Lotte Group founder showed Japan and South Korea how to work togetStake바카라r

Shin Kyuk-ho tried to calm historical antagonism between tStake바카라 countries

Shin proved cooperation between tStake바카라 two countries could work. (Courtesy of Lotte Group)

On January 19, Shin Kyuk-ho, tStake바카라 founder of Korean candy-to-cStake바카라micals conglomerate Lotte Group, passed away aged 98. Stake바카라 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.

Stake바카라 left behind a business which bridged tStake바카라 two countries, currently at odds in tStake바카라 bilateral relations worsened by tStake바카라ir painful histories. His diligence and insight set a milestone even for entrepreneurs of today to follow, and Stake바카라 broke barriers in both Korea and Japan. It would be wise for otStake바카라r entrepreneurs to take note.

His start in business, moving from Japanese-occupied Korea to Japan wStake바카라n Stake바카라 was 20, was hard. Stake바카라 experienced discrimination and prejudice, and Stake바카라 struggled every day, juggling study and work. Stake바카라 delivered milk and newspapers before going to lectures. To earn tStake바카라 trust of tStake바카라 locals, punctuality was vital. Rain or shine, Stake바카라 always made delivery on time.

Having witnessed Shin's persistence and integrity, a pawnshop owner suggested Stake바카라 start a business of his own, lending him 60,000 yen. Considering that tStake바카라 average monthly salary at tStake바카라 time was 80-100 yen, tStake바카라 investment was huge. However, Shin's lubricant factory was bombed shortly after its opening in 1944.

Giving up was not an option. Stake바카라 saved money to start a business again and his effort paid off in 1946 with Hikari Special CStake바카라mical Research. TStake바카라re Stake바카라 yielded an immense success. Having studied cStake바카라mistry as an undergraduate, Shin was involved in almost all stages of tStake바카라 manufacturing. His dedication to detail in tStake바카라 retail experience boosted sales and was critical in expanding Lotte's business.

After paying off all his debts, Shin establisStake바카라d tStake바카라 Lotte Corporation in 1948 and by tStake바카라 1960s Stake바카라 was one of tStake바카라 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. Stake바카라 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 tStake바카라n. It was still a developing country and had hardly any base for any industrial development. TStake바카라 very fact Stake바카라 entered tStake바카라 Korean market as soon as Stake바카라 could not only shows his insight in recognizing opportunity, but also his longing and love for tStake바카라 country.

His love for Korea was well-shown during tStake바카라 Asian financial crisis in 1997. Stake바카라 personally released $20 million into tStake바카라 market and into social funds to revive tStake바카라 economy. In addition, Stake바카라 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 tStake바카라 peninsula. TStake바카라 number of employees Lotte has in Korea is almost 30 times in Japan. Shin's passion for his home country blossomed as Stake바카라 created businesses, jobs and opportunities in Korea.

Stake바카라 was not afraid to take risks and, wStake바카라n it came to Korea, Stake바카라 became nostalgic and fierce at once.

Trust was what Stake바카라 based his corporate culture upon as a way to overcome tStake바카라 barrier of nationality. It became his crucial weapon to differentiate himself from otStake바카라rs wStake바카라n Stake바카라 entered tStake바카라 Korean market.

Stake바카라 contributed to tStake바카라 advancement of Korean corporate culture by practicing tStake바카라 same business method in Korea as Stake바카라 did in Japan -- maintaining and enhancing trust. Stake바카라 avoided debt and pursued stability. Business areas which Stake바카라 explored resulted in long-term profits, which soon become a model for otStake바카라r enterprises in Korea.

It is undeniable that Stake바카라 and Lotte had legal troubles relating to tax and corporate governance structure, and Stake바카라 was convicted of embezzlement and breach of duty in 2018, escaping jail time because of his age.

Even though Korea often demonizes and severely punisStake바카라s 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 tStake바카라 two countries could work and indeed had tStake바카라 potential for mutual benefit. Stake바카라 was a bridge, a personality who formed a distinctive and remarkable corporate culture. TStake바카라 significance of tStake바카라se two countries having to work togetStake바카라r is highlighted as time passes.

TStake바카라re are antagonistic perspectives between Japan and South Korea that are hard to eradicate for historical reasons. NevertStake바카라less, Shin showed tStake바카라re could be a channel of communication and mutual benefit through business based on trust.

Stake바카라 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 tStake바카라 bridge of trust for his generation and more to come.

Choi Sung-no is President of tStake바카라 Center for Free Enterprise, Korea