1 00:00:00.000 --> 00:00:01.499 Welcome back 2 00:00:01.899 --> 00:00:07.649 In this chapter, we are going to continue to talk about 3 00:00:08.950 --> 00:00:14.200 the areas of business opportunities 4 00:00:14.200 --> 00:00:17.700 Do you remember that I categorized 5 00:00:17.700 --> 00:00:21.000 four different areas of the business opportunities? 6 00:00:21.000 --> 00:00:26.300 One area was real-life problems 7 00:00:26.300 --> 00:00:29.200 as we already discussed in the second chapter 8 00:00:29.200 --> 00:00:30.650 Do you remember that? 9 00:00:30.650 --> 00:00:35.485 If you find out any pain point out of your real life 10 00:00:36.129 --> 00:00:40.000 then it could be the great business opportunities 11 00:00:41.099 --> 00:00:46.789 In this chapter, we are going to talk about the three remaining areas 12 00:00:46.789 --> 00:00:48.178 of the business opportunities 13 00:00:48.178 --> 00:00:52.278 which they are the other business areas 14 00:00:52.278 --> 00:00:56.752 and social problems and the future problems 15 00:00:57.000 --> 00:01:00.337 Let's begin with other business areas 16 00:01:00.545 --> 00:01:02.386 Let's look at the picture 17 00:01:02.822 --> 00:01:07.294 One college student who majored in engineering at Seoul National University 18 00:01:07.294 --> 00:01:12.000 at Seoul National University joined a venture company 19 00:01:12.079 --> 00:01:16.829 because he should finish the alternative military service in Korea 20 00:01:17.810 --> 00:01:20.851 while still in school 21 00:01:21.000 --> 00:01:26.000 And then he started working at the venture capital company 22 00:01:26.000 --> 00:01:30.400 He saw the machine learning programs, the machine learning 23 00:01:30.400 --> 00:01:35.089 technology to defect in the factory 24 00:01:36.000 --> 00:01:38.550 And then after graduation 25 00:01:38.550 --> 00:01:43.119 he found a company called SUALAB 26 00:01:44.346 --> 00:01:49.096 SUALAB is a kind of machine learning company 27 00:01:49.096 --> 00:01:55.445 using AI technology that catches the defect in the assembly line 28 00:01:56.000 --> 00:01:59.800 So anyway, he started with three friends 29 00:01:59.800 --> 00:02:05.614 and this company was recognized for high technology 30 00:02:07.594 --> 00:02:12.444 So he and his friends were able to have many big companies 31 00:02:12.444 --> 00:02:14.297 as consumers 32 00:02:14.297 --> 00:02:16.000 What happened? 33 00:02:16.000 --> 00:02:18.650 Recently, the largest company in America 34 00:02:18.650 --> 00:02:22.317 purchased SUALAB for $170 million 35 00:02:22.951 --> 00:02:28.000 So the founders of SUALAB became the billionaire 36 00:02:28.257 --> 00:02:29.366 This is a kind of story 37 00:02:29.376 --> 00:02:32.000 So where did the business idea come from? 38 00:02:32.000 --> 00:02:33.671 So the business opportunities 39 00:02:33.750 --> 00:02:37.812 these business opportunities come from other business problems 40 00:02:38.000 --> 00:02:39.000 What are they? 41 00:02:39.089 --> 00:02:45.525 We want to catch the defect in the assembly line 42 00:02:45.525 --> 00:02:49.178 This is a kind of problem of other manufacturing companies 43 00:02:50.257 --> 00:02:53.257 So he came up with some solution for them 44 00:02:53.257 --> 00:02:55.907 So that's why he can secure 45 00:02:55.907 --> 00:02:58.607 many global companies, many big companies 46 00:02:58.607 --> 00:03:01.446 as his consumers 47 00:03:02.327 --> 00:03:03.366 Look at him 48 00:03:03.366 --> 00:03:10.356 He was a soldier who worked in information security units in Israel 49 00:03:10.356 --> 00:03:12.238 Have you heard about the Talpiot? 50 00:03:12.455 --> 00:03:17.000 Talpiot is the best intelligence unit in Israel and globally 51 00:03:18.000 --> 00:03:20.600 Anyway, after discharged from 52 00:03:20.600 --> 00:03:23.800 a secret intelligence unit in the military 53 00:03:24.048 --> 00:03:27.941 he wanted to start his own business 54 00:03:27.950 --> 00:03:32.100 He started to create his own business website 55 00:03:32.100 --> 00:03:35.505 to do his own business 56 00:03:35.505 --> 00:03:39.205 At that time, he felt that 57 00:03:39.205 --> 00:03:42.713 it was very difficult to create the website 58 00:03:42.822 --> 00:03:48.822 And he thought that it is not just his business problem 59 00:03:49.069 --> 00:03:52.188 Other businesses would be similar 60 00:03:52.188 --> 00:03:56.188 So that's why he came up with a solution 61 00:03:56.307 --> 00:04:04.347 to help create the business website or individual website very easy 62 00:04:04.347 --> 00:04:06.446 So this company was Wix 63 00:04:06.446 --> 00:04:07.851 Have you heard about the Wix? 64 00:04:07.861 --> 00:04:10.594 So the Wix became the unicorn company 65 00:04:13.000 --> 00:04:16.396 So again, where does the business opportunity come from? 66 00:04:16.396 --> 00:04:21.139 Your business opportunity comes from other businesses' problems 67 00:04:21.832 --> 00:04:24.000 So what should we do? 68 00:04:24.426 --> 00:04:29.376 We need to find out other businesses' problems first 69 00:04:30.396 --> 00:04:34.346 So the first thing to do, we need to understand 70 00:04:34.802 --> 00:04:40.416 the fact that when we run the business, all kinds of problems occur 71 00:04:41.604 --> 00:04:48.404 if we solve the problems in other businesses 72 00:04:48.404 --> 00:04:54.354 then this kind of solution for other businesses' 73 00:04:54.354 --> 00:04:57.109 problem is your business opportunity 74 00:05:00.891 --> 00:05:03.406 Do you know the businesses? 75 00:05:03.406 --> 00:05:09.436 Some of you have parents who run the businesses 76 00:05:09.436 --> 00:05:12.901 So you are very familiar with the businesses 77 00:05:12.951 --> 00:05:16.733 But others don't have any experience about the businesses 78 00:05:16.733 --> 00:05:20.733 Let's look at what the businesses look like 79 00:05:20.733 --> 00:05:22.941 How they look like 80 00:05:23.040 --> 00:05:24.099 This is a business 81 00:05:24.099 --> 00:05:26.356 They meet together in the conference room 82 00:05:26.356 --> 00:05:30.327 Or they work together in certain places 83 00:05:30.951 --> 00:05:33.168 Kind of they are team working 84 00:05:33.168 --> 00:05:35.505 And what about in the factory? 85 00:05:35.505 --> 00:05:36.881 There is an assembly line 86 00:05:36.891 --> 00:05:40.208 A lot of employees work in the assembly line 87 00:05:40.208 --> 00:05:44.535 And this could be the car factories, they use machines 88 00:05:45.416 --> 00:05:47.516 If you go to the grocery store, 89 00:05:47.516 --> 00:05:51.050 you can find out the cashiers and many other employees 90 00:05:51.050 --> 00:05:54.750 And on the street, there are a lot of small 91 00:05:54.750 --> 00:05:59.871 businesses such as cafeterias or restaurants or barbershops 92 00:05:59.871 --> 00:06:01.287 Think about it 93 00:06:02.000 --> 00:06:07.208 Regardless of the size of the businesses, regardless of the types of the businesses, 94 00:06:07.208 --> 00:06:11.000 all businesses have very similar problems 95 00:06:11.000 --> 00:06:12.376 So what are they? 96 00:06:13.792 --> 00:06:19.092 Let's think about the major common problems faced 97 00:06:19.092 --> 00:06:23.416 by the businesses regardless of their types 98 00:06:24.000 --> 00:06:25.911 What are they? Think about it 99 00:06:26.307 --> 00:06:28.663 What kind of major problems? 100 00:06:30.000 --> 00:06:34.426 What kind of major problems they face every day? 101 00:06:34.594 --> 00:06:37.069 Yes, of course, it's money 102 00:06:37.069 --> 00:06:41.000 Money problem, I need money to run my factory 103 00:06:41.000 --> 00:06:44.990 I need money to purchase my raw materials at the right time 104 00:06:45.139 --> 00:06:46.990 That's why I need money 105 00:06:47.208 --> 00:06:48.663 Yeah, money problem 106 00:06:49.158 --> 00:06:51.555 And uncertainty, I hate uncertainty 107 00:06:51.555 --> 00:06:53.535 All the businesses hate uncertainty 108 00:06:54.297 --> 00:06:57.515 And what about the lack of ability? 109 00:06:57.723 --> 00:07:00.000 AI technology, for example 110 00:07:00.000 --> 00:07:02.000 Everybody talks about AI technology 111 00:07:02.000 --> 00:07:06.356 But sadly, we don't have any ability to run the AI technology 112 00:07:06.356 --> 00:07:10.000 So the AI technology right now, for me, it is useless 113 00:07:10.000 --> 00:07:11.743 Wow, it is a problem 114 00:07:11.851 --> 00:07:14.564 And what other problems? Marketing 115 00:07:14.822 --> 00:07:17.722 The purpose of the marketing is to attract 116 00:07:17.722 --> 00:07:19.653 the new consumers, attract the consumers 117 00:07:19.752 --> 00:07:22.673 and disseminate our information to the consumers 118 00:07:22.911 --> 00:07:27.634 Without marketing, nobody knows who I am 119 00:07:28.040 --> 00:07:31.089 How to attract our new consumers? 120 00:07:31.277 --> 00:07:32.663 This is my concern 121 00:07:32.683 --> 00:07:34.188 This is a business concern 122 00:07:34.188 --> 00:07:38.079 And what about securing consumer loyalty? 