Advice from Nam Min-woo, '1st Generation Venture' Chairman: "Survival and Grape Cluster Strategy Needed"

On the 24th, Serving as a Speaker at the Venture Summer Forum Breakfast Special Lecture
Marking the 30th Anniversary of Dasan Group's Founding

"Success is knowing that there is at least one person who can breathe comfortably in life thanks to you."

This is a line from the poem "Success" by American poet Ralph Waldo Emerson. Nam Min-woo, the first-generation venture entrepreneur and chairman of Dasan Group, introduced the true meaning of success on the occasion of the 30th anniversary of his founding. He personally translated the English phrase as well.

Nam Min-woo, Chairman of Dasan Group, delivered a breakfast special lecture at the 'Venture Summer Forum' held on the morning of the 24th in Jeonju, Jeonbuk, explaining 'Growth Strategies and Entrepreneurial Spirit of First-Generation Venture Entrepreneurs.'
[Photo by Venture Business Association]

On the morning of the 24th, Chairman Nam gave a keynote breakfast lecture at the "Venture Summer Forum" held in Jeonju, Jeollabuk-do, presenting on "Growth Strategies and Entrepreneurial Spirit of First-Generation Venture Entrepreneurs."

Chairman Nam first emphasized "survival." He said, "You must do what the market and customers need, rather than what you want to do, and you should hire people who want to work at the company, not just those you want to hire. Only through a thorough objective process, not just personal judgment, can you survive. I want to emphasize this as the first law of survival management."

He also viewed maintaining "trust" as crucial for entrepreneurs. Sharing an anecdote from the IMF crisis, Nam said, "At that time, I thought 1 dollar was 800 won when buying and selling goods, but suddenly it became 1,600 won. Even if I made a margin, sending money would lead to bankruptcy. After months of consideration, I went to the U.S., explained the situation, and asked for a three-month grace period, which was easily granted."

He added, "As a businessman, breaking promises is like dying. If you think you might have to change your words to investors, customers, or employees when circumstances change, never do it. That is like committing suicide as a businessman," emphasizing the point.

Based on his experience, Chairman Nam described a crisis as a "compound word of risk and opportunity." He said, "Dasan Group's transformation and change happened during the IMF crisis, and we rose by overcoming the crisis. The current crisis could be fatal, but you should see it as an opportunity for a quantum jump."

He stressed the need for a "grape cluster strategy" to succeed in business, meaning "business diversification" and "market diversification." Nam said, "When startup founders come and worry about 'having two legs,' I advise them, 'Kakao also practices centipede management; that is entrepreneurial spirit and how you grow.' It's basic to have many branches, and if possible, you should have centipede legs?that's smart. In a market environment like Korea, this greatly increases survival chances."

Dasan Group also has a total of 17 affiliates, including 3 network affiliates, 4 manufacturing affiliates, and 10 venture affiliates. It boasts 2,000 employees and 800 billion won in sales. Chairman Nam explained, "The grape cluster strategy never fails. When I changed my mindset to think it's okay if the grapes are a bit small, business became much easier. By changing the strategy, we are living very safely."

When asked the question, "Ultimately, why do you do business?" he answered, "I thought about it, and fundamentally, business is done for the happiness of stakeholders. I believe it is about moving toward the highest happiness point where the balance and compromise among the three stakeholders?shareholders, employees, and customers?are achieved."

Nam, regarded as a first-generation venture entrepreneur, stated in his book "Dasan Group's 30-Year Journey," "In 30 years, Dasan Group will not be a large conglomerate that has only grown in size, but will remain an eternal venture where the spirit of innovation, challenge, and creativity always breathes. We will continue innovation and challenge to contribute to a better life for humanity with the spirit of Hongik Ingan."

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