Understanding Economies of Scale Through A Real Life Practical Example.
Economies of Scale
When I used to read random textbooks on economics a few years ago, economies of scale was not a topic I paid much attention to… In this interview with Tony Medina, we talk in-depth about why economies of scale are so important when looking at a business model and why your first instinct may be completely wrong…
Tony Medina is the CEO of Seoul Guide Medical, a private company that manages top calibre plastic surgery hospitals in Seoul Korea as well as works with one of the best Dental Surgeons on the planet, Dr Chulmin Bae from Oaks Dental Clinic in Gangnam.
In this Episode of The Expat Money Show, we discuss Tony’s experiences as an Expat Entrepreneur for the last 10 plus years living in Seoul Korea. He shares a hilarious (and also scary) story of travelling to meet a previous high-level client in Kazakstan.
Wikipedia Explains Economies of Scale as:
“In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
Economies of scale apply to a variety of organizational and business situations and at various levels, such as a business or manufacturing unit, plant or an entire enterprise.”
But that does not give us a very good understanding as Expats trying to create your own businesses or to increase our income. Tony Medina uses the example of why a country like Korea can move so much further ahead then somewhere like the USA in something like Cosmetic Surgery. Listen to the full Episode (above) to hear the full story.
You can learn more about Tony Medina and his company at:
In this episode we discuss:
- Why you should not get arrested in Kazakhstan
- Understand economies of scale
- How to solve a problem
- The number one skill every entrepreneur should focus on
Books we discuss:
A Wrinkle in Time by Madeleine L’Engle
The Gate to Women’s Country by Sheri S. Tepper
Coaches and Mentors:
Random Stuff from the Interview:
This interview was really enjoyable for me. Tony Medina has been one of my closest friends for many years and we have travelled all over the planet together (not to mention the 60 some-odd times I have gone to Korea to visit him for work) and I can attest first hand to the success Tony has created for himself in a country completely different from where we grew up in and in a language that is not the easiest to learn…
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