The flower of the startup economy is the entrepreneur who establishes a startup and exits while receiving proper corporate value. Some people engage in economic activities with their own labor, while others engage in economic activities with knowledge. Previously, if you had a lot of knowledge, your salary would be high, but now it is not easy for individuals to create added value with just knowledge. A technology called ChatGPT has changed the way we make a living. For example, lawyers who say they have to study a lot are starting startups, and doctors are also starting startups.
Now is the time to start a startup with a good idea and gather the strength of those around you. In this way, you can create relatively large added value, and you can share the added value created together when exiting the startup. Nowadays, the expression is more extreme and they say, ‘If you can, just give it a try.’ In particular, for those in their 30s and 40s, it is at the level of so-called “starting a business.” For those in their 20s, we tell them to prepare, and while working at work, they learn about how relationships between people are created, what to be careful about, etc. I think this is necessary, so I recommend those in their 20s to prepare.
Over a short period of time, I have tried several startups. Based on my experiences so far, I created “10 Articles of Changseonga.” I'm still just writing the lyrics and trying to get a song from AI and turn it into a song.
It's been quite a while since I conceived this media. I also tried podcasting and wrote on Kakao Channel from September 22 to early 23. Since Changseonga Article 1, Article 2, and Article 3 were not created in an instant, I will organize and post the related articles separately. And as stories related to each group come out, I plan to write them in succession and add links. My experience and other people's stories will definitely help you. Thank you for savoring it.
August 3, 2023
The first lyric in Changseonga is that anyone can start a business, but not everyone should. you're right. I started my own business at the age of 41. At the time, I thought that after 2-3 years, I would be too scared to leave my stable job. Because I had a stable job.
Since I started out as an entrepreneur, most of the people I met were business people. I met so many people, heard so many different stories, and experienced so many things that I realized that starting a business has nothing to do with age. There is no condition between men and women (though it seems like it has only been a few years since the condition between men and women disappeared). Anyone can do it.
However, I also think that just anyone should not do it. Let me briefly write down a few things I have confirmed from my experience. This is probably just a hypothesis I made, but first of all, if you want to start a business, you have to be greedy. There are many types of greed, so an explanation is needed. This greed must be the desire to change the world for the better even just a little bit. In our social culture, it may not be easy to dare to talk about such greed openly, but I know it myself. You must have this desire. These days, you must have the desire to become a game changer. I believe that only those who can concretely put this desire into practice can create a startup. It's unfortunate that I can't prove it using statistical methodology, but it will probably produce meaningful verification results. thank you
'Choi In-hoon's 'Plaza' becomes the trigger for a world-class bio startup
Rumors from 2,000 years ago that the 'Messiah' had come, rumors that God had died, and rumors that God had been resurrected. The rumor is that communism will save the world. We live amidst so many rumors. The stratum of this rumor is thick and heavy. It seems sad to live life as if you heard rumors. When we are not satisfied with hearsay and go to the site, we meet fate. Let's call the place where we meet our destiny a square. I came to think that I should not be satisfied as a professor and should not be satisfied with hearsay, but rather jump into the field (Interview with Chairman Seo Jeong-seon during a KBS broadcast). The business content is scientific, but the decision doesn't seem to be scientifically explained.
'Leadership in entrepreneurship is the role of stringing together the beads of the West.
'It is quite difficult to express the leadership of a startup entrepreneur. If I had to pick out the most important thing and explain it, I think it would be more accurate to describe it as a government information. This is leadership that can pierce even a few beads. Since you are the bead yourself, you and your company must plan the jewelry you plan to make well and collect a variety of beads so that the value of the jewelry can be highly evaluated. I tried plaiting it with thread, unraveling it again, plaiting it again...and pulling it out. A startup entrepreneur is someone who repeats this process over and over again. You must find out what jewels society requires, obtain the necessary beads, weave them, and have the leadership to show them to society!!
'Recruitment at a startup should be recognized as a process of finding comrades to share hardships and hardships with!
'Recruitment at a startup is different from hiring at a regular company. Recruiting at a startup is about finding a partner who can overcome difficulties together. It is difficult to get to know a person through an interview alone, and mistakes are often made during interviews. Ironically, the interviewee is more familiar with interviews than the startup representative. Let's use this interview method. When hiring a new member, you should start the interview by asking questions to the interviewee, but it is better to spend half of the interview time asking questions backwards. You can pay attention to interviewees who have many questions and ask specific questions. Failure can be reduced if the interview time is used well as a time for both parties to gather information.