123 00:07:38.079 --> 00:07:41.810 I want to make my current existing consumers 124 00:07:43.434 --> 00:07:48.149 Keep using my service and product forever for a long time 125 00:07:48.792 --> 00:07:54.000 I want to make my consumer love me too much, like an Apple fan 126 00:07:54.000 --> 00:07:57.250 I'm really jealous of Apple 127 00:07:57.250 --> 00:08:03.099 because Apple has a huge fan over there 128 00:08:03.980 --> 00:08:08.485 How can I make my fan like an Apple fan? 129 00:08:10.000 --> 00:08:11.574 What about efficiency? 130 00:08:11.673 --> 00:08:14.089 Efficiency means I want to save money 131 00:08:14.089 --> 00:08:16.337 I don't want to pay too much 132 00:08:16.406 --> 00:08:18.762 But I want to make more 133 00:08:18.980 --> 00:08:21.663 This is kind of efficiency 134 00:08:21.703 --> 00:08:23.525 And what about regulation? 135 00:08:23.762 --> 00:08:26.881 I hate regulation because it's so complicated 136 00:08:26.881 --> 00:08:29.564 And these days, there are many regulations out there 137 00:08:29.564 --> 00:08:34.079 I don't know how to comply with this newly generated regulation 138 00:08:34.228 --> 00:08:35.822 Can you help me? 139 00:08:35.822 --> 00:08:38.931 This is kind of the problem 140 00:08:39.015 --> 00:08:40.921 And what else? Yes, staffing 141 00:08:40.921 --> 00:08:42.941 Staffing is a big concern 142 00:08:43.000 --> 00:08:45.900 Because I want to find out the right people 143 00:08:45.900 --> 00:08:49.000 at the right time in the right places 144 00:08:49.000 --> 00:08:52.000 This is kind of a recruiting issue 145 00:08:52.000 --> 00:08:54.604 I don't know where can I find out the good people 146 00:08:55.000 --> 00:08:56.663 This is staffing 147 00:08:56.950 --> 00:09:01.350 There are a lot of major problems 148 00:09:01.350 --> 00:09:03.683 faced by all the businesses 149 00:09:04.911 --> 00:09:08.248 How to find out, how to come up with business opportunities? 150 00:09:10.723 --> 00:09:14.873 Again, you need to find out some kind of 151 00:09:14.873 --> 00:09:18.703 pain problem related to the other businesses 152 00:09:19.396 --> 00:09:20.802 Look at the startups 153 00:09:20.802 --> 00:09:23.495 Startups are also businesses 154 00:09:23.495 --> 00:09:26.396 And what are the major concerns for the startups? 155 00:09:26.446 --> 00:09:31.317 Yes, of course, startups don't know where to find out their investors 156 00:09:31.366 --> 00:09:32.069 Why? 157 00:09:32.069 --> 00:09:33.000 Because they need money 158 00:09:33.000 --> 00:09:35.634 The first problem for the businesses was money 159 00:09:35.634 --> 00:09:38.505 They need money in order to grow 160 00:09:39.000 --> 00:09:43.300 But the problem was we don't know where to find out 161 00:09:43.300 --> 00:09:45.000 the reliable investors 162 00:09:45.168 --> 00:09:47.119 And what about the investors' problem? 163 00:09:47.119 --> 00:09:51.238 If you are a venture capitalist or if you are angel investors 164 00:09:51.238 --> 00:09:58.525 their problem is also finding the great startup 165 00:09:58.525 --> 00:10:00.802 They don't know where to find out great startup 166 00:10:00.802 --> 00:10:03.248 This is the solution 167 00:10:03.248 --> 00:10:06.198 We created some kind of platform 168 00:10:06.198 --> 00:10:11.000 that connects startup founders who want investment 169 00:10:11.624 --> 00:10:17.505 and the investors who are looking for the good companies 170 00:10:19.000 --> 00:10:21.723 You can meet together in our platform 171 00:10:22.109 --> 00:10:25.159 This is the business that solves 172 00:10:25.159 --> 00:10:27.759 the money concern, money problem 173 00:10:27.759 --> 00:10:30.010 related to each side of the businesses 174 00:10:30.139 --> 00:10:32.446 Okay, let's speaking of startups 175 00:10:33.842 --> 00:10:35.089 Look at the picture 176 00:10:37.168 --> 00:10:42.568 These two kids developed a new startup 177 00:10:42.568 --> 00:10:44.762 that helped other startups 178 00:10:45.465 --> 00:10:50.000 Their main idea was corporate credit card for the startup 179 00:10:50.673 --> 00:10:55.861 Again, the company was made by these two kids from Brazil 180 00:10:58.000 --> 00:11:00.650 I think we have a chance to 181 00:11:00.650 --> 00:11:03.000 introduce this company in more detail later 182 00:11:03.000 --> 00:11:08.200 But anyway, they went to Stanford University 183 00:11:08.200 --> 00:11:13.931 and then they entered Y Combinator programs 184 00:11:14.020 --> 00:11:16.520 And over there, they came up with 185 00:11:16.520 --> 00:11:20.663 some kind of FinTech idea for the startup 186 00:11:21.307 --> 00:11:27.057 And they thought basically the problems faced by the startup 187 00:11:27.057 --> 00:11:30.040 was that they don't have a credit card 188 00:11:30.040 --> 00:11:34.624 because the banks deny