Min YongJae, CEO of YJM Entertainment, shared his insights in leading his business for students of Cheung Kong Graduate School of Business (CKGSB) through a special ‘CKGSB TALK.’ Throughout his lecture, he shared his experience in the gaming industry and explained what led to his to success. He noted that it is important for entrepreneurs to change crises into opportunities and to find trustworthy partners in conducting businesses.
Min YongJae, CEO of YJM Entertainment and a student of the CKGSB Korean EMBA program shared his entrepreneurial story and insights through the CKGSB TALK.
The CKGSB TALK is held for China EMBA course students, to share outstanding experiences and life philosophy with CKGSB alumni and Chinese public. The event was held for Korean EMBA students specifically, providing lectures with QA sessions.
He started working in the game industry in 1999, when he was about to enter Seoul National University Business School. Considering that he would need practical experience prior to entering the business school, he found a job opportunity in a venture company in game industry. Since he was not acquainted with technology, software, or programming regarding the industry, he became interested in casual games for Internet users rather than hardcore games. He developed a casual game called ‘Fortress.’ Amazingly, Fortress led the popularization of online game in Korea, and more than half of the Korean people played the game.
Min, based on this success, tried a variety of marketing strategies that has never been done in the game industry until then. He conducted collaboration marketing programs with Coca Cola, which was the first trial between online game and offline products. Additionally, he conducted eSports and celebrity collaboration, and even produced an animation based on the game characters. All of these marketing strategies are now being used very frequently, but they were not common strategies at the time. Min did not possess knowledge on technology or programming, but was able to utilize his knowledge in business administration, which was his major.
Based on 12 years of experience in game companies, he finally established his own company, YJM Entertainment, in order to create values by helping professionals who want to develop games but lack business strategies or capital.
“People recognized me as a successful professional in the game industry, but I knew that I was only lucky, and that I still lacked practical knowledge regarding the industry. However, I have always tried to overcome my weaknesses or crises, and have treated them as new opportunities.”
The newly established company, YJM Entertainment, reflected his insights in conducting the business. To overcome the limitations of a small company, he partnered with companies representing games, hardware, drama, and K-POP. Based on the partnership, his company aims to create game contents that would appeal to the public. Additionally, since he did not have any engineering knowledge, he tried to find competent developers and provide funds or advices on business strategies.
“I still cannot tell that I have enough expertise in game industries, though I’ve been in the industry for 18 years. I am still exploring the game industry. However, I am never afraid of challenging new opportunities.
Change the crises into opportunities and find trustworthy co-workers to share challenges, and then your fortune will come to you naturally.”
Concluding his lecture, Min thanked for the valuable opportunity to participate in CKGSB TALK as a speaker, and gave future entrepreneurs and businessmen at CKGSB courage and hope in leading the businesses.