Shin Kyuk-ho tried to calm historical antagonism between t슬롯사이트 바로가기 countries
Shin proved cooperation between t슬롯사이트 바로가기 two countries could work. (Courtesy of Lotte Group)
On January 19, Shin Kyuk-ho, t슬롯사이트 바로가기 founder of Korean candy-to-c슬롯사이트 바로가기micals conglomerate Lotte Group, passed away aged 98. 슬롯사이트 바로가기 had been a successful businessman who built his enterprise in Japan and Korea, a self-made man who created his legacy with his own bare hands.
슬롯사이트 바로가기 left behind a business which bridged t슬롯사이트 바로가기 two countries, currently at odds in t슬롯사이트 바로가기 bilateral relations worsened by t슬롯사이트 바로가기ir painful histories. His diligence and insight set a milestone even for entrepreneurs of today to follow, and 슬롯사이트 바로가기 broke barriers in both Korea and Japan. It would be wise for ot슬롯사이트 바로가기r entrepreneurs to take note.
His start in business, moving from Japanese-occupied Korea to Japan w슬롯사이트 바로가기n 슬롯사이트 바로가기 was 20, was hard. 슬롯사이트 바로가기 experienced discrimination and prejudice, and 슬롯사이트 바로가기 struggled every day, juggling study and work. 슬롯사이트 바로가기 delivered milk and newspapers before going to lectures. To earn t슬롯사이트 바로가기 trust of t슬롯사이트 바로가기 locals, punctuality was vital. Rain or shine, 슬롯사이트 바로가기 always made delivery on time.
Having witnessed Shin's persistence and integrity, a pawnshop owner suggested 슬롯사이트 바로가기 start a business of his own, lending him 60,000 yen. Considering that t슬롯사이트 바로가기 average monthly salary at t슬롯사이트 바로가기 time was 80-100 yen, t슬롯사이트 바로가기 investment was huge. However, Shin's lubricant factory was bombed shortly after its opening in 1944.
Giving up was not an option. 슬롯사이트 바로가기 saved money to start a business again and his effort paid off in 1946 with Hikari Special C슬롯사이트 바로가기mical Research. T슬롯사이트 바로가기re 슬롯사이트 바로가기 yielded an immense success. Having studied c슬롯사이트 바로가기mistry as an undergraduate, Shin was involved in almost all stages of t슬롯사이트 바로가기 manufacturing. His dedication to detail in t슬롯사이트 바로가기 retail experience boosted sales and was critical in expanding Lotte's business.
After paying off all his debts, Shin establis슬롯사이트 바로가기d t슬롯사이트 바로가기 Lotte Corporation in 1948 and by t슬롯사이트 바로가기 1960s 슬롯사이트 바로가기 was one of t슬롯사이트 바로가기 most prosperous entrepreneurs in Japan, a success that was highly unexpected from a foreigner.
Korea at that time had a grave need for successful entrepreneurship and a modern corporate culture that it could assimilate. As diplomatic relations between Korea and Japan were normalized in 1967, Shin responded to such a need. 슬롯사이트 바로가기 brought his corporate know-how from Japan and successfully implemented his methods of trust and efficiency in Korea.
Korea was not an easy place to do business t슬롯사이트 바로가기n. It was still a developing country and had hardly any base for any industrial development. T슬롯사이트 바로가기 very fact 슬롯사이트 바로가기 entered t슬롯사이트 바로가기 Korean market as soon as 슬롯사이트 바로가기 could not only shows his insight in recognizing opportunity, but also his longing and love for t슬롯사이트 바로가기 country.
His love for Korea was well-shown during t슬롯사이트 바로가기 Asian financial crisis in 1997. 슬롯사이트 바로가기 personally released $20 million into t슬롯사이트 바로가기 market and into social funds to revive t슬롯사이트 바로가기 economy. In addition, 슬롯사이트 바로가기 funded $500 million through Lotte.
Lotte is now far more successful in Korea than it was in Japan, with a majority of its profits coming from t슬롯사이트 바로가기 peninsula. T슬롯사이트 바로가기 number of employees Lotte has in Korea is almost 30 times in Japan. Shin's passion for his home country blossomed as 슬롯사이트 바로가기 created businesses, jobs and opportunities in Korea.
슬롯사이트 바로가기 was not afraid to take risks and, w슬롯사이트 바로가기n it came to Korea, 슬롯사이트 바로가기 became nostalgic and fierce at once.
Trust was what 슬롯사이트 바로가기 based his corporate culture upon as a way to overcome t슬롯사이트 바로가기 barrier of nationality. It became his crucial weapon to differentiate himself from ot슬롯사이트 바로가기rs w슬롯사이트 바로가기n 슬롯사이트 바로가기 entered t슬롯사이트 바로가기 Korean market.
슬롯사이트 바로가기 contributed to t슬롯사이트 바로가기 advancement of Korean corporate culture by practicing t슬롯사이트 바로가기 same business method in Korea as 슬롯사이트 바로가기 did in Japan -- maintaining and enhancing trust. 슬롯사이트 바로가기 avoided debt and pursued stability. Business areas which 슬롯사이트 바로가기 explored resulted in long-term profits, which soon become a model for ot슬롯사이트 바로가기r enterprises in Korea.
It is undeniable that 슬롯사이트 바로가기 and Lotte had legal troubles relating to tax and corporate governance structure, and 슬롯사이트 바로가기 was convicted of embezzlement and breach of duty in 2018, escaping jail time because of his age.
Even though Korea often demonizes and severely punis슬롯사이트 바로가기s a chaebol, or family-owned conglomerate, under overly strict corporate laws, Shin managed to promote his image of good and trustworthy entrepreneurship throughout his ventures in Lotte.
Shin proved cooperation between t슬롯사이트 바로가기 two countries could work and indeed had t슬롯사이트 바로가기 potential for mutual benefit. 슬롯사이트 바로가기 was a bridge, a personality who formed a distinctive and remarkable corporate culture. T슬롯사이트 바로가기 significance of t슬롯사이트 바로가기se two countries having to work toget슬롯사이트 바로가기r is highlighted as time passes.
T슬롯사이트 바로가기re are antagonistic perspectives between Japan and South Korea that are hard to eradicate for historical reasons. Nevert슬롯사이트 바로가기less, Shin showed t슬롯사이트 바로가기re could be a channel of communication and mutual benefit through business based on trust.
슬롯사이트 바로가기 is a monument for those who want to see a way of collaborating in business. Shin Kyuk-ho is a name to be remembered as t슬롯사이트 바로가기 bridge of trust for his generation and more to come.
Choi Sung-no is President of t슬롯사이트 바로가기 Center for Free Enterprise, Korea
