"SKK GSB is a beautiful campanion" Here is Kim Won-jong and Steffen Heinz, co-founder of Maven Plus. They graduated from the SKK GSB Executive MBA program(9th) Why did you choose SKK GSB Executive MBA? Kim: I felt bored in my job and exhausted from dealing with the differences between the company’s views and mine. In order to find something exciting and regain my enthusiasm, I decided to start a new journey and begin the MBA program at SKK GSB. Steffen: I had been working in a global insurance company at an overseas branch for a long time. After a few years, I wanted to settle down in South Korea with my wife. Then I found out that SKK GSB offers 100% English language classes. It especially caught my eye that I could acquire a dual degree with SKKU as well as Indiana University Kelley Business School in 18 months. What were the most memorable class and professor in the EMBA program? Steffen: The Financial Executive class is one of the best. Maybe other students felt a bit bored, but I have the background knowledge, so it was pretty interesting. Kim: My favorite one was Service Design & Brand Strategy which I took at Indiana University Kelley School of Business. That was a starting point for Maven Plus. Steffen and I combined our ideas and applied the experiences from class. Also Immersion, which is a residency program in the USA was memorable. I studied leadership and how to compose a financial report. It is helpful to fund and write an IR report in an actual business. I enjoyed learning from Professor Rauanq. When did you start working together? What was the next step after graduation? Kim: We had different experiences, but shared the same goal. Steffen is an IT expert and I am a business specialist in sales and marketing. We agreed to develop each other’s advantages and make a human-centered professional business. Steffen: Kim offered to have me join the business and I agreed. Originally I thought I was going to teach in school but changed my mind and we got together. Kim: Above all, I know Steffen is a good man. The most valuable thing is a relationship rather than business strategy or anything. Why and how did you design the your business? Kim: I would like to help people and felt happiness when designing the business. Maven Plus is a combination of those. Steffen: Mon Chef, one of the sub-brands, is a professional catering service. There is a huge need for house parties and inviting acquaintances as one-person households are growing. At first, we did a street promotion and more than 500 people signed up on the spot. Everyone seemed to be wondering why this tall German guy was handing out flyers on the street. Kim: Another service is “GowithU” which helps seniors or patients who cannot go to hospitals by themselves. Our trained managers help them to transfer, acquire prescriptions, and do everything else they need to. It seems pretty tough to manage the business as a foreign representative, especially a startup company. How do you do network and how often do you communicate with MBA alumni or get some help from them? Steffen: For Mon Chef, I was struggling to increase the business value. So I called one of our EMBA classmates and got some tips in terms of how to plan services. For GowithU, one of the SKK GSB alumni in the financial industry told me a business tip about caregiver insurance. Kim: SKK GSB also supported us by renting us an office room for events and giving useful advice. Recently we had a speech at Hong-Ik University where Steffen's wife works. We want to continue this kind of business experience. What is the next step towards achieving your goals? Steffen: (Laughing) More money? First of all, I want to focus on making the business grow. I hope GowithU can help improve the quality of life for seniors and patients. Kim: Recently we have signed a partnership with Gangdong-Kyunghee University Hospital, KEB Hana Card, Shinhan Card, a blockchain company, an industry-leading EAP company, 13 women's educational institutions, KST Mobility, and leading companies in premium mobility services. We are going to join with a healthcare service company and KOTRA soon as well. Do you have any comments for SKK GSB students? Steffen: Maximize your experience in real fields. Do something practical. As an IT professional, I would like to say that you don't have to spend too much money on IT. Rather focus on checking the legal obligations and insurance stuff. You must also have a global perspective and read world trends. Kim: I want to tell in one expression: “Be happy”. If you feel happy when doing something, you are on the right track.
