Name: Kim Bum
Age: 40 years
Company: Kupang Electronic Trading
Number of employees: 10 thousand
Wealth: $ 980 million
Number of shares: owns 19% of Kupang shares
Marital Status: Married with a child
Unlike the world's biggest supermarkets, which lost their trumps in South Korea's investment game, Boom Kim, Kopang's founder and chief executive, found his country's land the right place to fulfill his dreams.
In just eight years, Kim Baum was able to enter the Forbes list of South Korean rich, and was crowned Emperor of the Korean Amazon after his overwhelming success in breaking into the market; Kupang, the fastest-growing online company, History.
The secret of Boom's success lies in his mind-boggling imagination: he has intimidated the giant Amazon from trying to enter Korea, and has spent its hunt for the market there. How was his success story as a young entrepreneur?
the beginning
Boom Kim was born in Seoul in 1978 and traveled with his parents to the United States at the age of seven. His father worked for Hyundai.
After graduating in science and literature in 2000, Kim graduated from Harvard University for the first time in the media. His professional practice was in New Republic, a year after graduating.
Kim raised $ 4 million to participate in the Vanity Fair magazine for Harvard graduates, but failed to pass the 2008 global economic crisis.
Kim took over the Harvard Business School in 2010 for one year; he wanted to establish a private business in Korea.
Kim founded the Vintage Media Company, then sold it to set up Kopang e-commerce company; he decided to return to South Korea; he joined Groupon, which relies on selling one offer a day.
Kubang's control of the Korean market
In 2010, Korea's Kopang E-Commerce was founded to provide household goods, consumables, sports products and services of all kinds. Boom Kim studied the nature of the Korean citizen and opened his door to the needs of all age groups until the company witnessed a positive cash flow In 2011.
Baum Kim was able to bring talent from programmers, engineers, and translators from outside Korea to help build the best emerging trading companies. In the same year, he decided to produce the company an application for smart phones, iPhone.
As of 2012, the company has started to make a remarkable monthly profit. It has 700 employees, collaborating with 25,000 dealers to sell their products and about 12 million subscribers to join the list of the most valuable technology companies in the global market.
Mobile phone sales boomed in 2013, accounting for half of the company's entire sales. In May 2014, Boom Kim managed to raise more than $ 160 million from dozens of venture capital investors in the United States.
The initial successes of Kupang, and the intelligence of its CEO, caught the eye of the world. In June 2015, it received a $ 1 billion investment from Softbank Japan.
Kopang has set its sights on conquering South Korea's e-commerce market. It has become easy to announce the raising of $ 2 billion of new capital from the Bank of Japan's Vision Fund, making its target of using $ 100 billion Companies.
By 2016, Kubang has succeeded in exceeding annual sales of $ 1 billion, achieving a tremendous growth momentum, in which it controlled the Korean market of more than 50 million people, based on the principle of trade on demand and the delivery of home delivery.
Competition with Amazon
Kubang signed the same competition with the Amazon retail giant, but won after blocking the latter from breaking into the Korean market after introducing innovations in delivering services to the consumer.
"Amazon's chief executive, Jeff Bezos, is afraid to enter Korean territory with 51 million potential customers, fearing that his experience in China will be repeated. Compared to Amazon, Kupang is trying to achieve the fastest delivery on the level of The state has 80 hours of work hours per week, which is very normal for more than 3,500 drivers operating at rocket speeds. The American company is working hard to use the operating networks and looking for UAVs to improve delivery times. "
One of Kubang's innovations is the delivery of the dawn delivery service, which allows applications to be issued late, until midnight, with deliveries arriving by 7 am.
Advertising
In 2010, Kubang relied on advertising mainly to reach customers. As it continued to expand in South Korea and its full dominance, it became futile to get out of the Korean range.
Boom Kim managed to attract sales of up to $ 1.5 billion in just five years, with the company intensifying its spending on delivery options and its payment services. Boom Kim Softbank of Japan discussed increasing the rate of investment in the company. "Our main mission is to help Deepen the lives of customers, and maintain the provision of new services, new experiences. "
The company expanded three times
Kubang suffered losses of about $ 598 million in 2015, with the enthusiasm of Korean retailers and the new competition from its emerging counterparts. But it did not stand in the way of Boom Kim, who invested in technology infrastructure; Faster than Korea's largest e-commerce market, increasing its investment to $ 9 billion, making it the best emerging company and one of the top 10 companies in Asia.
The latest billionaire in Korea
Forbes has been regarded as the most successful Korean businessman of all time. Her assessment suggests that the new assessment is enough to make him the latest billionaire in South Korea and the second youngest at 40.
In one of the dialogues, Kim appeared in a confident, intelligent look. He spoke of his aspirations for a bright future for Kubang, out of concern, and succeeded in expressing the company's rapid growth, helping his team create new creations and delivering outstanding customer service.
Despite the great success of Kupang, Bum Kim said he did not know the real reasons for the success, but companies such as Google, McDonald's and Mart failed to spread in South Korea. His focus was always on the nature of the people and his needs, not forgetting his own ambition. Adhering to his project in e-commerce.
Lessons learned
1 - Confidence in self: Bom Kim, overcome the plight of losses in confidence in his aspirations, and his aspirations for the future.
2 - No fear of competition: Despite the strength of the American giant "Amazon", but Boom Kim did not hide from competition, but succeeded in keeping competitors away from Korea, dominating the market.
3 - Good study: Baum Kim can study the Korean society carefully, so he learned all the right ways to reach it, and provide excellent services to satisfy customers.