[Book Review] Despite Numerous Failures... What Made Him Number One Was "Quick Abandonment"

Jaecheol Kim's "How to Ride the Waves of Life"
"I am willing to die"?boarding Korea's first deep-sea fishing vessel
Laying the foundation for Dongwon's global No. 1 status through perseverance
Boldly exiting the camera, textile, and pager businesses
"Set a limit for failure"

"If you just let me board the ship, I will work without pay."

The connection between Jaecheol Kim, Honorary Chairman who later built Dongwon Group, and the sea began with unwavering determination. While attending the Fisheries College, he heard news that Korea's first deep-sea fishing vessel, the Jinamho, was about to set sail. Without hesitation, he decided to join the crew. He managed to persuade the company by offering to sign a waiver stating, "I am willing to die," and was finally able to board the ship. Thus, in 1958, his life at sea began?a life he described as "living with hell beneath a single steel plate."

Jaecheol Kim, Honorary Chairman of Dongwon Group. Dongwon Group

The choices Kim made at every crossroads in his life often defied conventional wisdom. Born in 1934 in Gangjin, Jeonnam, as the son of a farmer, he had already secured admission to Seoul National University when a teacher’s remark?"If it were me, I would go to the sea"?prompted him to change the course of his life.

Despite opposition from those around him, who said, "Are you really going to become just a sailor?" and his father's displeasure, he ultimately enrolled in the Fisheries College (now Pukyong National University). He said, "Rather than following the answers set by the world, I wanted to choose a place where I could create my own answers."

Life at sea was tough and arduous, but it was a series of valuable lessons. When they caught fish, he would dissect their stomachs to analyze their diet, then cast nets where such prey was abundant. Because he was particularly skilled at catching tuna, he became known among the crew as "Captain Kim."

Kim advises young people aspiring to succeed to "create a structure that makes you want to work." He recommends setting a concrete final goal and then working backward, breaking it down into actionable steps. He emphasized, "Even if your dream is far off, you must imagine and dream it in detail. The power to overcome today's uncertainty and ambiguity comes from the concreteness of tomorrow."

His goal was to become a "global number one entrepreneur." That is why, when founding his company, he included the word "Industry" (Dongwon Industry) in the company name instead of just "Fisheries." This reflected his intention not to stop at catching fish but to take on various fields in the global market. As a result, in 2008, he acquired StarKist, the world’s largest canned tuna company, securing the title of global number one.

Afterward, he expanded the business beyond deep-sea fishing and seafood processing to include logistics container terminals, livestock, ready-to-eat meals, and secondary battery materials. He also made his mark in finance, with the group’s subsidiary Korea Investment & Securities surpassing 1 trillion won in net profit last year.

On the surface, it may appear that Kim’s life was a smooth road, but in reality, it was a series of both major and minor failures. The biggest of these was the camera business he started in 1977. He entered the market believing demand would rise with income growth, but he overlooked the technology-intensive nature of the industry and suffered a loss of 7 billion won. At the time, the company’s capital was only 3 billion won, so the impact was significant.

One of the key business principles Kim values is "quick abandonment." If he determines there is no chance of becoming number one, he withdraws decisively without clinging to sunk costs. In fact, the textile business he started in 1973 was closed after just three years, in 1976. The same was true for the pager business. He invested 20 billion won in 1997 to enter the market, but quickly withdrew after misreading the market trends.

He advises young people to cut their losses and exit decisively when necessary. He warns against holding on out of attachment to past investments, which can lead to even greater losses, and stresses the importance of knowing when to step back. "Don’t fail to prepare, but set a limit for failure. If things don’t work out, give up quickly. Failures beyond what you can bear are difficult to find meaning in."

As much as he succeeded, Kim also sought to fulfill his social responsibilities. During the Kim Youngsam administration, he contributed to the establishment of the Ministry of Oceans and Fisheries, and during the Roh Moo-hyun administration, he served as Vice Chairman of the National Economic Advisory Council, where he helped design Free Trade Agreement (FTA) strategies. In 2006, as chairman of the bid committee for the Yeosu World Expo, he helped Pacific island nations join the Bureau International des Expositions, turning the tide in what had been an unfavorable bid. For these achievements, he received the Gold Tower Order of Industrial Service Merit in 1986 and the Order of Civil Merit, Mugunghwa Medal in 2008. He is one of the very few businesspeople to have received both honors. This was the result of his belief: "Live your life thinking that you should repay, even just a little more, than what you have received from others."

Despite numerous failures, his spirit of challenge remains undiminished. Now ninety years old, Kim is preparing to launch a salmon farming business in Gangwon-do. By incorporating artificial intelligence (AI) technology, he plans to build 24 large tanks, each 28 meters in diameter and 13 meters high, to create a sustainable source of protein. It is expected to take more than five years to bear fruit. He said, quoting Steve Jobs, "I cannot guarantee that I will see the results, but my brain is still hungry."

This book is the success story of an entrepreneur and shows what can be achieved through steadfast will and determination. Rather than exaggeration, it contains heartfelt advice, offering a profound resonance and motivation to those losing their passion in a rapidly changing world.

How to Ride the Waves of Life | Written by Jaecheol Kim | Collage | 240 pages | 18,000 won