their application 189 00:11:34.624 --> 00:11:35.366 Why? 190 00:11:35.386 --> 00:11:41.136 Because the banks do not believe in startup 191 00:11:41.136 --> 00:11:45.000 because there is no collateral 192 00:11:45.000 --> 00:11:47.307 and there is no credit, no history 193 00:11:47.307 --> 00:11:49.584 that's why banks deny 194 00:11:49.584 --> 00:11:54.834 These two kids came up with some kind of unique solution 195 00:11:54.834 --> 00:11:59.268 to this problem by using their own kind of method 196 00:11:59.268 --> 00:12:03.366 and persuaded the bank to issue the corporate credit card 197 00:12:04.000 --> 00:12:08.495 This company now became the Deca-Con company 198 00:12:08.495 --> 00:12:10.248 Have you heard about the Deca-Con? 199 00:12:10.248 --> 00:12:14.348 Deca-Con company is the company with 200 00:12:14.392 --> 00:12:18.044 at least $10 billion value 201 00:12:18.356 --> 00:12:24.693 Anyway, this company became the $10 billion, more than $10 billion value companies 202 00:12:25.663 --> 00:12:31.000 Because of the solution to the current startups 203 00:12:32.000 --> 00:12:36.000 I want to introduce another case 204 00:12:36.846 --> 00:12:44.232 This company was founded by the student who I taught 205 00:12:45.000 --> 00:12:47.150 He was actually a graduate student 206 00:12:47.150 --> 00:12:51.495 and he was very interested in fresh food delivery 207 00:12:52.000 --> 00:12:54.762 Because he had experience on this area 208 00:12:54.762 --> 00:12:59.462 And then he found that the problem was we cannot 209 00:12:59.462 --> 00:13:01.673 check out the temperature 210 00:13:01.703 --> 00:13:06.000 or humidity changes every second during shipping 211 00:13:07.584 --> 00:13:09.684 More important thing is 212 00:13:09.684 --> 00:13:14.000 if there is some problems during the delivery 213 00:13:14.000 --> 00:13:17.000 we don't know whose responsibility 214 00:13:17.000 --> 00:13:20.790 He came up with some kind of a service that 215 00:13:21.156 --> 00:13:25.356 digitalized and monitored the process of the delivery 216 00:13:26.762 --> 00:13:30.262 The video helps you to understand 217 00:13:30.262 --> 00:13:31.812 what business looks like 218 00:13:32.000 --> 00:13:34.852 and how the device is working 219 00:13:34.852 --> 00:13:36.792 Let's watch it together 220 00:13:42.515 --> 00:13:49.721 So far, we've done in the problem related to the other businesses 221 00:13:49.729 --> 00:13:54.574 If we find out some kind of problems related to other businesses 222 00:13:54.601 --> 00:13:56.218 Then you can start a business 223 00:13:56.218 --> 00:13:59.268 Because the other businesses' problem would be 224 00:13:59.268 --> 00:14:01.614 critical sources of the business opportunity 225 00:14:01.743 --> 00:14:03.377 Let's move on 226 00:14:03.580 --> 00:14:07.198 Other types of sources of business opportunities 227 00:14:08.060 --> 00:14:09.862 Look at this picture 228 00:14:10.595 --> 00:14:16.070 One guy started the non-profit organization in Africa 229 00:14:18.278 --> 00:14:22.278 although various medicines were donated by 230 00:14:22.278 --> 00:14:26.605 the companies and relief supplies were secured 231 00:14:27.619 --> 00:14:29.719 He or his team cannot 232 00:14:29.719 --> 00:14:35.812 deliver those items to the other areas 233 00:14:38.842 --> 00:14:41.992 Because there are many places where 234 00:14:41.992 --> 00:14:45.000 there's no delivery system, there's no road 235 00:14:45.000 --> 00:14:47.505 and there's no car in Africa 236 00:14:48.654 --> 00:14:49.654 Think about it 237 00:14:49.654 --> 00:14:53.109 No infrastructure, no hospital, and no pharmacy 238 00:14:54.941 --> 00:15:01.000 This is the kind of problem in the society in Africa 239 00:15:01.812 --> 00:15:04.693 It is not the business problem 240 00:15:04.693 --> 00:15:06.406 It is not real-life problems 241 00:15:06.406 --> 00:15:11.238 It is just the society problem in Africa or in other areas 242 00:15:14.317 --> 00:15:18.802 He tackled this problem in the society 243 00:15:19.010 --> 00:15:22.248 He tried to come up with some solutions 244 00:15:22.505 --> 00:15:26.416 Regarding this no infrastructure problems 245 00:15:27.505 --> 00:15:31.297 He found out the solution through Coca-Cola 246 00:15:31.297 --> 00:15:32.634 Think about it, Coca-Cola 247 00:15:32.634 --> 00:15:35.884 Even there is no road, no car 248 00:15:35.884 --> 00:15:40.337 the people in Africa, drink Coca-Cola 249 00:15:40.555 --> 00:15:41.703 How is this possible? 