Paseco is a well-known successful enterprise which has more than 30 years of history. Considering the fact that the average lifespan of enterprise is 30 years or so, it can be clearly said that Paseco is one of the successful enterprises. In addition, by making more than 12 billion of total sales, Paseco has become a middle standing enterprise, and it has been appointed several times as an outstanding enterprise in its products’ quality and competitiveness from various institutes.
The success of Paseco which came from the success of 70’s oil heater business has been achieved through the founder’s entrepreneurship in spite of all the adversities. During the crisis period, Paseco’ employer and all the employees did their best to get through the crisis since their failure could result in total collapse of the enterprise. Under the alternative condition of either success or failure, Paseco’s oil heater export to USA was strategical unbalance, in other words, overextension strategy which is beyond its capability at the moment. This unrealistic strategical goal based on the entrepreneurship of Byong-Jin Yu, the president of Paseco has made a great impact on the success of Paseco.
Now, Paseco is facing several tasks to deal with: quantity focused strategy of growth, competitiveness in prime cost superiority, conquering limitations of seasonal products, and smooth shift in generations. Recently, the appearance of imitative products made by Chinese enterprise and intensified competitiveness in domestic market are forcing Paseco to develop higher-value added products under the brand new innovative environment.