'You need to know how to ask questions, observe the world with different questions from others.
'If you don't observe, you won't recognize opportunities. Observation requires thought. Discovery is looking at what everyone has seen and thinking about what no one has thought of. No one sees the world the same way. Each of us not only has perceptual filters, but we also see the world through the filters of our unconscious. Keongo saw hotel room soap being discarded after one use and created a global soap project to save lives. How do you see what others cannot see? How do you see something that should be there but isn't there? How do you see if it's a problem? We don't see with our eyes, we see with our brain.
‘Business is not a merry-go-round, it’s a roller coaster, it’s not something you should go to Gangnam with your friends.
'You need to check again and again to see if you can become a businessman and then try a startup. I don’t think being an entrepreneur is something you can learn. Business is about creating something from nothing. There are more than one or two talents needed for this process. To become a businessman, you must have all the necessary elements in various situations. How to express it in an easy to understand way? ... It seems that a businessman must have the characteristics of all 12 animals of the zodiac. There must be continuous earnestness, the ability to endure without being discouraged when times are difficult, training in well-balanced words and actions, and the practice of sharing are necessary.
'Restaurant jobs decreased by 160,000, delivery workers increased by 110,000, ㅠㅠ Start-up jobs must be increased!!
'The number of delivery workers in the first half of this year is 450,000. When classified by occupation, it became the 14th most common occupation, and the number of casual workers in manufacturing, construction, and mining outnumbers so-called simple workers or daily workers. Since the number of school teachers is 425,000, it has already exceeded that number. In order for the economy to improve and for us to be happy together, we need to create a lot of good jobs and provide the manpower needed for these jobs. We need to look more closely at the education budget that the government is releasing. What is the National Assembly doing by not pointing out this in the audit of government affairs? The minister must step in and take care of the education that startups need.
‘To start a startup, I need to give a clear answer to the question, ‘Am I a creative person?’
'It may seem like a play on words, but in the early 2000s, we talked about it as a venture company, and now we talk about it as a startup. The fact that it is used as a word to refer to the new economic entities of our country is the same, but there are differences. At the time, ventures had a product strategy of supplying products to large corporations while emphasizing light, thin, short, and small. Now, startups are trying to position themselves globally while considering the long tail economy. Because of this difference, the first virtue necessary for a startup is creative thinking. Creative thinkers should come together. Experience of failure is good. I like crazy ideas. Must have the ability to explore.
'It is very difficult to sell invisible knowledge and services. as it seems
Communication that makes you feel must be actively utilized.
The red Porsche convertible sports car is conveyed as being quite valuable just by consumers looking at the product, but it is very difficult to convey invisible knowledge or services as valuable. So, let’s make the knowledge and service we want to deliver visible and felt. When selling software, writing down the user manual in detail, providing toll-free phone service, providing upgrades, and providing frequent customer support are examples of 'communication that makes you see and feel.' Let’s plan what customers want and provide it when they want it.
'Don't try to understand the MZ generation's "I'll work as much as I get paid", but memorize it.
If it is a business that you can handle on your own, a one-person start-up is ok. However, if it is a business that is difficult to do alone, you need people. Businesses are run by people. However, recently, I think we need to pay attention to the MZ generation’s work values. "Quiet Quitting", considering this 'quiet resignation' of the MZ generation, it seems that many changes are needed in the future. It means working only for what you get. When startups hire people, distribute work, motivate, provide in-house training, create promotion standards, etc., the overall personnel management system becomes a relic. I think there will have to be a big change soon.
It is advisable to work hard for 5 years and then try a startup.
You should start as a low-level employee at a company and work your way up to a team leader with 3 to 5 team members. Use other people’s money as a great opportunity to develop your leadership skills. It will probably take 5 years. As a new employee, I felt the fear of the company, what it was like to be criticized by the boss, what the boss's duplicity was, why people imitate others and imitate others, what an organization is, and how I became a junior manager. 'You need to feel and think about what the goal should be. Startup investors evaluate the entrepreneur's work experience as an organizational ability.
Startup planning with On-Demand clothing business concept, Very Good!
Those who try to start a startup with only amazing and new ideas should be discouraged. This is especially true if it is difficult to predict time to market. Investors shout “High RISK High RETURN,” but these are just words and they prefer safe investments. This is because investors have no choice but to be conservative as they manage other people's money, and references to investment success are important to investors. The clothing business is already an existing market, and not only is it a large market, but thanks to the recent Korean Wave, the potential to advance into the global market is enormous. Startups that add on-demand are attracting the attention of investors.
