Coupang: How a Harvard dropout founded South Korea's most valuable start-up | Make It International
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- Опубликовано: 7 июн 2024
- Bom Kim made history as the founder of Korea’s most valuable start-up and the country’s newest billionaire. CNBC Make It’s Karen Gilchrist met with the Coupang CEO in Seoul to hear how he went from a Harvard Business School dropout to the founder of Korea’s answer to Amazon.
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Harvard graduate: employee
Harvard dropout: CEO
Steve Ballmer
yeah but he already had a college education. this was grad school
Beep Bop employee
Saved over $150 000 in today's money
from finishing that mba too!
He chose the road less taken
He graduated from harvard with a bachelors.....he dropped out of the MBA later. Totally different from a harvard dropout...
difference is 1st one will not generate many views
M K did he not drop out of Harvard though
yeah.. honestly this cannot be considered as a drop out.
As usual, the media outlet likes to make hooo haaa with the word 'Dropout'!
@@erickim3710 Being successful and rich is about your potentials and hard work and not by education and qualifications.👌
Harvard's getting too much credit, most of these people were super smart, talented and well connected to money before they enrolled. They were gonna be successful regardless of attending Harvard.
Mars Bellator facts
exactly
Mars Bellator exactly. luke Walton had a 20+ game winning streak as an assistant coach. He was then hired as the head coach to lead the Lakers... Guess what ? They couldn't win!
I could have coached the warriors with the same result.
Same goes for schools. It's not the teacher, it's the students .
Well, having enrolled in harvard help in your resume when you tried to lure investors and doing your business pitch. It adds to your value and increase your credibility thus make everything smoother. Compared that to someone from a college noone ever heard of and no experience, that is jack ma. He ended up has to use his own money and do side work as a fulltime teacher for decades to support his company. Noone want to invest in his business until softbank come around much much later on. No harvard = more hard work, more time. Harvard = take my money
Couldn’t agree more. You will find Kim prob comes from well off background
Become Billionaire in two simple steps:
1) Take admission in Harvard
2) Drop out
Congratulations you r now a Billionaire
Amalendu Pramanick he just copied amazon though
unfortunately most people fail at the first step
@@Timothee_Chalamet_CMBYN haha.. Coping too is an art...
and have the connections to receive funding in the first place.
@@GameFuMaster attending Harvard takes care of the connections part
You need to be smart and study hard enough to get entry into Harvard.
Then you have to be bold enough to drop out of Harvard and start your business.
Kai Chen he seems to be from a wealthy family, wonder who paid for all
@@catalin90vlad there are wealthy families who paid extra for "ticket" to Harvard. I'm betting he's not one of those
harvard fellow not only smart and study hard. but also physically and mentally OK. basically a complete package of a human. they just impossible to fail in normal situation.
@@catalin90vlad yea I mean from Asia only kids of rich parents can go to US,AUS to collage..
Agreed
The dark side of this company is about the extensive hours of delivery drivers who are sufferring from exhaustion, some ended up dead. The demand to work long hours without rest, poor working environment and loose safety requirements are major issues that needs to be addressed.
I love this reporter. She's way too happy to just be there
She's hitting on the guy if u notice..
She love the egg roll!
@Monkooze Tees Who knows, might be larger than yours.
@Monkooze Tees Don't worry, Anywhere she goes, she might find one larger than yours.
That's just what I also realized haha!
He got undergrad degree, but drop out from grad studies (MBA) 😅 please set your fact straight for young people sake
So he's an MBA dropout, like, graduate school? He's not exactly a college dropout.
Yep, definitely different.
Yeah...South Korea's college entrance rate used to be 80%, now little less. Almost everyone gets bachelor's.
looks like you got jebaited
He got BA from Havard and went to Harvard again for MBA
If you have a business idea and attend Harvard (or any prestigious university) the connections you will make through networking in your first year alone could be a game changer.
Invest in Crypto
WhatsApp
Bon Kim went to one of the most prestigious private schools Deerfield Academy then Harvard Undergraduate before dropping out of HBS. CNBC is not painting the full picture. Going to an elite high school like Deerfield would mean a pretty well-off background. Getting into both Harvard Undergrad and Grad means Bon Kim is pretty good at what he does whether it is academic results or business experiences from internships or jobs.
