With Dongdaemun Wholesalers, Thinking on the Future of Management
Up to the present, many wholesalers have led the sustainable growth of the Dongdaemun market. This is because Dongdaemun wholesalers’ sales are estimated to account for 90% of the total market sales.
Needless to say, Dongdaemun wholesalers, which own about 30,000 stores, are small but have strong market competitiveness.
Despite the accumulation of commerce experience and its management know-how, however, Dongdaemun wholesalers are facing a serious structural crisis due to rapid changes in the post-development market environment. Surprisingly, Dongdaemun wholesalers in the crisis faced even greater difficulties due to the unprecedented crisis such as COVID-19 coronavirus pandemic.
Under these circumstances, what should Dongdaemun wholesalers do? Charles Darwin, Author of ‘On the Origin of Species’, one of the historical famous books said.
“It is not the strongest of the species that survives, nor the most intelligent, but the one most adaptable to change.”
He claimed that the competitive advantage is not the power, but the wisdom of survival of the fittest. We don’t know if this theory could be a price less advice to Dongdaemun wholesalers. Nevertheless, we are sure that his logic is influence for good.
Although not the latest book, Gary Hamel presented his writing the answer to how to adapt to change by discussing the future of management. + We will also need to discuss these alternative views with Dongdaemun wholesalers facing the crisis.
In ‘The Future of Management’, the author argued that companies need management innovation now more than ever.
Management has historically been seen as a collection of tasks involving planning, organizing, controlling and incentivizing. For any company, however, the future of its management becomes emerges from the sense-making relationships of its members, rather than being determined by the choices of a few powerful individuals.
Most people believe that the role of CEO as a business leader is to choose strategic directions and then persuade others to follow them. With executives, a modern view of strategy is about exploration and experiments, a search process of trial and error.
In addition, there are many opinions that the business environment of the future will rapidly change into ‘market rather than department store, global economy than national economy, omni channel than offline, platform rather than store, and meta search engine than advertising, and so on’.
In this way, it is clear that the future of business situation will change unpredictably. Depending on the future situation, wholesalers as a competent CEO should use not only their leadership, but also strategic wisdom and its tools from sense-making of partners including designers, technicians of sewing factories, logistics service workers and domestic and foreign buyers. Americans are talking.
“Fast bind, fast find.”
Like the lesson from this proverb, Dongdaemun wholesalers must prepare to adapt well with a good few change that will come in the future. The advice of US president Barack Obama is also impressive. ++
“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
+ Gary Hamel, The Future of Management, Harvard Business School, 2007.
++Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p. 325.
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Needless to say, Dongdaemun wholesalers, which own about 30,000 stores, are small but have strong market competitiveness.
Despite the accumulation of commerce experience and its management know-how, however, Dongdaemun wholesalers are facing a serious structural crisis due to rapid changes in the post-development market environment. Surprisingly, Dongdaemun wholesalers in the crisis faced even greater difficulties due to the unprecedented crisis such as COVID-19 coronavirus pandemic.
Under these circumstances, what should Dongdaemun wholesalers do? Charles Darwin, Author of ‘On the Origin of Species’, one of the historical famous books said.
“It is not the strongest of the species that survives, nor the most intelligent, but the one most adaptable to change.”
He claimed that the competitive advantage is not the power, but the wisdom of survival of the fittest. We don’t know if this theory could be a price less advice to Dongdaemun wholesalers. Nevertheless, we are sure that his logic is influence for good.
Although not the latest book, Gary Hamel presented his writing the answer to how to adapt to change by discussing the future of management. + We will also need to discuss these alternative views with Dongdaemun wholesalers facing the crisis.
In ‘The Future of Management’, the author argued that companies need management innovation now more than ever.
Management has historically been seen as a collection of tasks involving planning, organizing, controlling and incentivizing. For any company, however, the future of its management becomes emerges from the sense-making relationships of its members, rather than being determined by the choices of a few powerful individuals.
Most people believe that the role of CEO as a business leader is to choose strategic directions and then persuade others to follow them. With executives, a modern view of strategy is about exploration and experiments, a search process of trial and error.
-One of the popular Dongdamun fashion items we exported last week, seoulclick.com-
In addition, there are many opinions that the business environment of the future will rapidly change into ‘market rather than department store, global economy than national economy, omni channel than offline, platform rather than store, and meta search engine than advertising, and so on’.
In this way, it is clear that the future of business situation will change unpredictably. Depending on the future situation, wholesalers as a competent CEO should use not only their leadership, but also strategic wisdom and its tools from sense-making of partners including designers, technicians of sewing factories, logistics service workers and domestic and foreign buyers. Americans are talking.
“Fast bind, fast find.”
Like the lesson from this proverb, Dongdaemun wholesalers must prepare to adapt well with a good few change that will come in the future. The advice of US president Barack Obama is also impressive. ++
“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
+ Gary Hamel, The Future of Management, Harvard Business School, 2007.
++Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p. 325.
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Bong Sul (Advisor, SeoulClick)
Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019.
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