Vincent Lua, founder of MyeongDong Topokki, is an entrepreneur who looks at things without rose-tinted lenses. His quality and hard-driving work ethic have made him the success he is today.

Starting and growing a business is one of the most exciting and daunting undertakings imaginable. And every successful entrepreneur knows the first step in anyone’s entrepreneurial journey starts with a great business idea.But to go far; to ensure longevity and growth; possessing a good idea is only the first and certainly the most feeble step. Vincent Lua, founder of MyeongDong Topokki, is an entrepreneur who looks at things without rose-tinted lenses. His quality and hard-driving work ethic have made him the success he is today.

And that’s a vital skill for any self-employed person to have, because the world is overabundant with visionaries, thinkers, and dreamers. And none of these qualities matter in the business realm if you can’t execute. As savvy investors know, success in business is more about the plan and the person than the idea. A business that generates real-world change and wealth requires people who get things done.

Vincent Lua, founder of MyeongDong Topokki, is an entrepreneur who looks at things without rose-tinted lenses.

Describe three experiences that have shaped you into the man you are today.

When I was 11 years old and I lost my father, it transformed me into a person who is more mature and responsible.

My first job upon joining Maybank, where they sent me to various trainings, and I get to meet different people from various backgrounds. It shaped how I behave, think as well as helping me establish a connection with the corporate world.

Working with an actual business chain like EZY Health, I faced a number of internal challenges with the shareholder’s direction such as the vision, managing a business, generating cash flow, and scaling the business with good ROI, and intellectual property since EZY Health can’t be too different compared to other fitness centres unless we were to compete in a price war.

MyeongDong is an awesome example of adopting a foreign food trend for local tastebuds. How did you develop this business idea, and has it grown in surprising ways?

We started as a fusion-style Korean Street Food kiosk in Sunway Pyramid we realised that the locals were not used to the Korean cuisine. Hence, we started to develop the fundamental needs of the market with rice, noodle, and soup. It turned out well and gained the market’s interest with our adaptation of Korean foods. We localised our menu to suit the market and that is one of the reasons why MyeongDong Topokki is loved by the consumers all over the country.

Vincent Lua
Shirt, blazer and tie by Dior men

How do you generate new ideas?

By researching different the markets. As an innovator and a critical thinker, it’s important to always be on top of things as it helps to generate new ideas this includes reading articles and news. It’s important to always be alert in order to spot the next big thing or trending the market. Once I notice a shift, I’ll try to adapt it to the business. Of course, being open to ideas and discussions with the team will always help one to generate ideas too.

Every entrepreneur needs a vision for where they want to be. What is your vision for your life? Alternatively, how did you develop your sense of ambition?

Building a brand that is ultimately adopted into the culture. When I was younger, I was influenced by my father and developed an interest in doing business. After exploring a different kind of business, I find myself more in the F&B industry. This is the business I am holding on to right now and since it’s growing rapidly, we’ll need to focus on ways to increase the cash flow in order to branch out to other businesses. In the three years, we will be focusing on the business niches and working on garnering new sources of funding for us to grow and move forward. Though I am happy to see the success MyeongDong Topokki has garnered over the years, it is not my end goal.

Vincent Lua
Top, blazer and pants by BOSS

You’ve built an impressive brand with MyeongDong that’s easily recognisable. Can you talk about the importance of branding and what part it plays in your business building?

We are building MyeongDong Topokki into becoming a household brand in Malaysia and SEA by being at the forefront of innovation and staying relevant to the generation. Having the fundamental infrastructure, allows us to move towards horizontal expansion in three years when MyeongDong Topokki has a strong fundamental build.

TO READ THE FULL STORY, PICK UP A COPY OF OUR AUGUST ISSUE, OUT NOW.

PHOTOGRAPHY BY KIMMUN / HOPSCOTCH STUDIO
ART DIRECTION BY JOYCE LIM
STYLING BY ANDREA WONG
GROOMING BY JOEY YAP 

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