'Venture 1st Generation' Byeon Dae-gyu Emphasizes 'Entrepreneur' in Venture Companies

Keynote Speech at Venture Summer Forum on the 23rd
"The Era of Entrepreneurs Will Come"

Byun Dae-gyu, chairman of Humax Holdings and a symbol of the first generation of ventures, emphasized the importance of ‘entrepreneurs’ to venture companies.

On the 23rd, Chairman Byun delivered a keynote speech titled “Entrepreneurs, Understanding Change and the Future of the National Economy” at the ‘Venture Summer Forum’ held at Lahan Hotel in Jeonju, Jeollabuk-do.

Byun Dae-gyu, Chairman of Humax Holdings, is delivering a keynote speech on the theme "Entrepreneurs, Understanding Change and the Future of the National Economy" at the 'Venture Summer Forum' held on the 23rd at Lahan Hotel in Jeonju, Jeonbuk.

Chairman Byun explained, “Personally, I believe the era of entrepreneurs will come,” adding, “The smartest people in that society will become entrepreneurs. There are so many business opportunities created by people’s light desires and wishes.”

He continued, “Nine out of ten companies in the Anglo-American world that have high market capitalization or are considered successful are in the service industry. I think this is the reality of the Fourth Industrial Revolution happening right now,” and said, “Even in countries like Korea, where the manufacturing sector accounts for about 20%, the service sector accounts for nearly 70 to 80%. Ultimately, the future of any country will be determined by what and how value is created in the service industry, which has the largest share.”

Chairman Byun also said, “The era of entrepreneurs is linked to the characteristics of the Fourth Industrial Revolution,” citing Facebook as a representative example. He said, “People love Facebook so much, and just the desire to feel good when someone clicks ‘Like’ on their photos or posts has created a company worth hundreds of trillions of won,” adding, “Thanks to technological innovation, we now live in a world with many ways to satisfy that desire, and the cost of turning such opportunities into reality in business is much lower than before.”

He emphasized, “What entrepreneurs do is not so much about how to do it, but what to do that becomes a much more important issue,” and added, “Entrepreneurs always adapt to change, fight within change, seize opportunities, and when they discover those opportunities, they try, fail, and evolve. This is the behavior of entrepreneurs.”

He analyzed that the purpose of a company’s existence is ‘wealth creation.’ Chairman Byun said, “Regarding the purpose of a company’s existence, some say maximizing shareholder value or sometimes maximizing stakeholder interests, but personally, I see it as creating wealth,” and added, “If a company wants to create wealth and make society prosperous, entrepreneurs must engage in both entrepreneurial innovation and managerial innovation.”

Along with this, Chairman Byun added, “Mixing entrepreneurial innovation and managerial innovation is like producing fifteen jars of rice from ten jars of rice in a kiln, which is the process of creating wealth.”

The Venture Summer Forum is one of the largest events in the venture industry and is held for three days starting from this day in Jeonju, Jeollabuk-do. Co-hosted with the Jeonbuk branch of the Korea Venture Business Association, the forum was attended by about 260 people, including venture company representatives and executives, government ministry officials, and related organization personnel.

This content was produced with the assistance of AI translation services.