Company Builder Organization ‘Helping Start-ups and Sharing Profits’

“I was not born with silver spoon in my mouth, so I had to work part-time to make pocket money. It wasn’t easy to earn money while studying as a student. When I was a middle school student, the high-speed Internet was just beginning to spread. I got interested and started working as an online marketer. I was fortunate to be able to start early in the market and have received a variety of offers, including marketing, consulting and lecturing activities. I studied political diplomacy at Ajou University, and there was a gap between what I needed and what I learned, so I decided to quit and start my own career.”

▲ In 2010, 23-year-old Elsol Company CEO Choi Joon-ho started a military shopping mall ‘Kunistory’. After its success, he built up a ‘Company Builder’ business ‘Elsol Company’ in 2013. “There are so many variables in running a company,” he said, “It is always better to prioritize and leave things to experts or minimize resources for decision making.”

Elsol Company which was established by CEO Choi Joon-ho in 2013, is a ‘Company Builder’ organization that shares profits through mutual growth with start-ups. A company builder is a company that creates a company or a start-up team, if necessary, co-founds a start-up and then shares profits when a business succeeds. Also by using its own expertise and technical skills, it creates contents that show the value of start-ups and their product strengths, distribute them via specific platforms, and develops a brand publishing that enables communication between start-ups and customers.

“Our first target field is wellness(H&B), and we are working together with internal start-ups and various companies on how to be healthy both internally and externally.”

Elsol Company is not the first company that Choi founded. His first company was ‘Kunistory’, a shopping mall for military goods that he founded in 2010. “I had just left university after serving Korean army. And I thought it would be great if there were shopping malls for soldiers and their girlfriends. It was a blue ocean at the time and I could make a use of my marketing experience. So I could achieve 100 million won in monthly sales of the shopping mall in six months, which is a great KPI figure for a shopping mall.”

 

Choi said, “As the shopping mall got popular, my former presidents asked us to help them market various services and brands. The hardest part about start-up ventures is marketing. I decided to sell ‘Kunistory’ and set up the current ‘Elsol Company’ in search of areas where we can address bigger problems with higher levels of demand.”

Of course, he also had to struggle against the adversity. “In 2016, we stopped all of our expansion projects when investments were canceled at the very end. And we lost more than half of the members. it was the hardest time, both financially and mentally.”

Elsol Company is a young company. The company’s items are young, and its members are young as well as CEO Choi. He points out that the advantage of young companies is being responsive to the external environment. “Like it is hard to do business abroad without living abroad, the judgment and behavior of our members with real user experience are of substantial value in the recent, rapidly-changing social environment. Also, transparent and active communication based on a relatively similar interest and a living environment is an absolute advantage.”

He also gave advice to young people preparing to start their own businesses. “There are so many variables in running a company. The smaller the size, the greater the losses due to the wrong decision-making by the founders, most of which are not visible in the form of opportunity costs and therefore are easy to overlook. It is better to always prioritize and leave things to experts or minimize resources for decision making.”

“The most important thing is to develop an item and a team. If you don’t do it while you’re concerned about something else, you’re more likely to be at a greater loss in a broader perspective. Also it’s very helpful to have at least some managerial knowledge by self-studying or training for a management consultant certification, even if you don’t actually get it.”

CEO Choi’s goal is to create an alliance environment in which anyone can start a business without risk if they have passion and ideas, and bring synergies together in a rapid pace. “It is our first milestone to achieve 100 billion in 2020 annual sales through spin-off, investment and M&A in our first business category of wellness and be listed in KOSDAQ.”

“First of all, we are planning to launch 16 new brands this year by building a value chain between SoHo brand and customers with the H&B shopping mall ‘Eatdamall’ which is expected to launch in April and alliance marketing platform REDITO.”

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