So he’s good at what he does. Thats the picture they’re trying to paint.
Yeah, some of Bom's success may be the product of nepotism, but you couldn't say the same for Elon Musk or Jeff Bezos. Not all success in life is left to chance.
1959 South Korea: 15th poorest Country in the World, poorer than North Korea and most of Africa. The West said Countries such as SK would take 250 years to reach an advanced economy level.
2019: South Korea 11th biggest economy in the World GDP of 1.73 trillion, that's more than Spain, Australia and Russia, and soon to over take Canada and Italy. SK did it in 50 years.....
Astonishing
It's an economic model called Chaebeol. Only Korea has that model where a bunch of gigantic companies are pooled enough resources to reach international status and thus grow from there.
John Doe it’s called technology and South Korea has been kicking ass
@@FRAMEDSKATEKREW69 It's called blood, sweat and tears. And every Korean over the age 50 have contributed to that. It was a "do or die" mentality that propelled the country forward. Companies are made of the individual people who made it happen.
It's K-Pop isn't it
@@FRAMEDSKATEKREW69 I'm talking about how they got there. They dont just go from sticks and stones to technology
Love that guy, his vision and how enthusiast he is about getting things done !
How are you doing today and how is the weather condition over there.?
Coupang is so easy to use as a Korean. Some consumers put small cookies or drinks in front of the door for delivery drivers. And one of the reasons for Coupang's success is that more than 51% of Korean households live in apartments. This is why delivery is relatively convenient. Also, since for who live in apartments, have no objection to leaving a package in front of the door. At least in Korea, Amazon is hard to penetrate in.
Why can't Amazon do exactly what Coupang does? It seems they are identical in every way except website language.
@@georgebrantley776 They could, Coupang was just first mover. Even founder of coupang copied Amazon's BM in korea.
One thing, the most important thing, they don’t talk about in this video is their net revenue. Look into the company data.
net profit?
That dude is genuine, I like him
I am Korean and I love Coupang so much. If you order a pack of milk 11pm from Coupang with your smartphone, next day morning, 7am you will see the milk is in front of the door. That's is crazy.
What's more crazy is, if you walk for like 5-10mins and go buy it yourself in the convenient store, you can have it the same night.
jay spanks u are an idiot sir
@@jayd.3946
At that time of the night??
Especially if you have plans to use it in the morning, a time other shops around might not be available??
No matter what way the though seems to go.... Your comment seems unreasonable!!!
Looks like running an online market place is profitable.
Let's see if they can compete with Amazon, which would be good for all of us.
epSos.de Coupang’s success is applicable to dense urban areas.
making money is easy. Making a lot of money is a lot harder. There's a difference. once you figure out how and why. You'll be the next JEFF BEZOS.
This only works in places like Korea and Japan where the work hours are very long and people are ready to pay premium to get the product at doorsteps plus Korea and Japan are very small in size which helps in delivering orders within one day or even less. But places like India, USA has problems of size. India has other problems too. So I Amazon is making most of its profits from aws and other ventures only not from e-commerce
See today's news where it reached
If it can make you a local billionaire its enough ,
He has such a warm personality
This guy is business personified, it's pretty sweet. Good luck mate from Brisbane ✌ 🇦🇺
Hello how are you doing today and how is the weather condition over there..?
He’s well spoken. I like.
I swear the English videos on youtube tells me so much about my own country hahaha thank you for the vid!😊😊
님 영어 왜케 잘함??? ㄷ
you can hear the passion in this guys voice...
Yes, going from ivory tower academics to worrying all day and night whether I get my delivery on time is real mental gymnastics - a truly flexible mind.
He oozes passion right from the screen. I would like to work for a company like that. Good example starts from the top.
College dropout isn’t the same as a hardvard drop out lol (Zuckerberg)
Find out about the high demands these days then exploited it and then manufacturing products of demands then you profits
@tong you took the words out of my mouth.....not everyone gets accepted at Harvard.
If he dropped out early hed be as rich as zu Zuckerberg. The University education destroys your creative innovative thinking by programming you to go look for a job.
