'Trust, Opportunity Seizing, Global' Message from the First Generation of Ventures

First-generation Venture Entrepreneurs as Speakers at Venture Summer Forum
Lee Young, Minister of SMEs and Startups, Emphasizes 'Global'

"Failing to keep promises is equivalent to committing suicide as a businessman."

"You should focus more on what to do rather than how to do it."

This is the message delivered by first-generation venture entrepreneurs attending the grand event for venture entrepreneurs, the Venture Summer Forum.

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]

At the forum held in Jeonju on the 24th, Nam Min-woo, chairman of Dasan Group, emphasized trust. He shared an anecdote from the International Monetary Fund (IMF) foreign exchange crisis, saying, "At that time, we thought 1 dollar was 800 won and bought and sold goods accordingly, but when it suddenly became 1600 won, even if we made a margin, sending money meant going bankrupt. After several months of 고민, I went to the U.S., explained the situation, and asked for a three-month grace period, which was easily approved."

He added, "As a businessman, failing to keep 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 suicide as a businessman."

He also said that a ‘grape cluster strategy’ is necessary to succeed in business. This means there must be ‘business diversification’ and ‘market diversification.’ Chairman Nam said, "When startup founders come to me worried about ‘having two irons in the fire,’ I advise them, ‘Even Kakao practices centipede-style management; that is entrepreneurial spirit and how growth happens.’" He explained, "Octopus arms are basic, and if possible, you should have centipede legs; that is smart. In a market environment like Korea’s, this approach greatly increases survival chances."

At the keynote speech the day before, Byun Dae-gyu, chairman of Humax Holdings, said the era of entrepreneurs is coming, stating, "What entrepreneurs do is not about how to do it but what to do that is much more important." He continued, "Entrepreneurs constantly 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 emphasized that the purpose of a company’s existence is ‘wealth creation,’ saying, "If a company wants to create wealth and make society prosperous, entrepreneurs must pursue both entrepreneurial innovation and managerial innovation. Mixing entrepreneurial and managerial innovation to produce fifteen bags of rice from a field that normally yields ten bags is the process of creating wealth."

Lee Young, Minister of SMEs and Startups, is delivering a congratulatory speech at the 2023 Venture Summer Forum held on the 23rd at Lahan Hotel in Jeonju, Jeonbuk.
[Photo by Ministry of SMEs and Startups]

Lee Young, Minister of SMEs and Startups and a former venture entrepreneur, urged, "To become a digital economic powerhouse beyond the physical Earth and into the cyber Earth, we must go global unconditionally." He said, "I recently went to Saudi Arabia. Although the oil money era is ending, they need digital economy partners to maintain their current vested interests. I received tremendous hospitality." He added, "It was difficult to knock on the door of the United Arab Emirates (UAE), but with changes in Saudi Arabia, the UAE’s Minister of Economy also made investment-related proposals. Many venture capitalists (VCs) and major investors from Saudi Arabia and the UAE will visit South Korea in large numbers." Minister Lee also said he plans to announce the ‘Startup Korea Promotion Strategy’ to support not only domestic companies’ overseas expansion but also foreign entrepreneurs starting businesses in Korea.

Seong Sang-yeop, chairman of the Korea Venture Business Association, also said in his opening remarks, "Venture companies still have not escaped the domestic market, which is only about 1% of the global gross domestic product (GDP). To achieve quantitative and qualitative growth of domestic venture companies, globalization must be addressed."

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