Professor Chengwei Wang's paper, "Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry," has just been accepted for publication in Journal of Financial and Quantitative Analysis. The paper describes that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management by using a complete sample of worldwide open-end mutual funds. Also explore the impact of trust in general and the role of the two mechanisms of trust in particular—i.e., trust in the market and trust in managers—in the global mutual fund industry. JFQA is considered to be one of the top-tier academic journals in the discipline of finance published by the Michael G. Foster School of Business at the University of Washington. Big congratulations, and many thanks to Professor Chengwei Wang for her continued contribution to SKK GSB! + Link to Research : https://gsb.skku.edu/en/Faculty_Research/Insights.do mode=view&articleNo=94239&article.offset=0&articleLimit=10
From early Jan 2020 to early Mar 2020, six American students from Dartmouth-Tuck and IU Kelley school attended an exchange student program at SKK GSB. Nicole Nava (Tuck, Class of 2020) and Alice YI (Kelley, Class of 2020) shared their feelings about their Study Abroad Program in SKK GSB in Korea. Why did you choose SKK GSB to study abroad? Nicole: I chose SKK GSB because I wanted the opportunity to live and study in Asia. After enjoying an undergrad exchange program in Europe, I really wanted the chance to live in a new environment. I have been to Seoul before and absolutely loved it! It's a wonderful city filled with many things to do, and I knew this would be a once in a lifetime chance! Alice: I chose to study at SKKU because it was an opportunity for me to live in Korea. While I’ve visited Seoul many times before, this would be a new experience for me to live and study here. What impressed you most in Korea and SKKU? Nicole: Besides food, I would have to say the overall infrastructure and community in Seoul and SKK GSB have impressed me the most. Coming from New York, I am consistently impressed by public transport and the respect everyone has for each other and the environment around them. Community is a huge thing for me and is the major reason I chose Tuck as my full time MBA program. I am happy to find a similar feeling here at SKK GSB. Alice: The food and transportation system always impress me in Korea. Delivery is incredibly fast and there are so many options. How did you feel about the class and what did you learn from SKK GSB? Nicole: Everyone in class has been so welcoming! I'm taking both full time and executive MBA courses and have loved all of my classmates. Everyone comes with a different experience, and I have thoroughly enjoyed how international the classes are. Alice: The classes I took in SKK GSB are not too difficult for me. It’s been a great experience to learn with classmates from different cultures and backgrounds. Yin Lin, SKK GSB PR Committee, Class of 2021
Do you want to get the best offer? Do you want to build a long relationship with your partner? Adam Castor, a professor of SKK GSB raised these questions while delivering his lecture on Negotiations to the students of SKK GSB, Kelley, Tuck, and EDHEC this semester. Professor Castor’s class teaches students the essential tools of negotiation, to help them to improve their negotiation skills as well as to let them understand their strengths and weaknesses and improve their negotiation style in their lifetime. A good negotiator is usually well prepared before the negotiation starts. • BATNA: Best backup plan to a negotiated agreement A successful Negotiation usually has a good planning strategy. Prepare 2 -3 options during the planning • Reservation price: Worst offer you’re willing to accept Analyze how important each issue is to you and your opponents. • Bargaining zone: Range between buyer and seller’s reservation prices • Target price: Ideal agreement A good negotiator usually has the following motivation. The smarter negotiator appears to be able to understand his or her opponents' real interests and thus to provide them with better deals at lower cost, which is the cornerstone of integrative negotiations. Top negotiators always have a win-win motivation. Cognitive ability tends to reach the best agreement for both parties. With that attitude, ask more questions during the negotiations and try to understand the other party’s situation. Understand their style. Different negotiators have different personal or cultural preferences. Many Western cultures have a quick-paced approach to negotiations, while it can be a little different for Asian cultures. To find the tradeoffs and creative solutions that ensure that everyone gets a fair deal, you have to share information about your needs and priorities. The extent to which you trust the other party should determine your approach to sharing and collecting information. Usually, the best chance for a good agreement comes from both parties trusting each other and disclosing information on each side and trying to find the best solution for both sides. This also can build a long-term relationship. A good negotiator usually follows these steps during the negotiation. It gives fewer reasons to support arguments. Tries to make the first offer, usually the recipients use the first offer as an anchor and they do not adjust a lot within their Bargaining zone. The people who make the first offer generally win the negotiation. Asks counterparts to explain their reasoning, and sometimes waits for a response or threatens to walk away. Adam Castor holds a Ph.D. in Managerial Science & Applied Economics from the Wharton School of Business. He was an Instructor at the Wharton School, University of Pennsylvania, Philadelphia, and is now a professor of SKK GSB. Yin Lin, SKK GSB PR Committee, Class of 2021