Korea’s secrets to it’s economic success: Reason #4 – “Thank you Mr. Taxi Driver”

Add this blog to your favorites:
add to del.icio.us :: Add to Blinkslist :: add to furl :: Digg it :: add to ma.gnolia :: Stumble It! :: add to simpy :: seed the vine :: :: :: TailRank

I’ve alluded to it before, but services here are incredibly cheap and the people who charge for the service literally sacrifice their own lives for the sake of the consumer. In their minds, it’s just too expensive to charge what they do abroad for services like taxi fare. In Seattle, it would cost you at least a good $5 to start using a cab and usually a good $25-50 to get to the airport 20 minutes away. In Korea, a 20 minute ride typically would run you between 5000-6000 won which is about $5 to 7 bucks. Most cabs charge you a starting rate of 1800 won these days which is about $2. Sometimes it’s cheaper to take the cab vs. the subway or bus because you can put 2 people in the car vs. the bus or subway fare X’s 2.

So, why is this a secret behind the success? It gives literally anyone in the city the ability to be mobile without a car & it’s cost effective to not even have a car. You could literally run a business without a car because you have plenty of cabs who will probably drive you faster to your destinations while you plug away at work or talk on the phone or plan your kids’ class schedules. It gives the consumer more power and potentially the ability to continue to drive the economy. Whereas in other countries, you basically MUST have a car to get around & struggle with the monthly costs of upkeep.

From conversations I’ve had with cab drivers, they make about 1 to 2 million won a month depending on the season, the month, the costs of fuel or the weather. They don’t seem to complain and there are thousands of cabs throughout the city. They don’t protest the fees are too low. As stated in the suject, I sincerely “Thank you Mr. Taxi Driver” even on the days you’re driving so fast that I feel like I’m at the Indianapolis 500. Personally, I love it when they drive fast. ^^

Leave a comment

Filed under Business practices, Interesting..., Korea life, Random thoughts

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s