Type: Business
Pages: 2 | Words: 364
Reading Time: 2 Minutes

Generally, this is a case of moments when laxity from one party turns into a prospective opportunity for another further foreseeing creation of a business empire. Back in July 2010, Min-guk ‘MG’ Kim and Kevin Andes, two tutors for business at Kyungpock National University (KNU) campus in Daegu, South Korea, were sitting together in a Seattle coffee shop when an idea struck their minds. Initially, the two had considered partnering in quest for opening up a coffee shop in Korea. The pair believed that they had the vast knowledge as well as any other resource necessary for excelling in this particular business, for instance, Kin, a Korean native had a PhD in business management whereas Andes was a retired entrepreneur and was in a position to provide the starting capital for the business venture.

What was their turning point? Well, as the two were enjoying the beautiful scenery outside the coffee shop in Daegu, they noticed that it did not have branded coffee mugs for sale or any of the logo merchandise that could be sourced in the major coffee shops in Korea. At this point, the pair realized that the magic for success was behind the presence of a kiwi smoothie, a couple small cookies, unlimited free internet, comfortable chairs and some moderate background music that could not drown out people’s conversations. The reason for this setting is that it catered even for non-coffee drinkers who could enjoy a business environment while sampling other products from the coffee shop.

What makes South Korea an ideal place for coffee business? Firstly, it is placed 50th globally with a per capita GDP of more than US$20000. Additional analysis carried out in relation to the country’s economic success, found out the populace is following the consumer trail seen in the habits of other wealthy people in the world. Apartments and own appliances are the first priority for them, followed by cars while thirdly; they eat more and spend more on coffee. One can thus draw a conclusion that it is such psychoanalysis that made Kim and Andes get more interests in exploring the possibility of integrating their coffee shop business with one or more of Korea’s outstanding universities.

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