250 00:15:41.861 --> 00:15:47.069 Because, Coca-Cola has a very strong delivery network system 251 00:15:48.000 --> 00:15:50.545 Everywhere we can find our Coca-Cola 252 00:15:51.000 --> 00:15:54.396 He used this Coca-Cola delivery network system 253 00:15:54.703 --> 00:15:56.515 Look at this picture 254 00:15:57.000 --> 00:15:58.386 Right picture 255 00:15:58.386 --> 00:16:01.236 There's a Coca-Cola bottles and boxes 256 00:16:01.236 --> 00:16:05.198 and you see the gap between the bottles inside 257 00:16:05.198 --> 00:16:08.148 He used this gap 258 00:16:08.148 --> 00:16:14.267 and then he put the relief supplies or medicine in the gap 259 00:16:14.267 --> 00:16:17.505 between the bottles in the Coca-Cola boxes 260 00:16:18.436 --> 00:16:25.614 He delivered this relief supplies to the remote villages in Africa 261 00:16:25.743 --> 00:16:27.000 What do you think? 262 00:16:27.000 --> 00:16:29.406 This is very unique and very clever 263 00:16:29.624 --> 00:16:31.000 Let's move on 264 00:16:32.069 --> 00:16:38.000 This is kind of a very unique source of the business opportunity 265 00:16:38.000 --> 00:16:41.426 We say it is a social area 266 00:16:41.713 --> 00:16:43.277 Social problem area 267 00:16:44.753 --> 00:16:47.603 Your business opportunities can come from 268 00:16:47.603 --> 00:16:50.297 the problems in the society 269 00:16:52.505 --> 00:16:57.416 Social problems themselves can become the business opportunities 270 00:16:57.574 --> 00:17:00.874 Secondly, it is necessary to make an effort 271 00:17:00.874 --> 00:17:03.822 to solve surrounding social problems 272 00:17:03.822 --> 00:17:05.327 from the business perspective 273 00:17:05.535 --> 00:17:07.376 Business perspective 274 00:17:08.000 --> 00:17:11.505 I want to give you several examples 275 00:17:12.000 --> 00:17:14.900 Before we talk about the company, 276 00:17:14.900 --> 00:17:18.564 I would like you guys to watch this short video clip 277 00:17:24.327 --> 00:17:26.287 What do you think? 278 00:17:27.060 --> 00:17:31.713 Yeah, this is a bakery shop, located in LA, maybe 279 00:17:32.119 --> 00:17:36.406 Name of this company was Homeboy Bakery 280 00:17:36.406 --> 00:17:40.256 Homeboy Bakery hired 281 00:17:40.256 --> 00:17:48.158 the former gang members or former prisoners 282 00:17:49.546 --> 00:17:54.106 This company does not hire normal people as employees 283 00:17:55.000 --> 00:17:57.300 The company hired 284 00:17:57.300 --> 00:18:02.099 these former gang members or prisoners on purpose 285 00:18:02.119 --> 00:18:03.119 Why? 286 00:18:03.644 --> 00:18:08.394 Because the company wants 287 00:18:08.394 --> 00:18:13.000 want to educate the former gang members and prisoners 288 00:18:13.000 --> 00:18:16.762 and try to make them, great citizens 289 00:18:18.812 --> 00:18:24.525 The reason why the company started is not to make money 290 00:18:25.000 --> 00:18:31.792 but to educate former gang members and prisoners 291 00:18:32.901 --> 00:18:35.545 The purpose of the business is totally different 292 00:18:36.000 --> 00:18:38.683 But where does this business idea come from? 293 00:18:38.683 --> 00:18:41.812 Yes, this business idea comes from the social problem 294 00:18:42.663 --> 00:18:49.000 Which is gang members, prisoners, murderers, kind of crimes 295 00:18:50.584 --> 00:18:53.084 Thanks to these businesses, 296 00:18:53.084 --> 00:18:55.416 probably the crime rate will be decreased 297 00:18:55.416 --> 00:18:59.139 Our society becomes brighter 298 00:19:01.000 --> 00:19:05.158 I want to introduce kind of the new business opportunities 299 00:19:05.733 --> 00:19:07.149 This is a big issue 300 00:19:07.346 --> 00:19:09.624 Have you heard about the big issue? 301 00:19:09.881 --> 00:19:12.931 Big issue is kind of 302 00:19:12.931 --> 00:19:17.000 very unique solution for the social problem 303 00:19:17.000 --> 00:19:18.406 What kind of social problem? 304 00:19:18.624 --> 00:19:19.634 Look at her 305 00:19:20.208 --> 00:19:24.000 She was homeless people 306 00:19:24.535 --> 00:19:25.802 She was homeless people 307 00:19:26.000 --> 00:19:28.600 The big issue 308 00:19:28.620 --> 00:19:34.525 just help homeless people to be self-reliant 309 00:19:35.000 --> 00:19:38.200 Instead of giving money directly to them 310 00:19:38.200 --> 00:19:41.792 big issue want to give them opportunity for a job 311 00:19:42.416 --> 00:19:45.851 The big issue publishes street magazine 312 00:19:46.852 --> 00:19:51.267 The big issue gave the opportunity of the vendor 313 00:19:51.267 --> 00:19:55.517 the opportunity for the selling the street magazine 314 00:19:55.517 --> 00:19:58.000 for the homeless people exclusively 315 00:19:58.396 --> 00:20:04.000 For these activities, homeless people can make money 316 00:20:04.327 --> 00:20:06.416 This is a kind of big issue 317 00:20:06.416 --> 00:20:09.327 Where the business opportunity of the big issue come from? 318 00:20:09.327 --> 00:20:12.436 Yes, of course, it comes from social problem 319 00:20:12.436 --> 00:20:13.366 What kind of? 320 00:20:13.406 --> 00:20:15.505 Yes, the homeless problem 321 00:20:17.139 --> 00:20:21.289 Can you see the UK Kings 322 00:20:21.289 --> 00:20:25.000 on front page of the big issues? 