Sempio CEO Gives Entrepreneurs Advice

President of Sempio Foods Company Park Seung-bok, an entrepreneur well known for his experience, introduced his secrets to an enduring corporation on Thursday. This took place during a breakfast lecture held by the Korea Management Association at the Westin Chosun Hotel in Sogong-dong, Jung-gu, Seoul.

“This year means a lot to me. I feel so special that I have run this company for so long.”

Sempio Foods, a manufacturer of soy sauce, soybean paste, hot pepper paste, vinegar, and other foods is celebrating its 60th anniversary this year. “Sempio” is now one of the most beloved Korean companies. This company has been profitable for the last consecutive 58 years.

President Park ended his 26 years at the Korea Development Bank and the Ministry of Finance in 1976 to continue the family business left behind by his father Park Kyu-hoe, the founder of Sempio Foods.

“The first thing I did was to reach out to our employees. I ate at the company cafeteria with them and personally supported those who fell sick with cancer. It was an unforgettable experience for me.”

Park says that he fought off the temptation to expand his business like most companies do during good times, and instead focused only on the food business.

He is very worried about the Korean business environment.

“High oil prices, trouble between the labor and the management, regulations on businesses…Korea is like a storm stricken boat without a compass in a sea of nowhere. Businessmen must work with conviction and keep on taking challenges, at least for the future generation.” With these words, the atmosphere of the room turned solemn.

Advice for junior entrepreneurs soon followed.

“In times like this, you have to remember that poorly performing businessmen can lose their jobs. In the future, businesses that aim to maximize profits by bending the rules are bound to fail.” He adds, “CEOs must find an advisor who makes a good example of himself, and is not afraid to tell you the problems.”

Every word the veteran CEO had to say was the “secret to being number one enduring business.”

He grabbed the audience by introducing another secret – vinegar and its benefits.

“I do not feel like I am 85 years old. I did not dye my hair black. I have not caught flu in 20 years and never took medicine. What’s my secret? I drink vinegar every day.”

Jae-Dong Yu jarrett@donga.com