“Kakaotalk!”
There is not a single person in all of Korea who is not familiar with the notification sound when they receive a message from KakaoTalk. In order to create the company, the founder, Kim Beomseo has stated that any great initiative takes collaboration. Kim grew up quite impoverished and has never shied away from stating as such. He grew up in an apartment where eight family members lived together in the same room. Even in this environment, he did not give up on his studies. Through diligence, he would go on to enter Seoul National University, one of the most prestigious universities in Korea. In terms of his success, three factors played a prominent role: his ability to spot opportunities in his youth, take calculated risks, and continuously challenge himself even though he reached the title of being a billionaire.
When it comes to success, it is important to look at factors that influenced individuals in their youths. As mentioned earlier, Kim Beom-soo grew up very poor and he was the first in his family to attend college. At the end of the 20th century, owning personal computers was still not common, especially for someone who grew up poor like Kim. As a result, he did not have access to learn electronics when he was younger but he did not let that deter him. Back when Kim was growing up, people interacted through letters and texts. Communicating with computers was unthinkable at the time. After Kim graduated college, he saw how significant the role computers would play in society. Even with no prior knowledge, he began learning computer programming. What we can learn from Kim is, rather than having opportunities pass us by, we should spot emerging trends when we’re young so that we can take advantage of them.
Another key quality Kim possessed was the ability to take smart risks. After he graduated from college, he worked at Samsung. However, he was aware of the computer-game craze spreading all throughout Korea, especially for their love of playing StarCraft. Kim decided to quit his job at Samsung and open an Internet cafe instead. This anecdote serves as an example that successful people generally take calculated risks and are entrepreneurial in nature. They often let go of what’s recognized and stable to seek new opportunities and take chances. By earning money during the day from the cafe, Kim developed a computer program that provided the players an instant choice of game selections as soon as they turned on their computer. The program included games like poker or Go-Stop (a Korean traditional card game). This made it possible that everyone could enjoy playing games without much difficulty. Soon, the program merged with Naver, and his net worth increased immensely.
However, Kim Bum-soo decided to resign from his position in 2007 to leave for America, again taking another risk. Just as he achieved tech success in his thirties, he would also find success abroad. Apple’s innovative smartphone launch ignited the kickstart of other companies, especially for app developers. What Kim realized at this time is that smartphones would serve as centers of communication. When KakaoTalk launched, it quickly gained popularity for its ability to send free messages. The cumulative number of subscribers rose rapidly and, in 2013, the app already had over 100 million users. To build wealth off his vast user base, Kim created a Kakao ecosystem that has incorporated the launch of taxi services, online banking, and a webtoons portal.
What is another secret of Chairman Kim’s success? When asked by startup entrepreneurs what helped him create his vast wealth, he states, “You need to risk yourself.” Until Kim established Kakaotalk, he went through several twists in his journey. As mentioned earlier, he grew up in a poor household, graduated from Seoul National University, was employed at Samsung, and then launched his own startups. Chairman Kim always looked for ways to challenge himself, regardless of how much income he earned or how successful he became. Even though he was employed at one of the best companies in Korea, Samsung, he realized that he would eventually plateau if he stayed there. Like how Chairman Kim has led his life, he is a great example for Generation Z to emulate: where we realize self-motivation and challenging ourselves is the best way to ensure we continue developing. It is not only important to work hard but to see that our visions come to fruition. Though that path is incredibly difficult, it is also what makes Chairman Kim such an aspirational figure.