323 00:20:25.000 --> 00:20:28.000 Yes, that is a kind of donations 324 00:20:29.000 --> 00:20:33.713 Let's look at another business related to the social problem 325 00:20:34.960 --> 00:20:36.346 Let's look at the picture 326 00:20:37.446 --> 00:20:38.733 Guess what it is 327 00:20:39.317 --> 00:20:44.564 Yes, it is watches 328 00:20:44.782 --> 00:20:47.000 But it is not just normal watches 329 00:20:47.000 --> 00:20:52.317 It is kind of braille style watches for the blind people 330 00:20:54.386 --> 00:20:57.000 I prepared the video for you 331 00:20:57.000 --> 00:20:58.366 Let's watch the video together 332 00:20:58.366 --> 00:21:00.903 Then later, we will continue to discuss 333 00:21:06.475 --> 00:21:08.416 What about the dot? 334 00:21:08.416 --> 00:21:10.198 Isn't it amazing? 335 00:21:11.256 --> 00:21:14.656 Actually, the traditional braille style devices are 336 00:21:14.656 --> 00:21:17.277 very heavy and expensive 337 00:21:18.000 --> 00:21:21.426 They are not very smart 338 00:21:21.426 --> 00:21:25.881 The blind people did not have access to the smart devices 339 00:21:26.505 --> 00:21:30.805 This leads to the decline in education 340 00:21:30.805 --> 00:21:33.574 and quality of the life for the blind people 341 00:21:34.317 --> 00:21:35.743 It is a problem 342 00:21:36.366 --> 00:21:38.505 But, what is the problem? 343 00:21:38.505 --> 00:21:39.465 What problem is it? 344 00:21:39.772 --> 00:21:41.297 Is it a real-life problem? 345 00:21:41.366 --> 00:21:42.000 No 346 00:21:42.000 --> 00:21:44.515 Is it another business problem? No 347 00:21:44.515 --> 00:21:46.257 It is a social problem 348 00:21:46.257 --> 00:21:47.607 The dot 349 00:21:47.607 --> 00:21:50.396 took this social problem as a business opportunity 350 00:21:50.396 --> 00:21:54.208 The dot developed smart watches for the blind people 351 00:21:54.248 --> 00:21:56.848 The team of the dot 352 00:21:56.848 --> 00:22:00.703 have developed the detailed technology for a long time 353 00:22:01.584 --> 00:22:04.284 And ended up making the world's first 354 00:22:04.284 --> 00:22:06.267 smart devices for the blind people 355 00:22:07.000 --> 00:22:10.000 The company is located nearby Hanyang University 356 00:22:10.000 --> 00:22:15.150 and the marketer comes to the school every semester 357 00:22:15.150 --> 00:22:18.000 to give a special lecture for us 358 00:22:18.693 --> 00:22:20.158 I am really proud of them 359 00:22:21.010 --> 00:22:23.410 So far, we have discussed about 360 00:22:23.410 --> 00:22:27.178 the social problem as a kind of business opportunity 361 00:22:28.267 --> 00:22:31.673 There is only one area remaining 362 00:22:31.673 --> 00:22:32.703 What is it? 363 00:22:32.812 --> 00:22:35.109 That is a future problem 364 00:22:35.733 --> 00:22:41.624 Let's move on to the future problem as a business opportunity 365 00:22:44.000 --> 00:22:45.594 Let's look at the picture 366 00:22:46.000 --> 00:22:47.683 It's a cartoon 367 00:22:47.812 --> 00:22:54.545 He was a PhD student at KAIST University 368 00:22:54.634 --> 00:22:56.614 And he majored in engineering 369 00:22:56.792 --> 00:23:00.742 And he thought that 370 00:23:00.742 --> 00:23:03.406 right now everybody uses a smartphone 371 00:23:04.317 --> 00:23:07.067 What will happen to 372 00:23:07.067 --> 00:23:11.475 the smartphone camera once the smartphone became mainstream? 373 00:23:12.812 --> 00:23:18.366 What if a smartphone has a smart lens, a smart camera? 374 00:23:19.000 --> 00:23:25.416 Maybe, probably, a smart camera should be smart 375 00:23:25.614 --> 00:23:27.119 The camera should be smart 376 00:23:27.673 --> 00:23:28.663 You know what I mean? 377 00:23:28.663 --> 00:23:31.584 Currently, the camera is just a normal camera 378 00:23:31.584 --> 00:23:37.307 But we need some kind of relevant software in it 379 00:23:37.307 --> 00:23:42.457 We can make a normal camera like a smartphone camera 380 00:23:42.457 --> 00:23:43.446 like a smart camera 381 00:23:43.723 --> 00:23:45.050 He developed it 382 00:23:45.050 --> 00:23:46.644 He developed this idea 383 00:23:47.505 --> 00:23:52.000 And then he tried to make a normal camera for the smartphone 384 00:23:52.327 --> 00:23:53.327 Very smart 385 00:23:54.752 --> 00:23:58.198 And some kind of automatic focus or something like that 386 00:24:00.040 --> 00:24:04.790 He supplied his smartphone camera idea, software 387 00:24:04.790 --> 00:24:08.554 to the smartphone manufacturers 388 00:24:09.000 --> 00:24:11.366 Such as Samsung Electronics 389 00:24:11.366 --> 00:24:13.000 What happened? 