New Employees With an Annual Salary of 1 Trillion Won - Chapter 17

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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Chapter 17. Breakdown (2)

 

 

 

After handing over the patent draft, all I had to do was follow my routine.

The daily routine of arriving at work at 7:51 AM and leaving at 6:05 PM.

Actually, maintaining this kind of daily routine wasn’t easy.

Just looking at my company colleagues, they were all working overtime until late at night.

 

But I didn’t feel awkward about it at all.

My colleagues were actually urging me to leave before 6 PM, worried I might hand over more patent drafts.

 

My workplace colleagues moving like gears in an orderly fashion.

Thanks to them, I could head to Korea University with peace of mind.

However, unlike the workplace, school had various variables.

 

“Lee Jung-hoo, you’re here? The number of users surged again today. I don’t know where the word is spreading from, but thousands of people are signing up every day.”

“Do we need to contract additional servers this month?”

“I think we can somehow manage this month. But next month will be difficult. The servers are already starting to slow down.”

 

The problem was adding the photo and video upload features.

From the users’ perspective, it was a satisfying feature, but from the operator’s perspective, it was a cost bomb.

 

“We definitely need a revenue structure at this point.”

“Since we can’t charge membership fees, we’ll have to add advertisements. Several internet advertising companies have been contacting us lately.”

“What about the advertising rates?”

“It varies depending on the type of advertisement. Banner ads are about 500,000 won per month, and click ads are about 40 won per click. But honestly, who would actually click on advertisements?”

 

The advertising rates were too low compared to the site maintenance costs.

Under these conditions, continuing to operate the site would be hemorrhaging money.

As time went on, this site might turn into a money-eating monster.

 

“Hmm, we need to do advertising… but with the rates currently proposed, it’ll be difficult to maintain the site.”

“But it’s not easy to find other revenue models either.”

“We can add one new feature. What’s the biggest advantage of our rollbook? It’s a school-centered, location-based site. If we utilize that and add a feature that directly connects local commercial districts, we can increase advertising rates.”

“What would be different?”

 

The research lab members tilted their heads, looking somewhat unfamiliar with the concept.

The structure I had in mind was a method no one was using, so detailed explanation was needed.

 

“Simply put, we’re adding a used goods trading feature exclusively for Korea University students. Existing sites are anonymous so there’s a lot of fraud, but we have a real-name basis plus school verification. Trading face-to-face in the same school and same area makes it impossible to commit fraud.”

“It’s a direct transaction-only feature.”

“Since we’re real-name based plus require school verification, trustworthiness is definitely guaranteed.”

“I went to several used bookstores just to find one specialized textbook, but if this feature had existed, I could have saved time.”

 

Universities were places overflowing with used goods.

From specialized textbooks to liberal arts class materials, electronics like laptops, and daily necessities like clothes.

Items that became unnecessary for someone were exactly what someone else desperately needed.

 

But the process of finding used goods was too inefficient.

Research lab members had to walk around and visit bookstores to find specialized textbooks.

When there wasn’t even enough time for research, how inefficient was this?

 

“I wrote some simple code at home. Let’s start with a pilot service limited to Korea University first.”

“Show us.”

 

When I turned on my laptop, the research lab members gathered around.

They read through the code line by line to understand the features and quickly grasped it.

 

“The trading area is limited to Korea University and the nearby studio apartment village.”

“I set it to a distance where direct transactions are possible.”

“What’s the score next to it? Is it like a transaction rating?”

“You can think of it as a trust score. After a transaction, if you respond politely and deliver goods properly, the other party raises your score. If someone has a high score, you can trade with them with peace of mind.”

“Oh! It would be fun to raise the score too, right?”

 

Scores were the best means of controlling people.

Especially Koreans were trained to respond to numbers from elementary school.

 

“The feature is excellent, but… there’s no revenue with this structure. Other used goods trading sites operate by taking commissions, but ours is free.”

“Instead, we need to generate revenue through advertising. I didn’t include the studio apartment village in the trading area for nothing. If we open it up for real estate agents to directly place ads, we can increase advertising rates.”

