[One Sip of a Book] "The Biggest Obstacle to Decision-Making Is Not Skill or Environment but Fear"

Some sentences encapsulate the entire content of the book itself, while others instantly resonate with the reader’s heart, creating a connection with the book. We present meaningful sentences excerpted from the book. - Editor’s note

This is the memoir of Go Seokhwa, Honorary Chairman of the World Korean Trade Association (World OKTA) and Honorary Chairman of Bank of Hope, representing Korean-American banks in the U.S. It can be regarded as a record of the glory and agony of Korean-American banks over the past 40 years, experienced and witnessed firsthand by Chairman Go. The book records his efforts as chairman of Wilshire State Bank, which was on the brink of collapse due to a Conditional Cease and Desist order (C&D), rushing around to find capital from shareholders; how Wilshire State Bank took the lead in revitalizing the Korean economy devastated by the 4.29 LA riots; and how, despite strong opposition, he merged with BBCN Bank to create Bank of Hope, a bank comparable to mainstream American banks.

Born in Busan, Go Seokhwa graduated from Yonsei University with a degree in Business Administration and joined Yeonhap Steel, a newly established steel company, where he learned sales and trade. In 1971, his third year at the company, he immigrated to the U.S. and founded Pacific Steel Corporation. In 1986, he became a director of Wilshire State Bank, the first Korean-American bank in the U.S. In 1993, he was appointed chairman of the bank, which was on the verge of collapse after receiving a Conditional Cease and Desist order from the banking regulator, and developed it into the nation’s top SBA (Small Business Administration) bank by designating SBA loans as a specialized product. In 2005, he donated $5 million of his own money to establish the Go Seon Foundation, supporting over 20 nonprofit organizations for 17 years. He also donated $1 million to his alma mater Yonsei University to provide the Go Seon Scholarship Fund for students from financially disadvantaged backgrounds. In 2016, he led the merger of BBCN and Wilshire Banks, the largest Korean-American banks at the time, creating Bank of Hope, which ranks among the top 100 banks out of over 5,000 banks in the U.S. In 2008, he was inaugurated as the 15th president of World OKTA.

The whole united by solidarity exerts greater power than any capable individual. No matter what crisis arises, it can be resolved without hesitation.

_ From Chapter 1: Taking Charge of a Bank on the Brink

Countless decisions must be made to achieve a goal. The biggest obstacle to making those decisions is not skill or environment, but fear itself. Cast away fear.

_ From Chapter 2: The Management Philosophy of a Miracle-Making Cheerleader

Life always involves hardship and failure. Whether you fall into the swamp of hardship and failure or step onto the path of success depends on your attitude toward those hardships and failures.

- From Chapter 3: The Light and Shadow of Growth

If you ask me the way to become wealthy, that is, the law of wealth, it is saving and investing. Saving means accumulating funds, and investing means believing in the power of compound interest and being patient.

_ From Chapter 7 Appendix: To Young People Asking the Way to Success

Lonely Challenge, Beyond the American Dream | Written by Go Seokhwa | Jaeneung Education | 304 pages | 15,000 KRW