390 00:24:13.000 --> 00:24:16.515 The big companies recognized this technology 391 00:24:16.574 --> 00:24:20.000 Then later, Intel 392 00:24:20.772 --> 00:24:24.122 Intel purchased this company for, I remember 393 00:24:24.122 --> 00:24:27.149 more than $30 million 394 00:24:28.208 --> 00:24:30.099 He became a billionaire 395 00:24:31.000 --> 00:24:34.000 Because of his unique idea from 396 00:24:34.000 --> 00:24:36.000 a smart lens or a smart camera 397 00:24:37.000 --> 00:24:39.327 Where did this business opportunity come from? 398 00:24:39.594 --> 00:24:42.494 His business opportunity 399 00:24:42.494 --> 00:24:47.000 was not from a daily life problem 400 00:24:47.000 --> 00:24:49.733 was not from the other businesses' problem 401 00:24:49.733 --> 00:24:53.000 was not from the society problem 402 00:24:53.852 --> 00:24:58.723 It came from kind of expected future's problem 403 00:24:58.782 --> 00:25:00.129 Expected future 404 00:25:00.129 --> 00:25:04.000 Expected future means it's not happening yet 405 00:25:04.000 --> 00:25:07.000 It's not happening yet, but it will happen later 406 00:25:07.000 --> 00:25:11.465 We expect it to happen later 407 00:25:12.753 --> 00:25:16.139 He just thought, what happens in the future? 408 00:25:17.317 --> 00:25:23.238 The future does not have to be 10 years later or 20 years later 409 00:25:23.485 --> 00:25:27.135 It can be done just within 410 00:25:27.135 --> 00:25:29.158 two years later or three years later 411 00:25:32.782 --> 00:25:35.446 Let's practice together 412 00:25:36.822 --> 00:25:40.322 We need to identify the business opportunities 413 00:25:40.322 --> 00:25:43.208 by anticipating kind of a near future 414 00:25:44.000 --> 00:25:48.350 You must ask yourself 415 00:25:48.350 --> 00:25:53.465 What would happen if this were to occur? 416 00:25:53.465 --> 00:25:56.000 And you need to make assumptions 417 00:25:56.713 --> 00:26:00.654 And based on your assumption, based on your expectation 418 00:26:00.654 --> 00:26:02.704 You prepare the solution in advance 419 00:26:02.704 --> 00:26:04.723 for these expected problems 420 00:26:05.000 --> 00:26:06.584 in a near future 421 00:26:07.267 --> 00:26:09.000 Look at the picture 422 00:26:09.663 --> 00:26:11.139 Do you know who he is? 423 00:26:11.139 --> 00:26:13.000 Yes, of course, because he's very famous 424 00:26:13.000 --> 00:26:15.900 His name was Steve Jobs 425 00:26:15.900 --> 00:26:18.050 and in 2007, 426 00:26:18.050 --> 00:26:22.704 Steve Jobs introduced the touchscreen smartphone 427 00:26:23.140 --> 00:26:26.740 Before the introduction of Apple phone 428 00:26:26.740 --> 00:26:30.176 there's a smartphone exist already, but the only difference 429 00:26:30.176 --> 00:26:34.976 the previous smartphone don't have a touchscreen technology 430 00:26:34.976 --> 00:26:40.074 but Apple phone has a touchscreen technology for the first time 431 00:26:41.503 --> 00:26:45.403 When Steve Jobs introduced this technology, this smartphone 432 00:26:45.403 --> 00:26:47.503 and showed this smartphone to his friend 433 00:26:47.503 --> 00:26:50.303 and his friend told him 434 00:26:51.174 --> 00:26:55.991 I think it's cool, but my finger is very thick 435 00:26:56.169 --> 00:27:00.628 What if I can make a mistake when I touch the smartphone? 436 00:27:00.874 --> 00:27:03.124 So there's some kind of doubt 437 00:27:03.124 --> 00:27:06.722 some kind of debate 438 00:27:06.722 --> 00:27:09.547 And then Steve Jobs said that, don't worry about it 439 00:27:09.775 --> 00:27:12.325 Everybody will get used to do it 440 00:27:12.325 --> 00:27:16.007 Right now, it happened 441 00:27:16.126 --> 00:27:18.326 We are getting use it 442 00:27:18.326 --> 00:27:20.926 Everybody use the touchscreen smartphone right now 443 00:27:21.817 --> 00:27:24.580 This was happened in 2007 444 00:27:24.783 --> 00:27:26.417 Think about it 445 00:27:26.491 --> 00:27:32.021 If you live at the moment in 2007, then you need to anticipate 446 00:27:32.021 --> 00:27:35.721 Future problem related to the touchscreen smartphone 447 00:27:35.721 --> 00:27:38.202 You must ask yourself 448 00:27:38.202 --> 00:27:41.652 What will happen? 