Editor’s Note
This article profiles an inspiring transition from performing artist to entrepreneur in one of the world’s most competitive markets. It serves as a compelling case study on the determination and adaptability required for a successful “retirement startup,” challenging the daunting statistics of new business ventures.
![[담합과의 전쟁]① “걸려도 남는 장사”… 91조 짬짜미에 과징금은 단 2%](https://biz.chosun.com/resizer/v2/MMYTOMBYMQ4DGYRQGA2WGYRQG4.jpg?auth=79cc9ea3fabc17a5c9ce8cb1ee2201ec6b3dd7065bda08edab3659edac182ae9&width=400&height=225&smart=true)
Reporter Lee Kyung-eun | Input 2012.03.30. 03:05
“Maybe I’ll open a shop when I retire.” Are you just idly thinking this while doing nothing but your day job? The emergence of the new term ‘retirement startup’ reflects how many retirees are now being pushed into entrepreneurship. However, the reality is cold and harsh, as the saying goes, ‘nine out of ten businesses fail.’ Yet, there is a woman who fearlessly challenged and succeeded in New York, the global business battleground, with a venture that is difficult even in her native Korea. Money Section M met with former singer Bang Mi, who left for the US five years ago and grew her assets to 30 billion won.
Singer Bang Mi (50), popular in the 80s with the song ‘Come See Me,’ has returned to Korea transformed into a global entrepreneur generating $2 million (approximately 2.2 billion won) in annual revenue. In 2008, Bang shed the title of ‘200-billion-won real estate tycoon’ and moved to the US, opening a jewelry store named ‘MeaeBang’ in Manhattan, New York.
It was a fearless entrepreneurial venture in the unfamiliar land of the US, not Korea. Within five years, she grew it into a proper small-to-medium enterprise employing about ten local staff. New York is a business jungle where people from all over the world gather and fight for survival. She survived proudly on her own strength, without the help of a major corporate brand. Perhaps finding it insufficient to just stir women’s hearts in the heart of New York, she plans to open a chain store in Seoul’s Apgujeong-dong next month.
Thanks to diligently keeping her money ‘rolling’ without pause through her business, Bang’s asset size has also grown to 30 billion won. What was the secret to her survival in the cutthroat business jungle as a former entertainer? Money Section M met with Bang during her visit to Korea to hear success know-how that could be helpful to aspiring entrepreneurs.
Bang’s Manhattan jewelry store was originally run by a relative. She seized the opportunity to acquire it outright in 2008 after moving to the US, while scouting for business chances. People around her whispered that ‘failure was just a matter of time.’
After purchasing the store, Bang meticulously analyzed the reasons for its poor performance.
Bang threw out all the old merchandise and redesigned the store. She decorated it with accessories that were rough yet had distinct colors, matching the sensibilities of New Yorkers.
She scoured the Namdaemun jewelry wholesale market all night and also found competitive factories. Noting that New York has many parties, she personally designed and introduced luxurious evening bags densely studded with jewels. The result was a great success. Word spread about the store’s unique and exquisite products not found elsewhere, establishing it as a popular spot for young Americans.
Bang said, adding, “It helped that I traveled abroad countless times whenever I had the chance to broaden my perspective and read many books to open my eyes to social changes.” She explained that because she had prepared for a long time to gain rich experience and practical know-how, she was not afraid of or intimidated by failure.
When asked to take a photo, Bang personally arranged the evening bags on the table. Her blog vividly details the process of fiercely fighting and building her business in New York.
Bang’s business success was a valuable fruit borne after repeated trials and errors. In Korea, she tried her hand at various businesses, including running a coffee shop and acquiring and managing a seolleongtang (ox bone soup) restaurant, but only tasted bitterness.
The unique ‘princess’ temperament of a former entertainer was also an obstacle.
She said the reason she moved to the US to challenge entrepreneurship was also because it was difficult to ‘let go of face’ in Korea.
Bang said,
She emphasized that you must forget the past and literally ‘break down’ to grasp success.
The store location Bang secured in Apgujeong-dong is said to be the result of pestering real estate agents for the past two years. She persistently canvassed to the point of being called ‘tenacious’ to find a store she could enter without a key money (premium). Why did Bang focus on Apgujeong-dong’s Rodeo Street?
She advised not to even glance at areas with high rent, as they are danger zones.
She mentioned that while it can vary by industry, monthly rent should ideally be kept below 30% of revenue. She repeatedly emphasized that aspiring entrepreneurs should not rush to open a store but should first work as an employee in a store of the same industry to receive sufficient ‘training.’ She advised gaining experience under someone else, even for a mere 1 million won, preparing thoroughly, and then starting a business.
She warned against entering markets with many competitors (red oceans), where similar stores open as soon as you wake up, as they yield no money and cause headaches.
She suggested choosing a business item from an enthusiast market (niche market) where the owner themselves doesn’t get bored while working and there aren’t many rivals. However, she noted that looking for such a niche market after retirement is too late. She added that the path only becomes visible if one maintains steady interest and searches for items from their active years in their 30s and 40s.
