores not just for myself but my family," he said in an interview.

"At that time, all business people had the same goal of making money to buy something to eat. There was no such thing as a business philosophy."

But as the economy grew rapidly in the 70s, backed by industrial development programs led by the then authoritarian government, things began to change. He said businesses started to diversify in line with rapid industrial development.

"In the 70s, wholesale businesses started to boom. Some people sold industrial tools in a shopping district near Cheonggye Stream in Seoul."

The government's move to promote higher education in the early 80s served as a turning point helping people start their own business, he said.

"More people could receive higher education during the period, and many of them started to open a business," he added.

Despite the changes, the general perception about running business was associated with high risks and uncertain returns.

"This mood continued until the 90s," he said. "Young people preferred to get hired at a company."

That's when he started to run his own business.

"At first, I sold cabbages to collect money for my next goal; selling clothes," he said. "After saving 10 million won ($8,400), I started distributing shoes, and in 1996, I was able to distribute American clothes at a department store in Seoul."

But he realized the business was at the mercy of seasonal factors, so decided to set up Medical Dream.

Currently, he is also serving as the head of the Innobiz Association, helping innovative startups to grow enough to compete globally.

He said the younger generation has more opportunities as they live in a global era, while he had to rely on the local market when he first started his business. "If their creative ideas are shared, it will create enormous synergy which our generation never dreamed of."

Business as means of self-fulfillment

If the old generation ran a business for survival, young entrepreneurs are dream catchers and pursue self-fulfillment though their business. It also became relatively easier to start a business.

Jenny Lim, 28, CEO of Cosmo Angels, a startup operating business card-sharing application Beezling, said young people can open a company with less initial capital than before.

This reflects the global trend of shifting the offline business environment to an online one. Operating business on the web or mobile sectors can save a lot of money as there is no limit to space, she said.

"Above all, the infrastructure for startups has been well-established in recent years, which I believe is the key factor in the growing popularity of startups," she said. "There are plenty of opportunities for them to give it another shot if they fail. This is the biggest difference between our generation and the previous one."

Her motive to start a business was completely different from that of the older generation. She said her priority was to find a motivational factor.

"The most important thing is to realize my true potential by continuously taking on challenges," she said. "I am not interested in making a living with my business. Standards for success have changed significantly from what they used to be."

She cited a diversified media environment as another driving force to motivate the younger generation.

"The growing popularity of the Internet and relevant media is leading young people to come up with more creative ideas," she said. "For example, success stories of social networking platforms such as Facebook and Instagram are motivating young people into running their own business."

The GPS-based mobile business card service Beezling received the second prize at a young startup competition hosted by the Small and Medium Business Administration last year.

"I worked in the fashion industry before starting the service. The two industries are totally different, but I decided to run the business simply because I felt I had to," she said.

She said the idea for the service came from inconvenience she experienced whenever she met people. "Exchanging business cards is very important in Korea, but we cannot always share our cards in person due to the limit of time and space."

She attributed her success to taking on challenges and being ready to adapt to changes.