The new digital industry is clearly the future growth engine. Is there anything else I can do?
I greatly applaud the government's recent efforts to support the data industry. Interest in data ultimately stems from companies' efforts to discover new markets. Each piece of data is meaningless and only when collected in large quantities can it create value. Because we want to collect valuable data, distribute it, and streamline the process of creating value, various businesses are bound to emerge. The future will be a mixture of real space and cyberspace, whether we like it or not. In the end, humanistic imagination is needed, and data collection and security technology, data analysis technology, etc. become business topics.
‘Create new customers with things people didn’t even know they wanted.
‘If I conduct a survey about a new product/service, can I trust the response? Although listening to customer opinions is an important activity, there is a limitation in that it is impossible to hear more than ‘what the customer thinks.’ It is very difficult to identify hidden needs that even the customer does not know about. So, in order to discover hidden needs, we attempt to ‘analyze customer behavior’. Thanks to the development of big data, customer behavior patterns are collected and analyzed. However, rather than surveying customers’ thoughts and reactions, it may be more effective to ask customers what services they want the company to provide. Already in use!
'The direction and speed of Son Heung-min's ball to Hwang Hee-chan: The essence of technology commercialization!!
'Everyone was impressed by the 15 minutes of soccer. Son Heung-min made a split-second judgment (calculating the direction and speed of the ball), and his feet executed it accurately. So I got a score. He thought it was an occupational disease, but he thought it was the same as the success factor for technology commercialization and startups. For technology commercialization and startups to succeed, you must be prepared to make quick decisions and have a trained body. When you run a business, you often find yourself in this situation. It does not end with a simple judgment; it must be put into practice, either on your own or through cooperation. You must intuitively judge and act on situations that occur in the market. Are you ready?
‘Let’s not look for a job, let’s create a job ourselves, it’s time to start a business!!
'According to a report citing data from the U.S. Census Bureau, jobs grew 1.7 times faster than population from 1948 to 2000, but since 2000, population has grown 2.4 times faster than jobs. So the profession reached its peak. Entrepreneurs creating startups will become a trend. As various technologies develop, production tools become popular, direct transactions between suppliers and markets increase, distribution structures are revolutionized, and new markets are created every day. Humans' core motivations are money, freedom, and meaning, but rather than finding satisfaction in a job, they find it in their work by starting a business.
'Scientific research on consumer behavior is also applied when placing products in stores.
'The money a consumer spends is directly proportional to the time he or she stays in the store, and the time he or she stays is proportional to the degree to which the store makes the customer comfortable and entertained. Consumers buy more when stores have baskets, but they need to choose their size carefully. Items for older consumers should be placed within easy reach, and children's items should be displayed at the child's eye level. Products that sell well should be displayed assuming that the consumer is right-handed, and the hand position of a person of average height should be considered. People usually walk on the right, and aisles should be wide because people don't like their clothes brushing against each other.
‘Is it easy to make something and sell it? Is it easy to create something that will sell?
'Both are equally difficult. The effort to create and sell to customers is the responsibility of the marketing and sales departments, while the effort to create something to sell is the responsibility of the production and research and development departments. You shouldn't choose one of the two. Therefore, representatives emphasize and emphasize communication between these sectors. It is true that the larger the company, the more difficult it is to communicate among them. Company risk can be reduced by understanding what consumers want in marketing and sales and conducting research and development and production accordingly. It is necessary to communicate frequently and make efforts to reduce risks for the entire company without favoring one side.
‘Let’s write in preparation for starting a business. Got an idea? Put it into writing
‘Do you want to check if you are ready for a startup? If so, write down your business idea. This means that rather than creating a PowerPoint presentation focused on keywords, write your ideas using only sentences.
In this process, you learn about yourself. For example, in 9 BLOCK, write the necessary information in each column in sentences and numbers. I realize what is weak in my ideas. A startup must not only confirm that it can make money with its business model, but also confirm to investors that it can make money. If you can't write, learn to write, and if you don't like it, prepare more.
