This first-person article is based on an interview with David Chung, owner and chairman of the supervisory board of Amare Global. It has been edited for length and clarity.
I couldn't believe there was a banana just lying on the kitchen table. In Korea, having a banana was something special, but when I immigrated to New York at the age of 12, we had fruit and even M&M's. Everything seemed so luxurious.
My mother immigrated to the US in 1963 with less than $100. After arriving in New York, she started a small, family-owned gift shop. Over time, she developed this business and eventually obtained a green card.
I joined her about eight years later, in the middle of a New York winter. I didn't know the language, but I felt lucky to be in the US.
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I decided to get into cosmetics after watching my mother's business
My mother continued to expand her store, expanding it to include a drugstore and pharmacy. In the early 2000s, she ran a company worth tens of millions of dollars.
David Chung and his mother moved to New York
| David Chung (private archive)
She was extremely enterprising. Watching her journey inspired me and continues to influence me to this day. When it comes to business, I have a lot of her DNA in me. Now that I'm 66, I think to myself, “I'm just like my mother!” It's terrifying.
My mother's business created the foundation for my own. While working in her store, I noticed that cosmetic products offer huge business opportunities. They are small, which reduces storage and shipping costs. They are consumable, so customers come back for them again and again. And even when the economy is bad, people don't give up on taking care of their skin.
I started my first business at the age of 23
I went to college, but it was hard for me to concentrate because I was constantly thinking about starting my own business. Even today, I rarely drive because I'm so consumed with thoughts of managing my businesses (I use a driver instead). Ultimately, I graduated with an engineering degree.
There was a small video rental store right next to my college. These were the times before Blockbuster (a rental chain in the USA). I bought this store when I was 23 and gradually expanded the business to sell gifts and cosmetics. This is how my journey in business began.
Apart from my mother, I have never worked for anyone else. This meant I had to learn hard lessons about company structure, processes and systems on my own.
David Chung founded his company at the age of 23
| David Chung (private archive)
I have more money than I could ever spend, but I still love building companies
Over time, I moved from retail to research, design and manufacturing. In 2018, I sold my shares in one of the companies for USD 53.7 million. In 2021, I sold my company Farmacy Beauty for hundreds of millions (I'm not allowed to reveal the exact amount).
I remember sitting at my computer on December 31st and watching the funds flow into my account. I didn't feel anything. I didn't think, “I'm rich now.” I didn't even go out to dinner to celebrate.
Entrepreneurship has never been about money for me. It's more about the sense of achievement and the excitement of building something from scratch. I remember the first time I was in a room with people with more achievements and titles than me. I had an idea they hadn't considered. That was the moment I realized I was thinking in a different way.
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I have a lot of money now – I could never spend it all. And yet, when those funds showed up in my account, I didn't buy a Rolex or a luxury car. I went out and bought another company to run.
I want to build wealth so that I can give back
I recently told one of my employees that I would retire in three years. She laughed and said I told her the same thing 15 years ago.
I don't think I'll ever fully retire. God gave me the talent to think business wise and to do what I do well. I want to use this talent for as long as I can.
My mother was very committed to helping others, especially the Korean-American community. I believe that the more money I earn, the more I can give back. So if I have this skill, why not use it?
The above text is a translation from American edition of Business Insider
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