Love his energy
He looks like so passionate, work hard and confidence in the E - Com market from south korea to global company.
I love how Ebay as an Ecommerce company platform inspired others to build Amazon, Alibaba, Goupang, etc.....
Being a harvard dropout isnt exactly a hard floor to bounce from though... highschool dropout yes. Harvard? I would expect this.
Not everyone from Harvard becomes a billionaire or even millionaire
@@haremking7256 But those confident enough to drop out of it often do
@@georgebrantley776 I sure would love to see the numbers on this…
i failed one of my final exam in college this is my RUclips suggestion. well done RUclips
Don't give up
@@johnsonlive9173 thanks ❤
I am so impressed!
Hello how are you doing today and how is the weather condition over there..?
At age 13, Bong Kim went to boarding school in Massachusetts at Deerfield Academy, finishing his high school at this prestigious preparatory school. Bong Kim attended Harvard University finishing his undergraduate course for Business Administration !!! ... Bong Kim then much later attended Harvard Business School, a graduate school for an MBA ... in grad school dropped out after only six months. 👍🏼 Bong Kim remains a true-blooded Crimsonian Collegiate Guy ... ❤️ Yes !!!
He isn’t drop out, he is just out smarted the professors. Why pay someone to waste your time when they aren’t as smart as you?
Why did he make the mistake of paying Harvard in the first place? I Guess he realised that was a mistake
hithere43210 - he thought Harvard could teach him something new. But he found out pretty early that it can't
David Ho he isn’t necessarily smarter. The professors know more about business then he does. What he did was take his knowledge from school and apply it to his business.
@@raymondmills3251 his knowledge is not from the School, its more about enterprenual Spirit than knowlede
hithere43210 i agree. What i was trying to say is that there is more to being an entrepreneur than business knowladge, it takes creativity, risk tolerance, passion, work ethic, etc.
thanks as always
I have just stopped the video in the mid way to write this. You can't imagine how motivating it is for me, who's been in the e-commerce industry for 5+ years and really want to start something unique of his own. Trully someone said, always be in a company of high-achieving people or atleast optimists, otherwise the losers or 9to5 people won't let you think and act out of the box....at the end.... Great!
This presenter is excellent 👌
I want to marry her
How are you doing today and how is the weather condition over there.?
The efficiency of services like this in Korea is just unparalleled. One of the things I love ;_;
Hello how are you doing today and how is the weather condition over there.??
This sounds like a better version of Amazon. i hope Coupang comes to the U.S.! This company is incredibly strong. I'm glad to be a shareholder and just made a video analyzing the stock.
Better than Amazon ? At what cost ? His workers work all day and some even die... it even has a term if you die from work and he is totally using it
Everyone in Korea loves Coupang.. dam I couldn't live without it..
those ppl.have one thing in common. they are not hesitant to express their thoughts and ideas.
Yup just like you expressed your thought in your name.
Just like trump
It's a surprise to know that the founder and CEO of Coupang used to study in the US and speaks very good English, but they couldn't design an app or build a website in English. All other online shopping companies here in Korea already have their own services in English.
Maybe because Coupang mostly catered to its Korean customers?
They don’t want to because it is not profitable for them.
This video is so inspiring!
Hello how are you doing today and how is the weather condition over there.??
inspiring work
He actually complete his graduation from harvard but dropout from MBA.cnbc should also mention this
They tried to dramatise the drop out
Hello how are you doing today and how is the weather condition over there..?
How are you doing today and how is the weather condition over there.?
I use Coupang in south korea, if you order in evening, you get in next dawn. Once you get used to it, you cannot change platform. But I don’t know how they are gonna make profit with this system. Because 12hour delivery service cost too much wage which is why Coupang still losses money despite huge revenue.
Love this kind of videos, greetings from Mexico!
Hello how are you doing today and how is the weather condition over there..?
@@kimyang5595 Weather in México is always nice, beach towns or mountains we have 25 degrees all year long.
Maashaallah good video. Allah bless him with good ness of both world's and make him more charitable more generous.
