School of Business Celebrates 100th Anniversary by Inviting PayPal Founder Peter Thiel

-National Assemblyman Ahn Chul-soo also Speaks

The Yonsei School of Business (YSB) celebrated its 100^th anniversary by inviting PayPal founder Peter Thiel to give a special lecture on February 24 in Baekyang Concert Hall. YSB Dean Kim Dong-hoon welcomed Mr. Thiel, saying: “As Korea’s economy is at a crossroads, seeking new paradigms, it seemed timely to invite a global leader such as Peter Thiel.”

As he walked up to the stage, the audience shouted “Welcome, Peter Thiel.” To begin, Mr. Thiel asked a question: “What is one truth that you know but no one agrees with?”  Such a truth, he explained, has important implications for any new and groundbreaking company. He then revealed his truth that no one agrees with: “People think that capitalism equals competition, but, in fact, it is the opposite. If the market actually created an environment of complete competition, most companies would not be able to profit.”

Speaking of the local economy, Mr. Thiel said that “opening a Korean restaurant in Seoul cannot be a great new venture: there is simply too much competition for the business to succeed.” He continued: “People, however, still prefer to enter into competition rather than coming up with something new and unique. A new business venture feels more secure in ‘copying’ existing models. But while these people compete for tiny profits, the owner of a new and unique business quickly earns much higher profits.” The secret, then, is in providing something original and unique to consumers, but this, he stressed, requires one to have the courage to choose “the truth that no one agrees with.”

National Assemblyman Ahn Chul-soo, who listened to the lecture from the front row, spoke after Mr. Thiel, praising YSB’s unique history and achievements. Mr. Ahn told the audience that “many people are not aware of their unique talents. It is important to go through trials and make errors in order to discover your true talents.” Too many people, he said, remain content with “determining their talents through flawed and biased self-evaluations.”