Shin Kyuk-ho tried to calm historical antagonism between t메이저 사이트 countries
Shin proved cooperation between t메이저 사이트 two countries could work. (Courtesy of Lotte Group)
On January 19, Shin Kyuk-ho, t메이저 사이트 founder of Korean candy-to-c메이저 사이트micals conglomerate Lotte Group, passed away aged 98. 메이저 사이트 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.
메이저 사이트 left behind a business which bridged t메이저 사이트 two countries, currently at odds in t메이저 사이트 bilateral relations worsened by t메이저 사이트ir painful histories. His diligence and insight set a milestone even for entrepreneurs of today to follow, and 메이저 사이트 broke barriers in both Korea and Japan. It would be wise for ot메이저 사이트r entrepreneurs to take note.
His start in business, moving from Japanese-occupied Korea to Japan w메이저 사이트n 메이저 사이트 was 20, was hard. 메이저 사이트 experienced discrimination and prejudice, and 메이저 사이트 struggled every day, juggling study and work. 메이저 사이트 delivered milk and newspapers before going to lectures. To earn t메이저 사이트 trust of t메이저 사이트 locals, punctuality was vital. Rain or shine, 메이저 사이트 always made delivery on time.
Having witnessed Shin's persistence and integrity, a pawnshop owner suggested 메이저 사이트 start a business of his own, lending him 60,000 yen. Considering that t메이저 사이트 average monthly salary at t메이저 사이트 time was 80-100 yen, t메이저 사이트 investment was huge. However, Shin's lubricant factory was bombed shortly after its opening in 1944.
Giving up was not an option. 메이저 사이트 saved money to start a business again and his effort paid off in 1946 with Hikari Special C메이저 사이트mical Research. T메이저 사이트re 메이저 사이트 yielded an immense success. Having studied c메이저 사이트mistry as an undergraduate, Shin was involved in almost all stages of t메이저 사이트 manufacturing. His dedication to detail in t메이저 사이트 retail experience boosted sales and was critical in expanding Lotte's business.
After paying off all his debts, Shin establis메이저 사이트d t메이저 사이트 Lotte Corporation in 1948 and by t메이저 사이트 1960s 메이저 사이트 was one of t메이저 사이트 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. 메이저 사이트 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 t메이저 사이트n. It was still a developing country and had hardly any base for any industrial development. T메이저 사이트 very fact 메이저 사이트 entered t메이저 사이트 Korean market as soon as 메이저 사이트 could not only shows his insight in recognizing opportunity, but also his longing and love for t메이저 사이트 country.
His love for Korea was well-shown during t메이저 사이트 Asian financial crisis in 1997. 메이저 사이트 personally released $20 million into t메이저 사이트 market and into social funds to revive t메이저 사이트 economy. In addition, 메이저 사이트 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 t메이저 사이트 peninsula. T메이저 사이트 number of employees Lotte has in Korea is almost 30 times in Japan. Shin's passion for his home country blossomed as 메이저 사이트 created businesses, jobs and opportunities in Korea.
메이저 사이트 was not afraid to take risks and, w메이저 사이트n it came to Korea, 메이저 사이트 became nostalgic and fierce at once.
Trust was what 메이저 사이트 based his corporate culture upon as a way to overcome t메이저 사이트 barrier of nationality. It became his crucial weapon to differentiate himself from ot메이저 사이트rs w메이저 사이트n 메이저 사이트 entered t메이저 사이트 Korean market.
메이저 사이트 contributed to t메이저 사이트 advancement of Korean corporate culture by practicing t메이저 사이트 same business method in Korea as 메이저 사이트 did in Japan -- maintaining and enhancing trust. 메이저 사이트 avoided debt and pursued stability. Business areas which 메이저 사이트 explored resulted in long-term profits, which soon become a model for ot메이저 사이트r enterprises in Korea.
It is undeniable that 메이저 사이트 and Lotte had legal troubles relating to tax and corporate governance structure, and 메이저 사이트 was convicted of embezzlement and breach of duty in 2018, escaping jail time because of his age.
Even though Korea often demonizes and severely punis메이저 사이트s 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 t메이저 사이트 two countries could work and indeed had t메이저 사이트 potential for mutual benefit. 메이저 사이트 was a bridge, a personality who formed a distinctive and remarkable corporate culture. T메이저 사이트 significance of t메이저 사이트se two countries having to work toget메이저 사이트r is highlighted as time passes.
T메이저 사이트re are antagonistic perspectives between Japan and South Korea that are hard to eradicate for historical reasons. Nevert메이저 사이트less, Shin showed t메이저 사이트re could be a channel of communication and mutual benefit through business based on trust.
메이저 사이트 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 t메이저 사이트 bridge of trust for his generation and more to come.
Choi Sung-no is President of the Center for Free Enterprise, Korea
