In 1991, aged 29, Park Byeong Yong of South Korea applied to numerous banks for a loan to start up a business. He did not come from a family of business leaders and neither did he have his degree from one of the top universities. Perhaps needless to say, his loan applications did not get far. Determined, however, Park raised cash from friends and personal savings and went ahead with his venture. Just over ten years on his company, Pantech, is the third largest mobile manufacturer in South Korea, and has successfully established itself as a key player within both the home and overseas markets. Park is clearly doing something right.
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