Essentials for Economic Success

By Jahan Alamzad

I had the privilege of advising one of Korea's largest international companies between February and September of this year. Although I had worked with Korean companies in the past, being primarily based in Seoul for this project gave me a consummate vantage point for business in Korea.

We in the United States can learn much from Koreans in this difficult economic time. The pattern of conducting business activities, coupled with the unique blend of an enthusiastic workforce, has made this relatively small country, roughly a quarter of the size of California, the 13th largest economy in the world.

Whereas Korea is also experiencing the pinch of the harsh economic downturn worldwide, the economic fundamentals of the country are so solid that weathering through this severity will most likely be quicker than others.

Spotlighting what I see as the five key elements of Korea's phenomenon success would be revealing:

No Whining

In Korea, finding business solutions takes precedence over gripes about work. Instead of continual complaining about every and all things, Koreans just work harder, put in longer hours and focus on achieving what they have promised to deliver to their organizations. Finding solutions rarely goes through tetchy sessions or testy arguments about dislike of the workplace.

Practical Confucianism

It is often said than Korea is more Confucian than China. The attractive part of this is the relationship between the executives and their subordinates. At the first glance, one might suspect that kind of rigid structure would stifle initiatives. However, Koreans have been able to leverage the Confucius edicts to be more innovative in the global economy.

Thirst for Education

From early on when youngsters are sent to private tutoring after normal school hours and on weekends, the value of education is ingrained in Koreans. That value permeates later on to various echelons of management where the most valued are those best educated. The result is an unquenched thirst of Koreans to excel throughout life by seeking knowledge, and putting that knowledge to good use.

Results Matter

Maybe one can find the reason for this in the aftermath of the devastating Korean War just a couple of generations ago. This country built itself out of the ashes of that conflict by being driven and result oriented. Starting from scratch, Koreans built their industrial powerhouse brick by brick, and they took the nation forward by focusing on results.

Be Dynamic, Have Fun

More often than not in this country, the stress of business gives way to the joy of after-work merriments. Yet, Koreans seem to enjoy the work-life itself, and for that they are dynamic in pursuit of business excellence. And they try to make it fun while doing so. One can even hypothesize that because they are having so much fun, they are consequently vibrant at work.

All in all, after spending much time in Korea, the understanding becomes categorical why this country is called an Asian Tiger.

A few steps ahead of the competition in the global economic battlefield cannot be sustained by any nation unless the right and sufficient ingredients are present in its society.

No doubt challenges remain. But, Korea has proven that a nation bent unwaveringly on sustaining prosperity can achieve that by focusing on the essential elements. It has been bliss witnessing that in this country.

Jahan Alamzad is managing principal of CA Advisors (www.ca-advisors.com), a management consulting firm in San Jose, Calif. He specializes in the application of advanced analytical techniques to complex business problems. He can be reached at jahan.alamzad@ca-advisors.com