Chapter 8

008 Honey-Flowing Desert

At the entrance of the building, two signs hang: one for the Najoo Innovation Park and the other for the Innovation Park Support Center. Since they both seem to be in the same office, I guess I can just go in.

"Excuse me, is anyone here?"

My eyes met those of an employee wearing a round T-shirt and jeans, and he was wearing Adidas shoes.

"What brings you here?"

His accent, though Seoul-like, was strong, and anyone could tell he was from Jeolla Province. Despite his fresh expression, he had a cold demeanor, but he didn't seem like a fox. It was more like the cautious look of someone wary of newcomers.

"I called yesterday. I'm here to discuss setting up a factory in the Innovation Park..."

"Oh, yes! I'll let our section chief know. Please wait a moment."

It was chaotic. It felt like they had grandly opened for business but only flies were around, and they were startled when a customer finally came in.

"Hello, I'm Section Chief Lee Jeong-yong of the Innovation Park."

"Nice to meet you. I... I don't have a business card yet. My name is Ji Jeong-su."

"Looks like you're just starting out."

"No, I haven't started yet. I'm planning to set up a factory here."

"Ah, I see. Please, have a seat."

The warmth in the section chief's eyes slightly cooled.

I need to adapt. When a 20-30 year old comes in saying they want to build a factory, expectations will inevitably drop. Even if you're old, if you don't have money, you're a scammer, and if you're young but have money, you're a businessman, right?

"Let me give you a brief overview of the Innovation Park. The total area is 550,000 pyeong, and we aim to complete it by the end of this year. Within five years, 500 companies will be established here. We're already getting a lot of inquiries, so you've come at a good time."

The industrial park isn't even completed yet. They want me to buy land and build a factory on it? This smells fishy. It's like the sweet smell of sugar and soda boiling together. No need to beat around the bush; let's get straight to the point.

"How does the land allocation work?"

"Do you not want to hear more about it?"

"No, I've decided to build a factory here. Listening to more would just be a waste of time."

"Young CEO, you're decisive. The price per pyeong is 6.27 million won, but with government and local subsidies, you can think of it as around 5 million won per pyeong. Each plot is 1,000 pyeong, so it would be about 500 million won."

500 million won per plot...

After much thought and consideration, I concluded that 1,000 pyeong wouldn't be enough. Even though I haven't started yet, I think the company will grow significantly, so I need at least 3,000 pyeong.

Whether it will succeed or not, I need to start boldly! The text message said there would be a 20 billion won investment, but I'll need to take out a loan for the shortfall. I need to have this kind of ambition! The new me, my start will be with ambition!

"I'm thinking of 3,000 pyeong. Is that possible?"

"Wow, you're planning something big. We have plenty of land. To be honest, there are no companies planning to invest yet, so the land is still available."

"Really? But you said there were a lot of inquiries."

Duk-joon pressed sharply. He's doing well.

"Ah! There are many inquiries, but the park isn't completed yet, and the infrastructure isn't fully developed, so no companies have confirmed their investments. Once we start the investment seminars next year, the land might run out."

"I see. When I looked earlier, it was just an empty field. I thought you were exaggerating, but it's true, huh? Haha."

Duk-joon, taking the cue, seemed a bit nervous. Speak clearly and politely!

"Haha. I only speak the truth."

"Will we get any benefits if we set up a factory here?"

"Of course. Otherwise, who would come here? First, as a new small and medium-sized enterprise, you'll get up to 22% support from the government when building the factory. If you spend 1 billion won, the government will provide 220 million won. That's already a huge benefit, and the city also provides support for the land price. There are tax breaks and loan guarantees from the local government."

"That's not very impressive, right, sir?"

It's a decent benefit, but do most local industrial parks offer the same? Otherwise, no one would consider moving to a local area. There must be something more.

"Hmm... Is that all?"

"Oh no, there's more. When building a factory, there are many permits and certificates to obtain, and we handle all of that for you. Once you pay the deposit, we'll take care of everything from there."

"That's good. And more?"

"May I ask what kind of business you plan to start?"

"I want to start a transformer company."

The section chief's eyes sparkled. Yes! There must be something more!

"Great! Korea Electric Power Corporation (KEPCO) has agreed to allocate 20% of its procurement to companies in the park. Since no one has expressed interest in transformers, if you start operations next year, you'll get 20% of the market."

20%! KEPCO spends about 400 billion won annually on transformers, so this means 80 billion won for me. I have to secure this. Even with a 20% margin, that's 16 billion won!

Is it possible? Honestly, this has been a topic of much debate. Many people have said it's unrealistic to allocate 20% to companies in the park. Even if it's true, existing companies won't sit idly by.

"I've heard about this, but is it really 20%?"

"Of course. It's legally mandated, so it's certain. Despite the publicity, many people don't believe it."

It's certain! Wow! This barren desert is a land of honey! No wonder it smelled so sweet; it was the smell of honey!

With the smell of honey, there's no more hesitation. The KEPCO bidding ends in August, so I need to finish all preparations by then. I need to hurry, convince the factory manager and the executive to move to Najoo, and finalize the startup procedures.

* * *

We agreed to come back next week to sign the land contract and left the support center.

If everything goes as planned, it will be like starting a business and immediately tasting honey, but the question is whether it will go as planned.

