Markets change rapidly. If a company operates without a clear standard, it may experience short-term growth, but it will struggle to survive in the long run. Introducing the entrepreneurial spirit of Alpha Brothers, who advance with flexibility during times of change and are equipped to prepare for an uncertain future.
People at AB analyzing market problems and seeking solutions
1๏ธโฃ Ability to Accurately Define Problems from the Customer’s Perspective
To be an entrepreneur, one must define the problems they face from a customer-centric perspective rather than a business-centric one. This means not just identifying the problem's surface but understanding the challenges customers experience in depth and determining the root causes. Defining the problem in this way is essential for ensuring that the solutions an entrepreneur provides will result in valuable outcomes for customers.
2๏ธโฃ The Importance of Structured and Iterative Approaches to Problem Solving
According to Alpha Brothers' philosophy, entrepreneurs must develop a structured approach to problem-solving. This approach involves defining the problem, formulating hypotheses to solve it, executing those hypotheses, analyzing the results, and, if necessary, revising the strategy in an iterative cycle. This process helps address unexpected issues that may arise during problem-solving and leads to more effective results through continuous improvement.
Strategic Transformation of "Insaeng Dried Fish"
Insaeng Dried Fish's CEO, Ko Hyung-ki, faced a significant challenge during the pandemic with a substantial decrease in sales. In this situation, CEO Ko conducted an in-depth analysis to accurately identify customer needs. While many offline businesses focused on short-term solutions to address the pandemic itself, Ko took a different approach.
Ko identified the core issue as "customers wanting to buy dried seafood through accessible channels that are available anytime and anywhere, rather than offline stores." Based on this insight, he decided to reassess the existing offline-centered business model and expand into the online market.
This decision not only strategically met customer demands but also established a foundation for effectively responding to the unexpected external factor of COVID-19. Ko worked with Alpha Brothers through a cyclical process of strategy formulation, execution, evaluation, and adjustment, continuously improving the business model.
During this process, various strategic actions were taken, including building a smart store, developing a proprietary online mall, and implementing diverse marketing strategies. These continuous efforts and strategic pivots led to significant success, resulting in a 13-fold increase in sales for Insaeng Dried Fish during the pandemic.
The online mall of Insaeng Dried Fish that helped them survive the pandemic
Starting a business is like planting a small seed and nurturing it to grow. Entrepreneurs must constantly monitor and address various factors to ensure the seed thrives: is it getting the right amount of sunlight, is the wind too strong to disturb its roots, is there adequate drainage if there’s heavy rain, and so on. It requires the ability to foresee and resolve unforeseen challenges. We’ve explored the entrepreneurial spirit of those who have succeeded with the support and investment, both direct and indirect, from Alpha Brothers.
Markets change rapidly. If a company operates without a clear standard, it may experience short-term growth, but it will struggle to survive in the long run. Introducing the entrepreneurial spirit of Alpha Brothers, who advance with flexibility during times of change and are equipped to prepare for an uncertain future.
1๏ธโฃ Ability to Accurately Define Problems from the Customer’s Perspective
To be an entrepreneur, one must define the problems they face from a customer-centric perspective rather than a business-centric one. This means not just identifying the problem's surface but understanding the challenges customers experience in depth and determining the root causes. Defining the problem in this way is essential for ensuring that the solutions an entrepreneur provides will result in valuable outcomes for customers.
2๏ธโฃ The Importance of Structured and Iterative Approaches to Problem Solving
According to Alpha Brothers' philosophy, entrepreneurs must develop a structured approach to problem-solving. This approach involves defining the problem, formulating hypotheses to solve it, executing those hypotheses, analyzing the results, and, if necessary, revising the strategy in an iterative cycle. This process helps address unexpected issues that may arise during problem-solving and leads to more effective results through continuous improvement.
๐ก CASE STUDY
Strategic Transformation of "Insaeng Dried Fish"
Insaeng Dried Fish's CEO, Ko Hyung-ki, faced a significant challenge during the pandemic with a substantial decrease in sales. In this situation, CEO Ko conducted an in-depth analysis to accurately identify customer needs. While many offline businesses focused on short-term solutions to address the pandemic itself, Ko took a different approach.
Ko identified the core issue as "customers wanting to buy dried seafood through accessible channels that are available anytime and anywhere, rather than offline stores." Based on this insight, he decided to reassess the existing offline-centered business model and expand into the online market.
This decision not only strategically met customer demands but also established a foundation for effectively responding to the unexpected external factor of COVID-19. Ko worked with Alpha Brothers through a cyclical process of strategy formulation, execution, evaluation, and adjustment, continuously improving the business model.
During this process, various strategic actions were taken, including building a smart store, developing a proprietary online mall, and implementing diverse marketing strategies. These continuous efforts and strategic pivots led to significant success, resulting in a 13-fold increase in sales for Insaeng Dried Fish during the pandemic.
Starting a business is like planting a small seed and nurturing it to grow. Entrepreneurs must constantly monitor and address various factors to ensure the seed thrives: is it getting the right amount of sunlight, is the wind too strong to disturb its roots, is there adequate drainage if there’s heavy rain, and so on. It requires the ability to foresee and resolve unforeseen challenges. We’ve explored the entrepreneurial spirit of those who have succeeded with the support and investment, both direct and indirect, from Alpha Brothers.