THE FIRST STEP
Vincent Lua, the founder of MyeongDong Topokki – describes what it takes to start your own business
STARTING AND GROWING A BUSINESS IS ONE OF THE MOST EXCITING AND DAUNTING UNDERTAKINGS IMAGINABLE, AND EVERY SUCCESSFUL ENTREPRENEUR KNOWS THE FIRST STEP IN ANYONE’S ENTREPRENEURIAL JOURNEY STARTS WITH A GREAT BUSINESS IDEA.
But to go far; to ensure longevity and growth; possessing a good idea is only the first and certainly the most feeble step. Vincent Lua, founder of MyeongDong Topokki, is an entrepreneur who looks at things without rose-tinted lenses. His quality and hard-driving work ethic have made him the success he is today.
And that’s a vital skill for any self-employed person to have, because the world is overabundant with visionaries, thinkers, and dreamers. And none of these qualities matter in the business realm if you can’t execute. As savvy investors know, success in business is more about the plan and the person than the idea. A business that generates realworld change and wealth requires people who get things done.
How would you describe yourself in one sentence?
I am a result and goal-oriented person that is persistent and never gives up when facing challenges.
Describe three experiences that have shaped you into the man you are today.
When I was 11 years old and I lost my father, it transformed me into a person who is more mature and responsible.
My first job upon joining Maybank, where they sent me to various trainings, and I get to meet different people from various backgrounds. It shaped how I behave, think as well as helping me establish a connection with the corporate world.
Working with an actual business chain like EZY Health, I faced a number of internal challenges with the shareholder’s direction such as the vision, managing a business, generating cash flow, and scaling the business with good ROI, and intellectual property since EZY Health can’t be too different compared to other fitness centres unless we were to compete in a price war.
What was your first job, worst job and best job, and what you learned from each.
My first job was as a Relationship Manager in Maybank, I got to know how the corporate world operates while training was provided by Maybank to sharpen my skills and to build connections.
I believe I have never had a bad job experience before. For me, as long as I managed to learn and grow as a person, it’s a good enough.
For the best job, I have to give it to the current role I have as the founder and CEO of Cravito Group. From being a small kiosk to now becoming a full-fledged chain while also venturing into the international market is something I will always be proud of.
MyeongDong is an awesome example of adopting a foreign food trend for local tastebuds. How did you develop this business idea, and has it grown in surprising ways?
We started as a fusion-style Korean Street Food kiosk in Sunway Pyramid we realised that the locals were not used to the Korean cuisine. Hence, we started to develop the fundamental needs of the market with rice, noodle, and soup. It turned out well and gained the market’s interest with our adaptation of Korean foods. We localised our menu to suit the market and that is one of the reasons why MyeongDong Topokki is loved by the consumers all over the country
How do you generate new ideas?
By researching different the markets. As an innovator and a critical thinker, it’s important to always be on top of things as it helps to generate new ideas this includes reading articles and news. It’s important to always be alert in order to spot the next big thing or trending the market. Once I notice a shift, I’ll try to adapt it to the business. Of course, being open to ideas and discussions with the team will always help one to generate ideas too.
Every entrepreneur needs a vision for where they want to be. What is your vision for your life? Alternatively, how did you develop your sense of ambition?
Building a brand that is ultimately adopted
AS AN I I NNOVATOR AND A
CRI I TI I CAL THI I NKER, I I T’S I I MPORTANT TO ALWAYS BE ON TOP OF THI I NGS AS I I T HELPS
TO GENERATE NEW I I DEAS
into the culture. When I was younger, I was influenced by my father and developed an interest in doing business. After exploring a different kind of business, I find myself more in the F&B industry. This is the business I am holding on to right now and since it’s growing rapidly, we’ll need to focus on ways to increase the cash flow in order to branch out to other businesses. In the three years, we will be focusing on the business niches and working on garnering new sources of funding for us to grow and move forward. Though I am happy to see the success MyeongDong Topokki has garnered over the years, it is not my end goal.
What are the values/intangible attributes that you embody, and would like your team to adopt?
Being innovative and persistent.
Describe your typical day.
Every day, I wake up going through my to-do list and thinking about what I want to achieve that day. I then go on to replying my emails and messages, I run through ideas or check with my team daily. If there are problems that need to be solved across the different departments, I will come up with a solution and the right strategy to move forward.
What does entrepreneurship represent to you?
To me, it provides solutions and brings value to the world.
Tell us about the most important lessons you’ve learned from your mentors/books/observing other people.
Different lessons across the different journeys, there is no specific one for me. When you face different scenarios, you will need to learn different things and look for different people to get the right advice or solution. For example, when you meet failures, you need to look into it and find the solution. I will study the cause of a business’s failure and relook into our business model to adjust it to avoid making the same mistakes.