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Discovering a Business Model in Existing Work
Writer Admin Created 2019-01-29 Hit 768

I have never imagined quitting my job and doing something new, but opportunity and change come unexpectedly.

A few years ago, while serving as the head of an overseas branch of LG Display, my former supervisor came all the way to the United States to propose a new display business. I can still recall his enthusiasm and ambition, and how excited I was that he had approached me. I soon quit my job to join him in the new venture. I had given up a stable career to do something that made my heart come alive.

For more than 20 years, Korea has maintained its reputation as a global leader in displays. However, the industry at large is facing stiff competition from China, which has made significant investments in related fields. It has become increasingly difficult for countries to differentiate themselves in hardware due to the standardization of technology.

I realized that the key to leading the display industry is to develop a future-oriented business model with platform-based innovation. The smart frame business was born from integrating human emotions, art, and technology into advanced displays.

The ultimate goal is not simply to expand smart frames as a hardware business, but to establish a platform that connects and creates value for participants. For this purpose, we have been meeting various partners to discuss a possible future together.

My business model has been built on extensive experience with an existing system. While this may be different from your circumstances, what’s clear is that you must have a clear purpose.

Why business?

By asking this question, you can decide on your business direction and philosophy. It is only after this step that you can start to develop a business model in an area that you are good at. Ideas will come naturally, and if they show promise, you will find yourself surrounded by supporters.

On a side note, I proposed a digital photo frame as a graduation souvenir for the KAIST EMBA. It was a fresh idea at that time, and the skills I have learned are applicable to marketing activities even today. In fact, anything you do in school, no matter how small it may seem, may end up being helpful in the long run.

These days, it is getting more difficult to succeed on your own. You have to meet good partners and establish strong ties with people more talented than yourself.

I believe in having a humble attitude in learning, even towards your juniors.

Be eager to learn at every moment, and don’t be ashamed of asking others for help. This will open up more opportunities to a brighter future.

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