449 00:27:41.652 --> 00:27:45.412 If the touchscreen smartphone becomes mainstream 450 00:27:45.412 --> 00:27:48.162 Right now, touchscreen smartphone became mainstream 451 00:27:48.162 --> 00:27:50.901 But in 2007, again, there is a debate 452 00:27:50.901 --> 00:27:52.401 There is some doubt 453 00:27:52.401 --> 00:27:56.030 You need to anticipate what happened 454 00:27:56.062 --> 00:27:59.142 What happened if the smartphone 455 00:27:59.251 --> 00:28:02.987 Touchscreen smartphone becomes the mainstream? 456 00:28:03.824 --> 00:28:06.636 What kind of other services needed? 457 00:28:06.762 --> 00:28:09.062 What kind of other product needed 458 00:28:09.062 --> 00:28:10.879 related to the touchscreen smartphone? 459 00:28:10.936 --> 00:28:12.283 Think about it 460 00:28:12.820 --> 00:28:16.827 This is a kind of a good practice in anticipating future 461 00:28:17.273 --> 00:28:22.244 this is a really good business opportunity sources 462 00:28:23.165 --> 00:28:26.769 What are they? Yes 463 00:28:33.437 --> 00:28:37.071 It is a smartphone keyboard 464 00:28:37.164 --> 00:28:40.181 And the smartphone keyboard, we need to have a keyboard 465 00:28:40.835 --> 00:28:42.655 Because I have big fingers 466 00:28:42.724 --> 00:28:46.485 I'm not familiar with the touchscreen 467 00:28:46.730 --> 00:28:49.278 The typing through the touchscreen is slow 468 00:28:49.475 --> 00:28:52.149 So that's why in order to increase my productivity 469 00:28:52.384 --> 00:28:55.684 I want to adopt 470 00:28:55.684 --> 00:29:00.082 the keyboard attached to this touchscreen smartphone 471 00:29:00.270 --> 00:29:02.487 And what else? 472 00:29:04.543 --> 00:29:07.287 Yeah, screen protector 473 00:29:07.287 --> 00:29:11.053 Because touchscreen smartphone has a wider screen 474 00:29:11.103 --> 00:29:13.384 and wider screen can be broken easily 475 00:29:13.385 --> 00:29:16.216 So that's why we need to protect wider screen 476 00:29:16.216 --> 00:29:18.466 and also very expensive though 477 00:29:18.466 --> 00:29:21.284 So that's why, we have a screen protector 478 00:29:23.086 --> 00:29:27.186 And what about the cleaners? 479 00:29:27.186 --> 00:29:31.484 The screen screen can be dirty quickly, easily 480 00:29:31.484 --> 00:29:34.864 So that's why, we clean up every time 481 00:29:35.081 --> 00:29:38.781 The screen, the cleaners 482 00:29:39.301 --> 00:29:43.801 And what about the glove? 483 00:29:43.801 --> 00:29:48.003 Especially in the wintertime, winter season 484 00:29:48.023 --> 00:29:49.473 We wear the glove 485 00:29:49.473 --> 00:29:53.283 But if we wear the glove, we cannot touch the screen 486 00:29:53.450 --> 00:29:57.471 So this specialized glove 487 00:29:57.471 --> 00:30:01.664 to make us to touch the screen while we are wearing the glove 488 00:30:02.324 --> 00:30:04.274 Think about it 489 00:30:04.274 --> 00:30:07.323 It is easy to expect the future 490 00:30:07.363 --> 00:30:12.263 Future is not very serious, future will come eventually 491 00:30:12.263 --> 00:30:13.983 one year later or two years later 492 00:30:13.983 --> 00:30:19.103 But you need to assume that certain kind of product will be mainstream 493 00:30:19.192 --> 00:30:21.272 certain kind of technology will be mainstream 494 00:30:21.363 --> 00:30:24.823 then you need to ask yourself, what will happen? 495 00:30:24.953 --> 00:30:29.033 If this certain kind of technology will be mainstream 496 00:30:29.033 --> 00:30:33.744 if this product services will be mainstream 497 00:30:33.744 --> 00:30:37.744 or if this lifestyle will be the mainstream, and what happened 498 00:30:37.744 --> 00:30:42.784 then you are able to prepare for the future with your solution 499 00:30:42.784 --> 00:30:46.534 And this kind of solution would be your great business ideas, 500 00:30:46.534 --> 00:30:47.383 business opportunity 501 00:30:47.383 --> 00:30:51.983 Again to some, I gave you 502 00:30:51.983 --> 00:30:56.864 four different area of business opportunities 503 00:30:57.164 --> 00:30:59.844 The one area is your daily life 504 00:31:00.034 --> 00:31:03.454 Second area is other businesses problem 505 00:31:03.454 --> 00:31:06.104 And third area is a society problem 506 00:31:06.104 --> 00:31:09.404 And the last area would be the future problem 507 00:31:10.064 --> 00:31:12.663 If you think about those four areas 508 00:31:12.697 --> 00:31:17.218 then you are able to come up with a new solution much easier than before 509 00:31:17.218 --> 00:31:20.723 this could be your great business opportunities 510 00:31:20.823 --> 00:31:22.263 Thank you for listening