“Ah! That’s really good. Since it’s advertising on a site students frequently visit, it directly connects to targeting!”

 

Most products had clear target customer segments.

Our site was most suitable for advertisements targeting the student demographic.

 

“And our site has bulletin boards for each school. So we can also receive advertisements individually from real estate or commercial districts near each school.”

“There are over 100 school bulletin boards, so if we charge just 300,000 won for each bulletin board banner, that’s 30 million won! Even with just that, we could sufficiently cover server costs.”

“It’s not just banner revenue. If we let individual businesses post directly on bulletin boards while charging a small fee, we’ll have additional revenue.”

 

Users can use the site without bearing any costs whatsoever.

A structure operated solely by advertisers’ costs.

It’s convenient for users and a sustainable model for operators.

 

“This is definitely a revenue structure only our site can have.”

“First, we need to succeed with the pilot operation at Korea University before we can pursue it in earnest.”

“My friend is in the student council, and the student government has all the phone numbers of nearby commercial districts. I’ll call around with advertising proposals.”

“We should also send text messages, and if necessary, make flyers and distribute them directly to save time.”

 

When first turning a gear, strong force is needed.

But once it successfully establishes itself at Korea University, advertisers will naturally come looking for us first.

 

“The promotion costs seem like they’ll be quite high, will that be okay?”

“Don’t worry about funding. The company will cover all costs.”

“Oh! As expected from a private equity fund! This is the first time doing business without worrying about money. Even government projects don’t provide this level of support.”

 

It was possible because all the money was coming out of my bank account.

Without procedures like approval lines, I could save time by just deciding and immediately withdrawing money from my account.

 

“Let’s start right now. But do you have time? Do you have time to work on the professor’s project too?”

“It’s a government project, so it’s the kind where you just need to write reports well. It’s like doing homework.”

“Please ensure it doesn’t interfere with your existing work.”

“We should do the fun stuff first, and homework is supposed to be handled right before the deadline anyway.”

 

The Research Lab Members thought of Rollbook as play rather than work.

I felt the same way.

I felt a thrill every time I added various gears in the online space to grow the structure.

Of course, it was a hobby that cost way too much money.

 

But I couldn’t give it up.

Watching thousands of people move within the structure I designed was a kind of experiment.

It was an experiment that would be hard to conduct anywhere else, and as the experiment progressed, the system became more sophisticated.

 

***

 

Near Korea University, there were hundreds of boarding houses and studio apartments.

Boarding House Flyers were densely stuck on every utility pole, and real estate offices were invariably located at the entrance of each neighborhood.

 

Among them was ‘Bongcheon Real Estate’, which specialized in brokering boarding houses.

They had specialized in brokering only boarding houses for over 10 years, but with so many real estate offices in the area, today they were just swatting flies again.

 

“Why do you spend money on such things?”

“He’s a Student I helped broker for, and he stayed at the same boarding house from undergraduate through Graduate School. When a kid like that asks for a favor, how can I refuse? Besides, the advertising fee is only 200,000 won, so I should at least do that much.”

“200,000 won could buy how many bottles of Soju, do you have money to spare? What if he comes back next month asking you to do it again? You should cut off such requests from the beginning so it’s comfortable for everyone.”

 

The Bongcheon Real Estate Owner was getting an earful from his Go Friend.

His friend, who was in a bad mood after losing Go two days in a row, was being particularly irritating today.

 

“He said they’re putting up an advertisement on the internet or something starting this afternoon, so it should be effective.”

“What kind of advertisement for real estate? Houses are ultimately a matter of luck. Both fate and timing have to align.”

“Are you going to play Go or just keep babbling? Stop stalling and make your move quickly.”

“You’re really twisted. I’m saying all this for your sake.”

 

Just then, ring ring!

The sound of a phone ringing after a long time.

The Bongcheon Real Estate Owner put down his Go stones and quickly picked up the Phone Handset.

