A banker gave up a high salary to sell bubble tea. The boss thought he was "crazy," but now it has become a global brand with an annual income of 4.5 billion

A high-paying and prestigious banking job is a dream for many, but some believe that a high salary cannot bring satisfaction and resolutely decide to resign and start a business selling bubble tea. According to CNBC, Gong cha's global founder and chairman Martin Berry first encountered Gong cha in Singapore in 2011, and surprisingly resigned from his banking job at the end of 2013 to fully devote himself to bubble tea sales. At that time, his boss even thought he was "crazy"; however, after more than 10 years of hard work, Gong cha has developed from a regional brand into a global brand, with over 2,000 stores in 30 countries and projected revenue of up to $578 million (approximately HKD 4.5 billion) in 2024. High Salary Cannot Bring Satisfaction The report pointed out that Martin Berry, in his 30s, held senior positions in bank offices around the world, managing trillions of dollars in assets; however, after a long period of work, he found that a high salary could no longer bring him satisfaction, believing that "everything there only focuses on risk management, not on taking risks," and frankly stated that he "disliked its lack of entrepreneurial spirit." Gong cha was originally founded by Wu Zhenhua in Taiwan in 1996 and was a tea shop with stores in four Asian countries before Berry joined. In 2011, Berry discovered a store with long queues outside in Singapore, which led him to encounter the Gong cha brand and begin to realize its potential. He ultimately decided to resign from his banking job and personally flew to Taiwan to visit the founder, quickly reaching an agreement to become the general agent for the tea shop. "Affordable Prices" as a Key Advantage Berry stated that he invested about $2.5 million (approximately HKD 19.5 million) of his life savings to bring the company into its fifth market—South Korea—and opened the first Gong cha store in Seoul with his wife in 2012. He admitted that it was not easy to enter the bubble tea business at first, as he had to work long hours every day, even personally preparing drinks and serving customers. However, this made him notice that students loved affordable and tasty drinks, leading him to realize that "affordable prices" were a key advantage. "Location Strategy" to Attract New Customers Additionally, another core strategy is "location strategy," placing stores next to well-known chains like Starbucks to attract coffee consumers. Coupled with the viral effect of extensive exposure on social media, this attracted major department stores in South Korea to actively propose cooperation, while also signing agreements with Hyundai to open counters, significantly increasing the number of Gong cha stores in South Korea. "Franchise Model" to Facilitate Rapid Expansion Berry also pointed out that the real turning point for the business was adopting a "franchise model," allowing other entrepreneurs to use its brand to open stores, while the company provides raw materials, recipes, and operational support, enabling rapid expansion while maintaining lower costs. It is worth mentioning that as Gong cha's business scale expanded, it also underwent a series of capitalization operations. Among them, the private equity firm UCK Partners acquired a controlling stake in Gong cha Korea in 2014; By 2017, Berry took the lead in a "reverse acquisition," where the Korean subsidiary acquired the Taiwanese parent company, injecting more resources into the brand and accelerating its entry into Western markets such as the United States and Mexico. By 2019, the private equity firm TA Associates acquired a majority stake in Gong Cha globally, while Berry continued to participate in affairs as a co-founder and chairman. Berry emphasized that entrepreneurship requires immense courage, but the feeling of fear can also become a driving force. He pointed out that the timing is never perfect, and one must decisively take the plunge, encouraging entrepreneurs to seize the moment, make plans, and give their all