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[2018-1 Global CEO Lecture] “Enthusiasm and Perseverance, Key to Success”…Seon-Yong Lee, CEO of Bear
2018.03.30 Views 1803 경영대학
[Spring 2018 Global CEO Special Lecture Series]
Seon-Yong Lee, CEO of Bear Tree Park … “Enthusiasm and Perseverance, Key to Success”
Seon-Yong Lee, CEO of Bear Tree Park … “Enthusiasm and Perseverance, Key to Success”
On March 29, KUBS invited Mr. Seon-Yong Lee, CEO of Bear Tree Park for our 3rd global CEO lecture this semester at SUPEX Hall, LG-POSCO Building. The topic of the lecture was ‘The Success of TGIF and Overview of Food Services Industry’. Mr. Seon-Yong Lee is a KUBS graduate (‘80), and he is the very person who brought ‘T.G.I FRIDAYS (TGIF)’ on the Korean market, opened a new chapter of food services industry in South Korea.
In 1983, Mr. Lee went to the U.S. for study. He is an Engineering graduate from the University of Texas and also an MBA graduate from American University, Washington, D.C. After graduation, he opened up the first 500 seats sized TGIF in Korea, in Yangjae-dong in 1991. It was a big success from the start of the business, not surprisingly. “I noticed the increasing demand for foreign cuisine after the 1988 Seoul Olympic Games. The restaurant was particularly popular among young adults who had overseas experience and wanting to try new things in South Korea.” Until 2002, TGIF increased its number of restaurants, a total of 22 of them and they were then sold to Lotte Group who were seeking for entry into food services industry.
One of the biggest reasons why TGIF achieved success was their distinguished service. Their waiter/waitress took orders with bending their knees, they sang a song and take pictures for their customers as a part of birthday treat. It was a very remarkable service in the industry. Mr. Lee said, “with regard to food services industry, consumer choices depend entirely on young consumers, children”. “Therefore we went for customized service to meet young customers’ needs” he added, “the key was to maximize ‘cosiness’, make themselves feel at home”. He continued “to provide better quality service, management of staffs was particularly important. We put a brooch one their outfit depending on their performance, using it as motivation to provide improved customer service. In addition, our employees were transferred to other positions on a regular basis”.
Mr. Lee stressed the importance of ‘location’ and ‘integrity’ as two most crucial factors in food services business, in a sense that you need to allocate high initial costs to set up a restaurant. Contracts you make on the first part of business are therefore critical. “Despite the fact that minimizing cost is important, you also need to take quality into account. Quality of ingredients, your dish or the number of staffs at restaurant are critical determining overall customer experience” he added. “I think what shows a success of restaurant is not its profit, but the number of customers you have had.” Mr. Lee concluded his lecture by highlighting ‘GRIT’. GRIT refers to passion and perseverance emphasized on Angela Lee Duckworth’s book. Mr. Lee concluded “you cannot call it a passion if you are not being persistent. I want you to keep in mind that tenacity is what really determines enthusiasm.”
Mr. Lee stressed the importance of ‘location’ and ‘integrity’ as two most crucial factors in food services business, in a sense that you need to allocate high initial costs to set up a restaurant. Contracts you make on the first part of business are therefore critical. “Despite the fact that minimizing cost is important, you also need to take quality into account. Quality of ingredients, your dish or the number of staffs at restaurant are critical determining overall customer experience” he added. “I think what shows a success of restaurant is not its profit, but the number of customers you have had.” Mr. Lee concluded his lecture by highlighting ‘GRIT’. GRIT refers to passion and perseverance emphasized on Angela Lee Duckworth’s book
The Business School’s Spring 2018 series of ‘Global CEO Special Lectures’ are designed to invite global CEOs to share their ideas and experiences. Coming up lectures will invite △ Kwang-Chul Choi, Chair of SK Group SUPEX Committee Social Contribution Department (4/5) △ Christopher Wood, CEO of ELCA Korea (4/12) △ Jonggu Choi, Chairman of the Financial Services Commissions (4/19) △ Sang-ho Yoo, President of Korea Investment & Securities Co., Ltd. (4/26) △Ki-seok Park, CEO of SIGONG tech (5/3) △ Younghoon Park, Executive Director of GS SHOP (home shopping) (5/10) △ Young Yul Seo, Chairman of PT.Pratama Abadi Industri (5/17) △ Kyung-Soo Park, CEO of PSK (5/24) △ Young-Sik Kim, President of PwC Korea (5/31).