SON OF FINANCE, FATHER OF TECH FUNDRAISING.
There are instances of people losing more money than most people can only dream of earning in a lifetime. Masayoshi Son is one of the most impressive business models to all Japanese, and perhaps to the world now as well. Losing US$70 billion of his net worth did not stop him from making skyrocketing profit again. This man also enjoys the media glare and celebrity status in the country and boasts a massive Twitter following (2.42 million followers and counting). In this issue, SME will share the ups and downs throughout Son’s journey.
SIPPING MUD WATER Regarding the origin of Son’s unusual management style, he cited the influence of his father. In an interview, Son said, “My father continued to change businesses one after another, experiencing a series of hardships as if he had to sip muddy water and roll about in pain to support his family. With every change, he started from scratch.”.
Son was born to a second generation South Korean resident in Japan, Mitsunori Son. He lived on the then-impoverished island of Kyushu, in a roadside area of squatters’ huts with no specific address. His family had been living an obscure life under the Japanese name of Yasumoto, due to anti-Korean sentiment widespread at the time.
He started off selling bootleg shochu - distilled spirits, by pedaling around on his bicycle. Despite the discrimination against Korean residents, he gradually managed to save money and began raising pigs. He jotted down the destinations of railroad freight cars carrying pigs when they stopped at a nearby station. From this, he found butchers in Tokyo that bought pigs at high prices. Later, he expanded his business to pachinko pinball parlors and consumer finance. When restrictions were imposed on the pachinko industry, he opened a fishing pond on the premises of one parlor and advertised a 20,000 yen prize for catching a red carp.
This story is from the December 2018 edition of SME Magazine Singapore.
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This story is from the December 2018 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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