Thoughts on Korean Business by Don Southerton

We hear much about Gen X, Gen Y, and Baby Boomers in the states. (BTW I'm a boomer, on the cusp between the Younger and Older Boomers.)  I have found that understanding Korea's generational groups equally important. Common American Generations Gen Y (millennials) - Born 1977-1990, Ages 18-32 Gen X - Born 1965-1976, Ages 33-44 Younger Boomers - Born 1955-1964, Ages 44-54 Older Boomers - Born 1946-1954, Ages 55-63 Silent Generation - Born 1937-1945, Ages 64-72 G.I. Generation - Born -1936, Age 73+ Korea has some unique generational divides.  I found an article by By Park Sun-Young from the International Affairs Desk at Hankook Ilbo  relevant. I pulled parts from the article I feel are most appropriate. For example, Park sees Korea three generational groups: The "Shinsedae" or "new generation" between 26 and 35. (She also refers to this as the "2635" generation. It can also includes younger people.) The progressive 386 generation between ages 3...

Korea will celebrate its annual Lunar New Year holiday from January 25-27. I have some recommendations. For your Korean colleagues in Korea , you can wish them Happy Lunar New Year by phone, or email on Thursday, January 22. For Koreans working in the U.S. or globally you can wish then Happy Lunar New Years on Friday January 23 (pm) or Monday January 26. Here is the formal greeting-- Sae hae bok mani ba deu say yo.   I suggest you also share with your non-Korean teams the significance of the holiday. Here is some info to share with the team: The 2009 Lunar New Year celebration (Seol) is Jan. 25-27. This is the year of the Ox. In Korea's past, the ox was the symbol of the three main virtues – honesty, sincerity and self-sacrifice. It works slowly, but steadily, is always patient, and never complains. It is commonly thought that those born in the year of the Ox are hard-working and loyal. They can be extremely determined and focused once they put their mind to something. Along wi...

Nice photo and caption from Korea Times I n the winter, kimchi and other fermented vegetables and sauces were stored in ``jangdok'' or clay pots. These pots were buried in the ground for natural refrigeration. This tradition continues to this day, with many urbanites trading in jangdok for modern kimchi refrigerators. http://www.koreatimes.co.kr/www/news/art/2009/01/203_37906.html I often look out over the Seoul and see the jangdok on rooftops. Even in an urban world, tradition continues.... DS

This article in Bisnow is a great snapshot of Incheon, Korea's Songdo IBD. BTW It's one of my projects, too. See Songdo IBD CityTalk . I'm also writing a book on the history of the area and the international port, which reaches back over 125 years. In fact, Songdo IBD is but the latest chapter in an amazing saga. Building a City, Jan, 13, 2008 If you think developing a building from the ground up is tough, try an entire city — half way around the world. U.S. and Korea-based developer Gale International's $35B, 100M-SF Songdo International Business District near Incheon, South Korea (in a JV with POSCO E&C) is moving along, with the first phase of the project set to open this August. We sat down with chairman Stan Gale in his Fifth Avenue office to learn the latest. Using factors that work in other cities helped Songdo move along. Gale International and architect Kohn Pedersen Fox looked at Venice, Paris, Savannah, Vienna, Shanghai, Beijing, and New York for inspi...

Over the Holidays, I posted some topics of interest. If you did not have an opportunity to review, here are 2 you will find interesting. First, my annual Looking Forward Commentary for 2009 on Korean global business. ( Posted below) Second, I’d like to share a gift copy of my new historic novel on life in Korea during the early years of the 20th century. Click here As we begin a new year, many in your organization will have questions on the future. I can help. Please feel free to contact me 24-7.

I knew Hyundai Motor's luxury car the Equus would be dropped from the car maker's lineup in the wake of the Genesis. In Korea, Equus have long been used as limos and for VIPs. In fact, they are the most expensive domestic Korean car--around $100,000. Hyundai just released images of the successor to the Equus sedan. Tentatively called Project VI, the car is scheduled to be launched in February. The car is to compete with imported large sedans--Mercedes, BMW, Lexus, Audi, etc. HMC noted "its large radiator grill makes it look impressive from the front, while the side view is 'elegant and dynamic'." The model will feature a Tau 4.6L DOHC V-8, 4.6-liter gasoline engine, which made the 10 Best Engines list of American motoring magazine Ward's Auto. It can generate a maximum of 380 horsepower. The new model also has a “pre-safe” seatbelt system designed to reduce the risk of injury by tightening the seatbelt and starting safe-net facilities when the car is ab...

For a number of years I have shared my thoughts for the new year in an executive-level commentary. My purpose has been to communicate cultural insights and trends regarding Korean-based global business. This year the message is quite simple—it’s all about the economy. First , the economy will drive most decisions in the new year. Understanding how Korean management reacts will be important for domestic Korean operations and overseas subsidiary teams. I’d expect some knee-jerk and ripple-effect reactions. For both overseas and Korea-based firms, I will help non-Korean management stay in tune with the mindset and mood of Korean management and the Korean government. Look for lots of cutbacks in travel and token gestures of savings—as always these gestures will irk many in the ranks. Expect your organization’s Finance teams to exert more control than usual. Second , I’d expect the heads of Korean conglomerates to inspire their organizations to meet the challenge with passion and determinat...