Malaysia is a cultural melting pot and residential to a number of races and ethnicities. Due to that, we’re spoilt for meals decisions, starting from nasi lemak to tacos and kebabs. There’s simply too many to select from.

Our nation additionally doesn’t shrink back on the subject of embracing new tendencies. We had a interval the place espresso outlets, KBBQs (Korean Barbecue) and bubble tea outlets had been popping up in every single place.

That’s when Vincent Lua, the CEO of MyeongDong Topokki, discovered an unexplored marketplace for Korean road meals.

When he visited South Korea, he fell in love with the intense lights and road meals that they’ve. However, when he acquired again to Malaysia, he realised Klang Valley lacked outlets promoting Korean road meals.

He was decided to vary that, thus MyeongDong Topokki was born.

We caught up with Vincent to get a behind-the-scenes look on the operation of MyeongDong Topokki and his private journey as an entrepreneur.

It’s Extra Than Simply Topokki

On the inspiration of the identify, Vincent mentioned it got here from a mix of Myeongdong road, recognized for his or her meals and style, and topokki is the king of road meals in Korea.

He then mentioned the notion that they solely promote topokki is unfounded. 

“KFC sells extra than simply fried rooster, and Burger King sells extra than simply burgers.”

When he first began, MyeongDong Topokki solely had a number of menu decisions—and that was an issue as a result of Malaysians don’t wish to eat road meals day by day.

So, they solved the issue by designing dishes primarily based on the native tastes with additions reminiscent of Deopbap (rice with toppings), Jjigae (Korean stew) and Ramyun (noodles).

Innovation Is Key To Sustainability

“With the intention to keep sustainable, eating places need to develop and innovate. Innovation is our firm’s core worth and the important thing to our survival and success,” mentioned Vincent.

With regards to altering up the menu, he mentioned they need to continually maintain an eye fixed out on international tendencies and take away out of date objects as a result of merely listening to the market shouldn’t be ok.

And talking of markets, MyeongDong Topokki seems to be to develop to Indonesia which is residence to the world’s largest inhabitants of Muslims.

With analysis indicating that the worldwide halal meals market will attain US$ 2.9 trillion by 2024, it makes good sense for the model to capitalise on this as they’ve not too long ago simply obtained their halal certification from Jakim in 2019.

From only a small kiosk in Sunway Pyramid, MyeongDong Topokki has grown massively, spanning 40 retailers (23 operational, 17 in development/renovation) nationwide in 6 years.

They also have a meals processing centre able to making ready merchandise and elements for 100 retailers.

As millennials make up the majority of their clients, they designed their retailers to be insta-worthy with shiny neon lights, energetic décor and an open idea kitchen.

Vincent additionally mentioned that millennials choose issues to be quick and immediate, so their fast-casual idea caters completely to that viewers.

In accordance with Vincent, he says that every MyeongDong Topokki department sells about 1,000 bowls of topokki a day, however that didn’t come with out its personal set of challenges.

Climbing Up The Entrepreneur’s Path

Vincent remembers when he first began, debt was piling up as a result of enterprise was gradual.

“There was a variety of strain and rigidity, which may make somebody unable to sleep and even have the urge for food to eat. To overcome this, an individual has to have robust perseverance and so they’ll need to continually discover options to resolve these points.”

He then mentioned that the model now not bears any brief or long-term debt and so they’re cash-flow constructive for enlargement.

Getting the group to be on the identical mission and imaginative and prescient posed a problem too, but when everyone seems to be on the identical web page, they will construct a robust sense of teamwork to assist the expansion of the model. 

Initially a banker, he all the time had a thirst for enterprise. Even earlier than his banking days, he invested in small scale companies that boosted his promoting abilities, which is an important ability for entrepreneurs. 

In 2011, he determined to go away his job as a banker and dive into the property business as a full-timer.

Nonetheless, he quickly realised that the property market has reached its peak and the costs began to develop into stagnant, with little enterprise.

However in 2014, one in all his pals beneficial him to start out up a health enterprise in one in all his unused properties. Heeding the recommendation, he began the enterprise and fast-forward to at this time, it has develop into one of many largest health chains in Sarawak.

Classes To Study

It wasn’t all the time roses although. There was an occasion throughout his banking years the place he ventured right into a enterprise of promoting USB drives.

He purchased them in bulk from a web based vendor however was scammed. He thought he was shopping for 32GB drives, however as a substitute, he acquired 4GB drives.

“We made a loss from this and from that have, I learnt one in all my first classes in enterprise—to concentrate on the main points.”

He went on to say that his childhood wasn’t the best one, although he got here from a well-to-do household.

Shedding his dad early in his childhood and watching his mom shoulder the tasks drove him to think about methods to assist his mom. 

Studying to be impartial and never depend on his dad and mom was one of many classes he learnt. He then mentioned that the expertise constructed him to be stronger and extra persistent.

• Discover out extra about MyeongDong Topokki right here.

Featured Picture Credit score: MyeongDong Topokki