To achieve 80 billion won in annual sales, I need at least 200 employees. This industry is difficult to automate, so it's hard to generate more than 300 million won in sales per employee. Even if I push for 300 million won per employee, I'll need a lot of staff.

Since the honey won't be guaranteed every year, it will be difficult to maintain such a large workforce. Skilled workers are hard to find, so I'll have to hire and train new employees. It's like choking on a cake you can't even eat, ending up in the emergency room.

First, I need to solve the problem of building the factory. Even if I fully utilize 3,000 pyeong, it will cost at least 4.5 billion won to build the factory. Operating costs and material costs will also be significant.

With 2 billion won in capital, it's impossible. Isn't solving the impossible part of the fun? Strangely, I'm not worried.

"Hey, how was it?"

"Now I understand why they call it Najoo Bone Soup. The broth is amazing, really."

"Talk after you finish eating."

"The female employee? She's a bit short but pretty, right?"

"Ah!"

"This broth has a mysterious charm. When I first tried Pyongyang cold noodles, I thought, 'Why am I paying for this?' But once you get hooked on its subtle charm, you can't stop. This is exactly like that. You should eat it without any seasoning."

"Got it. What do you think?"

"Anyway, take your time. The faster you rush, the more you need to be calm! A businessman should be calm and look ahead! Look, you must have made a rough budget, right? For 3,000 pyeong, the land costs 1.5 billion won. And building the factory will cost at least 1 billion won, right?"

"Assuming 150 million won per pyeong, it will cost 4.5 billion won for the factory, so the total, including land, will be 6 billion won. Considering equipment and operating costs, we need about 7 billion won."

That's why I thought it was unrealistic when the text message suggested moving to Najoo. But maybe it's possible after breathing the air here. I'll make it happen. Isn't this how myths are created?

"Cough, cough. What? 7 billion won? Do you have that much money?"

"Shin-ju agreed to invest 2 billion won, and I'll need to take out a loan for the rest. No one starts a business with their own money, right?"

"Wow! You have a big heart. But who will lend you 5 billion won? Do you have sales or assets?"

"Hey! What kind of business can you do without this kind of courage? Don't worry! I'll dig up the earth to get it!"

"Ji Jeong-su, are you on drugs? You're not the person I know. What's wrong with you?"

"Looking at the desert, I developed ambition. What's life, anyway? If I'm going to do it, I'll do it boldly and make bold profits!"

If I decided to be reborn, I need to follow through. The old Ji Jeong-su, who endured all kinds of humiliation and couldn't escape his slave life, is dead. Now, there's only CEO Ji Jeong-su!

I'll grow the company boldly. I'll start small, then expand and diversify.

"You're definitely on drugs. Let's do a rough calculation. Banks typically recognize only 50% of assets. For a house, they might be more generous, but not for a factory. So, with 2 billion won in assets, you can only get a 1 billion won loan. That's 3 billion won in total. Let's assume 1 billion won from the Small and Medium Business Corporation and policy funds. Honestly, that's a lot. That's only 4 billion won!"

"Admittedly, the idea of taking on debt is scary, but it will work out. Don't worry."

"Hey, in dramas, they come to your house and put red stickers on everything, right? If you use your own money, why would they do that? It's because you borrowed from the bank. Business is about using other people's money, but if you fail, it affects three generations! Think about it."

Duk-joon's concern is evident. I'm also worried about the unknown path ahead. But if the sky falls, there's no need to hide under the covers. If it's an uncharted path, we can blaze it.

"Until now, I've only done what I was told. Now, I need to be proactive and make good decisions. What do you think, Han Duk-joon?"

"If you're that confident, go for it, but think carefully. If you fail, it's not me who fails, but as a friend, how can I not be worried?"

"If I fail, you fail too. The CEO and employees are one, right?"

"What? You haven't even agreed, and you're already in the same economic community?"

Duk-joon's recruitment is now complete. Now, we have three employees. It's like the three brothers of the Peach Garden Oath getting a new member. Is he a bit like Zhang Fei? Or Guan Yu?

"Call me CEO. But have you registered the business? Are you setting up a corporation?"

"I need to do that. To set up a manufacturing corporation, I need a factory, so I came here in a hurry."

"Then why hesitate? Sign the contract immediately. You need it to register the corporation and file with the tax office. But will you be the representative of the corporation?"

"Yeah."

"What about Shin-ju?"

"What? He's just providing the money."

"You're crazy. How does that make sense? It's a stock company, so he'll take all the shares?"

That's why you shouldn't lie.

Even a small lie can lead to bigger ones to cover it up, and eventually, everything collapses. How can I defend against Duk-joon's sharp questions? In such situations, I need to deflect and divert attention!

"I'm trying to keep my identity hidden. Anyway, there's something to it. It's late; should we stay here tonight and go back tomorrow? Let's go somewhere nice and have a drink."

"Drinks? Sure. Do you know a good place? You must have researched all the local restaurants, even if you don't know the Innovation Park office. You're still my friend."

I paid a high price for the lie, but it was cheaper than being ripped off if I had told the truth.

As Duk-joon said, there was no need to hesitate. If I decided to go all in, I needed to act quickly and move to the next step. With all the administrative procedures, factory construction, equipment purchase, and product certification, I have a mountain of work to do before the next year's bidding. There's no reason to waste time on minor concerns.