9 Things You Can Learn from Itaewon Class’s Business War
From watched drama into valuable insights
COVID19 brings so much different things, has made you out of your comfort zone. For me, that was not a big deal. I can find a lot of time to find new wisdom about life. One of the example is, I watched Korean Drama (K-Drama) titled Itaewon Class. Anyway, be careful SPOILER ALERT!!
Background
Itaewon is one of cities in South Korea. They said Itaewon is unique cities which consist of many people all over the world. They have halloween event adaptation from western culture. So, why this drama named Itaewon Class? It’s because of the company name. Consist of five people, lead by a man called Park-Saeroyi that has furious long-history with one of big F&B entrepreneurs in South Korea, Jangga Co., Jang Dae-hee. Saeroyi is strong and tough man that plan a revenge through business. He started his business at Itaewon and his goal in life is to take down Jangga Co.
So, herewith I present to you.. Insights from this K-Drama.
1. Vision & Mission
As I mentioned before, his goal is to take down Jangga Co. Highlight word here is Goal.
Saeroyi get stuck in a prison when he was 18, at the last stage of his senior high-school. It means, he only get middle-school degree and he will become ex-convicted criminal. What do you expect in his future? The worst is nothing or just get back to be a criminal. However, he is not. He found his goal, revenge. He plans his future. Three years in prison made him has a lot of time for studying. He found a biography book from Jangga Co.’s founder, Jang Dae-hee. He learns about how business works. He plans to go to marine for work as middle-school degree holder. For how long? 7 years. What for? Start his business from a small pub. Where he will start it? Itaewon, a city that he choose after he observed few days after he had came out from the jail. He knows how long he needs to collect money for his goal.
Goal is very important for us to deal with life — Vision.
Your plan and action is very important to reach what you have aimed for — Mission.
2. Resilience
Starting a new business is challenging. Furthermore, you have to compete with vicious enemy who dare to suppress their opponent with power and money. This is the situation that Saeroyi faced.
- He has rented a prospect place. When the demand is getting higher, the building is bought by new owner which is his enemy.
- He gets potential investors for franchises with 5 billion deals. Then he rents an office and expands his pub then surprisingly the investors withdraw their money — because of Jangga Co. So, he needs to think about how to pay those expanding expenses.
- and many more..
Resilience is one of Saeroyi’s strength. He always said “Whatever you do, I’ll be fine”. When facing a difficult phase, he will stand up and keep going. He directly thinks about what solution he had and executes it firmly. He always faces it with a positive attitude, no complaint.
3. Good Team
Business is not about ourselves, it’s all about people, it’s all about team. Park-Saeroyi has knowledge about business and strategy, he knows what he wants and what he wanna do. However to build a pub, you have to have menus, cooking skill, service, and the important thing is marketing. Saeroyi starts his small pub with three people — CEO, chef and server. For a few months there was no progress, until one day there is a girl, who is very energetic. She is a blogger and instagram-artist (celebgram). She is smart, talented and she is willing to help Saeroyi to promote his business with a percentage of ownership. She redesigned everything; the menu and pub-concept. Unpredictably, his small pub called DanBam or Honey Night is getting famous. Everyone starts to know it and get curious about what DanBam looks like.
In the journey to be success, a cooperative team-mates that believe and follow your vision is important. Teams which is completing each other and who are willing to fight for the same vision will be required.
“I never expected to be easy on my own, but I have you guys.” — Park Saeroyi
4. Hard work
A success is always followed by hard work. What you do is what you get. There is always consequences in all what you did.
Park-Saeroyi, to build his first small pub, he let himself work at marine for 7 years. Tired, painful, tight rules, inconvenient sleep, read a lot of books, finding wisdom— all efforts he did for collecting money and knowledge. To prepare his ammunition to fight for his future.
When small pub has been running, he keep up his hard work and discipline. Keep doing the right thing. Even though he has to move out from previous spot into death-street. He wakes the street up by helping most of cafes around, without any cents. At the end, your hard work never fails you. The death-street is alive, the demand is increasing and in short, he finally build stable franchise brand in 6 years. A long journey..
5. Learn from the Best
To start something new, you need a guidance. Where you can get the best theories? Of course, from the best. From other’s experiences. Why? Because they have spent a lot time to find the right formula to get the best path. Trial and error has been through to produce wisdoms. Rather than you do the same fail, why don’t you learn from their experiences? Follow the right rule and avoid the wrong one.
Saeroyi learns from his best enemy, Jang Dae-hee from Jangga Co. He read Jangga Co’s books, he follows the footsteps, interpret it into practical way and modify it with his own values and circumstances.
7. Be a man with words
This is very important. Integrity. When it comes to a promise, people are waiting for it to be fulfilled. Park-Saeroyi chose the right habit, always do what he said. Always said what he thinks. No room for compromise. That’s how you deal with your investors, people and customers. No one want to get false hope. So that, your promises and the realization are bonded.
8. Investing
Investing is closely related to financial. It’s also a part of financial management and it’s necessary. It does not talk about a company but also personal. As an individual, to know how the money moves and how you will spend your money is significant.
Park Saeroyi became an orphan by the time his dad passed away. He got plenty of money. As a high-school student, what he did? Did he spend it on having fun or buying things? Unexpectedly, he is not. He bought stocks on bluechip company, which is Jangga Co. Eight years passed and the stock price is increasing rapidly, so that his money is growing into 1.9 billion won! He counted as one of the big investors.
How did he manage that? Surprisingly, he has someone behind him, Lee Ho-jin, a financial manager. Aside from his own knowledge, Park Saeroyi is supported by his old friend who got his helped while in high-school.
What I want to underline here, are:
- Control your expenses
- Manage your money
- Saving
- Giving
- Investing (stocks, commodity, mutual fund, etc.)
9. Believe what you believe
Everyone has their own values. Something that you believe as a right thing. It builds your character, the way you think and the way you do. It builds your identity. Just keep it, as long as you know that’s exactly a right thing.
“The most important things in business. People. Trust. I will value people more than money.” — Park Saeroyi (Eps.16)
In addition, don’t do a thing that contradict with what you’ve believe. It possibly disappoint you.
“Why did you do such a thing when you would feel bad about it?” - Ma Hyeon-yi
Well, as final words.
Actually, I gained more than 9 insights from this drama. Business, finance, values, life-works, friendship and wisdom. However, I want to share the most important points that I got and I wish that you get some insight too. I suggest you watch the series by yourself.
“Life is a series of choices. Producing a result that matches your values.” — Jo Yi-Seo