Dropping out will only make it harder for you to find jobs, that’s it. Starting a startup has nothing to do with dropping out. As long as you are disciplined and passionate, you can do anything.
He also needs to be smart enough and rich enough to get into Harvard in the first place
Fitrian Hidayat agreed! So the fact that you get into Harvard is clear indication that you’ll do good in life.
I mean, in order to drop out of Harvard, you need to get in first ..
How are you doing today and how is the weather condition over there.?
Wow great job!
Inspiring. We want more stories about millionaires becoming billionaires
@CNBC I think there might be some error in the data representation, i.e., at 2:46 it is showing a projected sales of $103Bn and in the next graph it is showing a revenue of about $0.1Bn for South Korea. Please see to it. Thank you
Could be sales as in the total value of products on the platform, and revenue is their cut from those sales.
Fyi, revenue indicates the net sales and they both are the same thing. I am pretty sure. What you are talking about is called as Profit in general.
The fact that he dropped out of harvard isn't important. But the fact he got in there in the first place explains much.
Hello how are you doing today and how is the weather condition over there..?
Hello how are you doing today and how is the weather condition over there.??
How are you doing today and how is the weather condition over there.?
An inspiration
Congrats to the guy.😊
As a Korean, I want Coupang to succeed but lots of headwinds against them. Plus, CNBC deleting their original CEO interview where he deflects answering when Coupang will be profitable 3 times is highly sus
Invest in Crypto
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As a Korean who uses Cupang literally everyday, it is so convenient, fast and even rlly cheap. The company records a heavy deficit every year to provide that cheap and high quality services . It’s a innovation but too risky.
J C its not super cheap but if you consider Rocket delivery, it is cheap. When you buy more than 12 USD, you will get a free Rocket delivery :)
Even a drop out from harward is super skilled. Imagine how skilled a graduate will be?
Excellent execution! Congratulations :D
Hello how are you doing today and how is the weather condition over there.??
"Exponential!"
Actually this company is loosing money at an incredible rate
But Masayoshi Son(ethnically Korean) just keeps pumping money into Coupang
Coupang is the best 🧡
Camera man did great job.. I really like the frame and handheld shots
How are you doing today and how is the weather condition over there.?
@@kimyang5595 It's awesome, what's up with you?
Well done to Bom Kim. Not everyone wants to be an employee
Hello how are you doing today and how is the weather condition over there.??
Amazon: we have two-day shipping
Coupang: how about one?
@Sara kadi now Amazon actually offers 1 day shipping lol
Hello how are you doing today and how is the weather condition over there..?
How about less than 6 hours.
Hello how are you doing today and how is the weather condition over there.??
@@kimyang5595 it’s turning cold lately, raining for a few days
Man living in Canada I realize that we really step our game up with accessibility
Freaking amazing
These days to become a billionaire you just need to be friend with softbank and they will make you one. Nevermind the bussines you have, just go to there parties
catalin90vlad probably is wework is one of them :)
*I'm 51 years old with no retirement plan yet,any suggestions on accumulating a million dollar portfolio within 12-18 months? I have currently saved a capital of $100k*
Denzel Washington once said *"TO get what you never had before you have to do what you never did before"*
In times like this,the best thing any American can do for him or herself is to have another source of income apart from his or her salary,invest wisely people!
Starting early is the best way of getting ahead to build wealth,investing remains the priority. Forex trading has plenty of opportunities to earn a decent payout,with the right skills and proper understanding of how the market works
@@changchangjuju4281 I totally agree with you,Forex trading is the most profitable venture I ever invested in,I reached my goal of $500k yearly trade earnings, setting realistic goals is an essential part of trading
@@changchangjuju4281But successful people don't become that way over night,what most people see is a glance wealth,a great career,purpose is the result of hard work and hustle over time
Coupang = Groupon.Awesome business idea!
How are you doing today and how is the weather condition over there.?
I really saw the Coupang building, but I didn't realize that it's a Korean billionaire that owns it. Good job Bom Kim!
This like a Coupang's PR video
Coupang is in huge deficit every year (impaired capital)
Can I ask what is impaired? They just lost value?