 

“Yes, this is Bongcheon Real Estate. Ah, you want to come look at houses? Yes, we’re available starting at 9 AM tomorrow. Please come by.”

 

His friend added another comment about the phone call that came after such a long time.

 

“I thought the phone was broken. It was so quiet I thought you’d unplugged the phone line.”

“There are hardly any Students looking for houses after the new semester starts. Business near schools is seasonal.”

“That’s true. It’s rare for Students to move in the middle of a semester.”

 

The two men turned their attention back to the Go Board.

But before they could place even one Go stone, ring ring!

The phone rang again.

 

“You’re looking for a boarding house? I’ll have time in two hours. Please come.”

“Did the sun rise in the west today? What’s making you so busy?”

“You’re right. Hehe, I need days like this to put food on the table, don’t I?”

 

But that wasn’t the end of it.

The moment he hung up the phone, the bell on the entrance door chimed.

 

“Hello. I came to look for a boarding house. I heard this place is quite famous.”

“There’s no real estate office near Korea University that knows as many boarding houses as we do. But how did you find out about us?”

“Ah! I saw it on Rollbook. There was a banner that said ’10-year tradition boarding house specialist real estate.'”

“Rollbook? Banner? What are you talking about? Are you talking about that internet thing?”

“That’s right. Students these days all spend time there.”

 

Before he could finish talking with the Student, ring ring!

The phone rang again. At the same time, another Student was standing at the door.

 

“Can I look at boarding houses?”

“Did you come after seeing that internet thing?”

“Yes! I came after seeing the Rollbook advertisement.”

“Wait a moment. We have plenty of boarding houses, so let’s go look together.”

 

The Bongcheon Real Estate Owner quickly grabbed his Notebook and stood up.

Before leaving, he glanced at his Friend who was still sitting there dazed, holding Go stones in his hand, and said:

 

“Will you still say I wasted money? People with good hearts receive good fortune. You don’t understand that.”

“Hmm… That Rollbook place, where did you advertise? Could our Restaurant advertise there too?”

“There are Flyers on my desk, so look for yourself. I’m busy, so I’m off.”

 

The owner opened the door with a smile.

After being quiet for a while, Bongcheon Real Estate began to smell of people again.

 

***

 

Just two days.

Only two days after adding used goods trading and local advertising features to Rollbook, intense reactions poured in.

 

“Lee Jung-hoo, we need to expand the Server right now. Traffic is exploding!”

“We’re only running a pilot at Korea University, and traffic has increased that much?”

“The used goods trading is surprisingly interesting. Even I go in several times a day and press the Refresh Button.”

 

Simply increasing traffic wasn’t meaningful.

The important thing was that this traffic needed to be connected to advertising.

Only then would the revenue structure be complete.

 

“How’s the advertising effectiveness? What’s the reaction from Advertisers?”

“I was just about to talk about that! Real estate offices around Korea University Area have been calling non-stop. Over 20 places want to place advertisements. And we’ve also gotten inquiries from Foreign Language Academies.”

“With that kind of response, we should be able to cover the Server expansion costs sufficiently.”

“If we raise the advertising rates just a little, we could even make a profit!”

 

Advertising rates were up to us to decide.

It didn’t matter how much other websites charged.

Ultimately, what mattered was making Advertisers want to advertise.

 

“Let’s focus more on targeting foreign language academies. If we tell them we’ll put integrated ads on the main banners of the Three Major Universities including Korea University, we should be able to charge higher rates.”

“Oh! That would work perfectly. I’ll also reach out to certification academies and civil service exam academies. Those kinds of academies would want to place ads across all the website bulletin boards.”

“If we can make that happen, we’ll have a stable revenue structure.”

 

We were still operating at a loss for now.

But if everything went according to plan, we’d break even and turn a profit soon enough.

Every time I looked at the rollbook website, I could see the sturdy gears turning powerfully and smoothly, without stopping, which made me confident of our success.

 

And money wasn’t even the important part.

Someone’s daily life was flowing within the structure I had designed.

Orderly repetition, predictable reactions.

All of that was pure pleasure to me.

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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