Author:
Piyanoot Rattananukool
According to the news, JKN Global Group Public Company Limited has filed a petition for business rehabilitation to the Central Bankruptcy Court under the Bankruptcy Act B.E. 2483 on 8 November 2023. This article shares perspectives, and some aspects are overlooked by most media which emphasizes the numeric facts (revenues, debts, etc.) without insight into the soft power business. Some media immediately packs debt suspension with bankruptcy, while these two statuses are similar, but not the same. No one knows the future of JKN, what succeeds now is the public fear created by the media and the damage made by this intense feeling. So, saving the company in this critical situation is the same as saving yourself in danger, it can be done sharply by emotional control.
In June 2023, JKN reported to the Stock Exchange of Thailand, its recorded assets worthed 12 billion against a debt of 7 billion baht, a source says that JKN's debt is 4 billion baht higher than its assets. These amounts are under inspection by Thai financial authorities. Although some amounts might be over-valuated, it is believable that the corporation is not totally poor. Moreover, many of us can see that Anne Jakkaphong Jakrajutatip runs the business with passion, life purpose, love, and joy, though she, of course, might be over-acting by nature and the company is highly centralized with a main focus on the owner, the transgendered celebrity, rather than upgrading the competence of the teamwork.
The beauty contest is a business of pride in Thailand. The acquisition of Miss Universe Brand brought happiness to the nation, because it is deeply connected with Thais, ranging from audiences to artists. Thai business eco-system highly supports Miss Universe rebranding, especially organizing international events, tourism, beauty products, and fashion. However, with fear and low-confidence, Thailand may lose the opportunity.
The difference between successful business people and other careers is the tolerance of failure. OpenAI spent 20 years on ChatGPT development; Nas Daily posted more than 100 VDO clips before the one that went viral, and then millions of people started to watch his previous clips.
When you take a higher step to reach a greater goal, there is a probability that you will fall down more often than other people, because what you try is above what normal people do. Falling is not always equivalent to ending. In the Thai business world, examples of public companies that succeeded in business rehabilitation are BTS Group Holdings, Italian-Thai Development, Robinson Department Store, and the ongoing one is Thai Airways International.
To upgrade itself from a national company to a global company, JKN Group has to develop a talented teamwork, including directing the resources to the most important part, “Miss Universe” and re-considering whether some subsidiaries are strong enough to compete with competitors in the market. Some of them should be closed to save unnecessary cost.
Soft power businesses focus on quality, and money will come. The investment budget for creative work can be huge and many times, it brings countless benefits because the artworks go beyond physical value. Soft power works with minds and the imaginative realm. This is the nature of business which drives emotion effects, not basic needs.
For success in the international market as a global company, a higher standard is required. People expect the qualities of premium value, subtleness, and sophistication, then we can talk about trust and respect which increases brand followers(also, it is important for investors and business partners who look for the business of future). All great steps start with belief. Ronaldo never knew, one day he would become a world-class footballer, but his day-after-day hard practice started with a strong belief that this way he could go.
JKN Global Group filed for recovery (to be free from debt burden for a period); otherwise, it can go bankrupt. The pain and failure should be accepted in order to stop future disasters. It is a strategy. Put it simply, the company requests the court to protect them from the leakage of money(paying the debts) during the restructuring period before the situation becomes completely serious.
The decline of Miss Universe in recent decades looks like a weak patient bought by JKN Group from the US. This is why the business rehabilitation is essential, especially the foundation of JKN company should be able to support the new, challenging mission. It is the difference between sickness and death, if you fear sickness too much and do nothing to save yourself, you will truly die or you are dying before your death.
Sickness just requires a focus on the right treatment. And people involved need to form a positive energy because mistakes from uncontrollable emotion (anxiety) can bring real bankruptcy soon. No one knows the future result, but steps into the future with the positive energy can help improve the situation.
Miss Universe Brand represents women’s power. This message is valuable in many working areas, societies, and activities we do. The world’s population share suffering from wars, social inequality, economic crisis, climate change, and so on.
Miss Universe may be the second to the United Nations or World Economic Forum. Its activities bring people together for harmony and diversity. Other winners of contests come and go, but the Miss Universe of the year is not forgotten; the crowned women were historically recorded.
The institute gives the representatives a grand honored space for voicing their country and their social group. In other words, the Miss Universe initiative makes a contribution to the world in terms of human development. The brand is not owned by a person, the sense of ownership belongs to all fans who love it, value it, and trust in it. The business can loftily continue with people’s support.
Among business icons, the Thai transgendered woman seems to be new in the business world. As for the LGBTQ+, they have their style of management and expression. This group may not fit the old pattern of thought and seems to be disorganized and unpredictable. On the other side, they have a unique passion to grow and sustain. Considering the country, in the soft power industry, Thailand may look weak at first glance. Thai culture actually supports soft power careers, no matter whether the spotlight shines on Thais or not.
To own a global brand, JKN Group used money to buy at the right time, it may take time to transform the corporation, and make it grow again in a new context. Like creating a diamond, we need to cut, concentrate, and select to make an agile, dynamic business empire. Ultimately, this business deserves the nation which truly loves the beauty contest, so that people will do the jobs with their inner power. That is to say, a particular business will exist in a society that knows its worth.
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