5 Lessons In Making Money I Learned From a South Korean Teenager

I received some of my best business training from a young entrepreneur in Busan, South Korea. He taught me five lessons that I still use to this day. These five lessons are part of the core of my business.

I was in the US Navy. Our ship, the USS Okinawa, was docked in Busan Harbor. My friend Mark and I had some liberty time. We put on our civilian clothes, walked down the gangplank, and headed into town to do some shopping.

Busan was famous among the sailors as a great place to buy clothes and accessories. I bought a lot of stuff there. I bought a sweater and a leather purse for my wife. I bought a winter parka and an Adidas sports bag for me.

But the best thing I bought was socks. Yes, socks! For the price of ten pairs of socks I got an incredible education in what it takes to succeed in business…

There were many street vendors in South Korea in the winter of 1978–79. Some of them had small shops, but many of them sold merchandise from carts, or bicycles, or even from their hands. A teenage boy walked up to Mark and me carrying bundles of socks in his hands and in a bag slung over his shoulder. With a broad, cheerful smile he said, “Do you need socks? Everyone needs socks! And I have the best price for you! Ten socks for only 1,000 Won! (Note: the South…