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Entrepreneurship is known to be the driving force for economic growth and the power of social advancement by creating new products and services through new technological innovation, innovating organizations, creating jobs, and thus leading to the growth of companies and nations. Entrepreneurship characteristics can be categorized into five attributes: first, finding business opportunities and starting new businesses through vision and spirit of pioneer, second, pursuing continuous innovation, third, willing to accept risk and have strong motivation for achievement, fourth, putting effort on nurturing human resources, finally fifth, managing companies through transformational leadership. I analyzed Mirae Asset Financial Group from entrepreneurship perspective to find the success factors even in the turbulent environment. This study reavels the success of Mirae Asset Financial Group relies on the entrepreneurial spirit of CEO Park and his colleagues through which they always find ways forward.
Introduction
The most impressive economic event that happened in Korea in 2015 may be the acquisition of KDB Daewoo Securities by Mirae Asset Financial Group. December 24, 2015, Korea Development Bank (KDB hereafter) held a meeting of Board of Directors where Mirae Asset Consortium (Mirae Asset Securities and Mirae Asset Global Investment) was selected as preferred bidder to acquire a 43 percent share in KDB Daewoo Securities and a 100 percent share in KDB Daewoo Management in a package deal. Both stakes were held by the state-run Korea Development Bank. KDB announced that the reason it selected Mirae Asset Consortium for the deal was to maximize investment returns as well as to contribute to the domestic financial markets by forming a mega securities company to go into oversea's market. The merger of KDB Daewoo Securities (number one brokerage firm) with Mirae Asset Financial Group (asset management leader) will make Mirae Asset Securities number one in Korea with the capital of USD 8 billion. It will leave NH Investment and Securities second in its rank by the capital gap of USD 3 billion. The merger of two companies will generate considerable synergy due to the fact that KDB Daewoo Securities has outperformed in the areas of consignment trading and investment banking, while Mirae Asset is specialized in the areas of pension management and wealth (asset) management. Hyeon-Joo Park, CEO of Mirae Asset Financial Group said that...