On 24 June 2013 EuCham organized the seminar “Success of Korean Companies” hosted by Mr Michael Lee, CEO of YES Korea (Young Entrepreneurs’ Society), Founding Chair of G20 YEA, President of G20 YEA Summit Korean Delegates and CEO of CreBiz Factory.
The seminar first discussed the Korean today’s social factors within which the Korean companies have to operate for their economic development: ageing society, low birth rate, early retirement and youth unemployment.
The secret of the success of the Korean companies, according to Mr Lee is the continuous drive for innovation and improvement in a competitive environment, high zeal in education and a culture of quick movements and operations even in the daily life (e.g. Samsung, LG and Hyundai).
However, the most valuable characteristic for Korean companies, is the willingness of the employees to dedicate to the company’s success, getting no extra payment nor commission.
Besides big corporations, there are many family-run businesses that still play a role in the Korean economy, having the advantage of management with a knowledge of the specific culture of the organizations and their processes.
An interactive Q&A session followed the seminar. Mr Yoon (First Secretary, Embassy of Korea) identified that small and medium companies face difficulties on the international markets due to language barriers and inefficient marketing strategies. However, the Korean government developed programs to assist them in passing those barriers. Moreover, he emphasized on the importance of the long term strategies for future development.