This dude: dropped out of the school and became a billionaire
Me: dropped out of the school and became a homeless
You: Pikachu face
Kapitalist you a fool 😂😂😂😂😂
Cold fact: harvard != ordinary college
At least you got access to internet be thankful buddy things will be better
Well, at least you have access to Internet.
AWESOME
What a great guy!
Hello how are you doing today and how is the weather condition over there.?
Almost 1 billion dollars in losses last year, this guy is gonna be rich regardless what happens but the fate of the company is yet to be seen especially considering what has happened to wework & uber other softbank investments.
Or, look at Amazon and how everybody was saying the same thing as what you are saying about coupang. And see how it turned out.
How are you doing today and how is the weather condition over there.?
that's the prob... attracting these investors. How did u get a chance to get them to sit at the table? and why didn't they say it's just the same as Amazon?
Great!
Sufferin' succotash a journalist with a lisp worse than mine....I am in love!
Harvard : We produce the most Billionaire Dropout in the Planet.
Harvard Billionaire Dropout : I'll be back.
I am honestly interested on how this company will deal with the bigger, global market that includes retail giants like Amazon and Alibaba.
Wild Chang, Jr. There might be opportunities in countries where no major retail players in the market such as some countries in South East Asian, but definitely not a smart strategy to enter China or US.
Hyper localization.
@@ziwer1 like a partnership? Cause otherwise, what is the point of forming a new company?
All these people are very disciplined right from birth no bad habits they are high on becoming an entrepreneur
I like Mr. Kim. He's smart and he knows what people want.
In Korea, you get fresh food delivered to you in parks, beaches, and any other place imaginable! I feel like the U.S. is a 3rd world country in comparison with its slow technology and no high speed rail system.
MyEpiphany77 It takes 2 hours to drive 17 miles through LA traffic... not efficient
Trust me you are better off in us...
@@kkevinparkk Trust me, Korea's public transportation is very efficient and clean!
@@user-wc1ef4tr2k High homeless rates, high violent crimes and home invasion, high taxes in California, heavy traffic, crazy liberals - Not good to be in the U.S.
Have you considered the land area of the U.S vs South Korea....
2019, when dropout get famous and rich
2020 too many people poverty after dropoutt
super smart dude
I like this guy.
The chick interviewing is so smart and hot !
They talk as if it’s that simple. People who drop out are usually from rich families and have good connections
Exactly
How are you doing today and how is the weather condition over there.?
Might want to do an interview with Qoo10 CEO. One of the pioneer who set up Gmarket in Korea. In fact, way before the likes of Alibaba and the rest. Went listed in Nasdaq and sold it to Ebay. Then, set up Qoo10. Were once a market leader in few countries before dethrone due to heavy burning money activities by the rest in the name of market share. Perhaps, the next interview could be the real truth behind every company that is backed by conglomerate and how one can sustain this by turning it into profitability. Such topics are usually not feature/discuss openly in most interviews. Will be a good case study for future start up owners/individual who aspire to make a difference in the fast changing world.
Right, there are more fail start up than succeed
From Bum to Bom this man upgraded his status in life
Hello how are you doing today and how is the weather condition over there.??
This is the prime reason shops are closing down in Korea. When I was in Korea some months back, I saw stores after stores closing its doors because they cannot compete with online markets. I wonder how this will turn S Korea
At least he made it there 😅
I think Coupang can even be the first to implement drone into their service. SK is pretty safe in this regard
Hello how are you doing today and how is the weather condition over there..?
Great
Impressive! I hope his assets are well protected
Switzerland seems the safest place to store wealth
These people understand life , holding paper it isn't success
Hello how are you doing today and how is the weather condition over there.??
@@kimyang5595 excellent weather , good life.
@@hajji384 It is my pleasure coming in contact with you here, please contact me on my email so we can get to know each other more better. I have something very interesting i will love to share with you that is why i contacted you, below is my e-mail. I am not always online here so please contact me on my mail
Name: Kim Yang
E-mail: yangkim129@gmail.com
@@kimyang5595 OK, check your inbox
@@kimyang5595 are you kidding me bruh?!
Waiting for Coupangs market debut.
@CNBC International, the values on vertical axis of the graph at 2:49 aren't right