Shin Shin-ja, the CEO leading a jokbal franchise with annual sales of 40 billion won, has touched hearts by sharing her unique philosophy and life story.
In the May 20th episode of EBS’s ‘Seo Jang-hoon’s Neighbor Millionaire,’ the story of Shin Shin-ja, who went from a franchise owner to a chairperson, was revealed. The show highlighted her dramatic journey from an ordinary housewife to a successful entrepreneur.
Shin Shin-ja shared that in her late 20s, she started a Western-style restaurant using loans to support her family. By renting part of an old building in Daejeon and remodeling the exterior herself, she increased the shop’s value and achieved a monthly net profit of over 10 million won. Five years later, she became a building owner by purchasing the property.
However, she faced a major crisis when she suddenly inherited 1 billion won in debt due to her husband’s debt guarantee. With her building seized, she started a jokbal business in Busan as a last resort. She confessed that the struggle was real, even having to sell her child’s first-birthday gold ring.
At her lowest point, a chance encounter with a haenyeo (female diver) changed her life. She recalled how the diver she met at Dongbaekseom gave her the strength to rise again, saying, “I lost my husband and son to the sea, but life goes on.”
From there, Shin Shin-ja began to gain popularity through her meticulous service. She prepared towels suited for the season, personally polished customers’ shoes, and maintained her generosity even during the IMF crisis. This sincere approach eventually led her to achieve the number one sales record among all franchise stores nationwide.
She eventually cleared all her debts and reclaimed the building that had been seized. She even expanded her business by acquiring the franchise headquarters that was suffering from management difficulties. Surprisingly, she revealed that she hasn’t raised the rent for 37 years out of gratitude for the tenants who trusted and waited for her. The building is reportedly located near ‘â—‹simdang,’ a famous landmark in Daejeon.
Shin Shin-ja also shared her unique management philosophy. After acquiring the headquarters, the first thing she did was convert all employees to full-time status, earning her the nickname ‘Union Leader’ among her staff. She stated, “I realized that if you treat people with sincerity, it eventually comes back to you.”
Indeed, the company grew from 3.8 billion won in annual sales at the time of acquisition to 40 billion won today. But her goals don’t stop there. She revealed, “I want to build half-price apartments for my employees,” adding, “I want to create a company that can take responsibility for their retirement.”
In contrast, she drew attention by revealing her humble daily life, having lived in the same house for 26 years and still using her old mother-of-pearl wedding furniture.
Finally, Shin Shin-ja left a lasting impression by saying, “Life is ultimately a series of realizations,” and “What is more important than money is the wisdom accumulated in one’s heart.”
