By Boye Lafayette De Mente
South Korean businesses and expertise have without warning conquered the realm. Samsung, Hyundai and LG are leaders and the worldwide manufacturers. Korean tradition within the type of K-Pop track video clips and "Korean Wave" motion pictures and television dramas are watched far and wide from Tel Aviv to Singapore to Rio. Korean gourmand foodstuff vehicles ply the streets of recent York and l. a., and kimchi has stumbled on a spot at the cabinets of well-stocked supermarkets round the world.
With only a fraction of Japan's land sector, under part its inhabitants, and no traditional resources—how have Korean businesses controlled to beat the area in this kind of brief time period? what's the "secret sauce" of Korean enterprise practices and corporations that makes them so successful?
To discover, readers want greater than data and corporate profiles. studying the fundamentals approximately Korean tradition, approximately Korean social etiquette and Korean company tradition, will provide help to comprehend for the 1st time how Koreans imagine and why they paintings so successfully to accomplish their ambitions. This realizing will increase your personal effectiveness in doing enterprise with Koreans, or in competing with them—whether in Korea or somewhere else. The Korean manner in Business is a must-read for enterprise pros who desire to comprehend the secrets and techniques underlying the industrial practices and enterprise luck of modern day Koreans.
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Additional info for The Korean Way In Business: Understanding and Dealing with the South Koreans in Business
The next level identiﬁes the processes critical for creating and delivering the strategy. On top of that is the customer perspective, where you see how your work and processes create value for the customer. org 9/4/09 12:43:32 PM spective. At each level you could develop a risk scorecard that would serve as an early warning system when one of your strategic objectives was in jeopardy. F. Bishop and Frank E. Hydoski, in this issue], a two-dimensional table with the likelihood and the consequences of a risk event each scored on a 1-to-5 scale.
If so, the next question is whether the reward is high enough. This is where modeling comes in. But before you start to model the risk, you have to think about whether you understand the nature of it. Anette Mikes: I second that. Models are not decision makers; people are. So the real issue is the culture that you have around modeling. I’ve found that, in extremis, there are two types of risk managers. One type I call quantitative enthusiasts. They believe that there are basically just two kinds of risks: the ones we have already modeled successfully and the ones we haven’t.
Spitznagel is a principal of Universa Investments. Reprint R0910G To order, see page 143. indd 81 | October 2009 | Harvard Business Review 81 9/4/09 12:44:58 PM SPOTLIGHT ON RISK Managing Risk | Fraud Risks | Black Swan Events | Consumer Debt | Merton on Financial Innovation HOW VULNERABLE IS YOUR BUSINESS TO CONSUMER DEBT? Struggling buyers are increasingly tapping – and tapping out – their credit. Calculate your company’s exposure. | by William Jarvis and Ian C. MacMillan THIS PAST SUMMER a certain Companies that sell big-ticket consumer operating proﬁts.