‘Stop thinking and take action, ‘Sold out today too’
'This is a book about stories that were a huge hit in potato farming. The story of Chuncheon Potato Bread, which overturned the uniformity of potato farming in search of a future in 'high-risk, low-profit' potato farming. A story of development from a business to a sole proprietorship and then to a corporation. The author places the greatest emphasis on people among the three elements of starting a business: business items, capital, and people. He emphasizes the 'team play' of startups, as in the story that if you want to go fast, you must go alone, and if you want to go far, you must go together. New attempts with potatoes are repeated over and over again until potato bread is created: this proves that starting a business is a repetition of forming a hypothesis and testing it.
‘For startups, there is no day without negotiations. How should we prepare for negotiations?
'You should focus only on the goals you want to achieve through negotiation. Every action, every gesture becomes a strategy for achieving your goal. You must be able to draw a picture in the other person's head. You must read the other person's emotions and needs and make an emotional payment. It is important to prepare and exchange objects of different value.
You must utilize the standards that the other party follows. It is good to know the other person's political tendencies, past statements, and decision-making methods. Be careful when communicating and never lie. You must acknowledge the differences with the other person, find out what hidden obstacles may be, and prepare for them. Prepare a list of necessities for negotiation.
‘Let’s challenge Startup Co., Ltd. with creative efforts to create a new space.
'I am in awe of the scale and splendor of the cathedral in Vatican City, Rome. Although Starbucks obviously started because of the taste for coffee, there are also many customers who enjoy the space. The department store blocked off all sides and created a space so that customers could focus only on the products on display. When I come home from work, I feel at peace. And when I go to an unfamiliar place, I feel awkward and uncomfortable. Sometimes, when I go on a business trip, I toss and turn in bed. People always live in space. Various spaces make us comfortable, excited, or anxious. How should we create space? The activity of startups creating space is noticeable.
‘An organization will only grow if there are many leaders who are willing to hire subordinates who are more capable than themselves.
'If you look at the team, there are cases where the team leader has ability, but the team members are made up of friends who are less capable or personality than the team leader. In this case, the team leader will likely have a hard time achieving team performance. On the other hand, I also see cases where the team leader is of a high level and has one or two outstandingly capable team members. From the company's perspective, it is natural for a good team leader to produce results, and it is defined as whether he trains his subordinates a lot and turns them into capable team members. It is difficult to scout good people from outside every time, so you need to train people from within. The team leader's will and action to nurture team members is absolutely necessary.
‘10 ‘Secrets of Great Merchants’ that startups must memorize
‘Let’s wake up in the morning and start by shouting these 10 things out loud. (1) Today I start a new life (2) I will spend today with a heart full of love (3) I will push forward until I succeed, there will be no stopping (4) I will shout that I am the greatest miracle nature has ever created (5) ) Today can be my last day, I will live hard (6) I will control my emotions every day (7) I will live today with a smile (8) Today I can increase my value hundreds of times (9) Practice I will spend another day practicing (10) I will pray out loud to heaven for help.
‘Technology is ok, but business only succeeds when a thousand strands are connected.
'It is impossible to generate profit without innovation. So the keyword of the 21st century is innovation. When managers think of 'innovation', they tend to think of cutting-edge technology or groundbreaking new products. If innovation projects are considered only at the level of individual companies, they will fail, and success can only be determined if the ecosystem surrounding the company is also considered. If you do not properly consider the partners participating in the ecosystem, you will fail completely. Examples include Sony's e-book and Michelin tires, which were ahead of the curve. Although startups boast their innovation capabilities, investors ask about ecosystem participants and their connections.
‘What is the rule for dividing the initial shares among founding members?
'There is no research in textbooks. Usually, the roles are divided into two, so 1/2 is given, and when divided into three, 1/3 is given. However, from an investor's point of view, this 1/N is unsettling. As a business progresses, someone must take responsibility and make decisions. This 1/N acts as a risk in the company's decision-making. Business decisions should not be made by majority vote, but rather should be made by the founder, who is the leader. This is because the founder not only has the capabilities that are most essential to the company's competitiveness, but also has the ability to bring people together. Usually, 70% of the shares must be held by the founder to ensure peace of mind.
'There are a lot of people who can't make it to the point where they become founding members and black-haired greenhorns.
Rather than starting a business with one person, several people usually come together to start a business. Since it is your first time, you will start with someone. Because when we first started, we depended on each other a lot. However, as the project progresses, opinions diverge on certain issues. At this time, it is common for founding members to make different choices. There comes a time when you say, ‘I really didn’t know that friend thought that way.’ Different thoughts, different wills, and different personal situations are identified. Therefore, it is important to keep in mind that founding members may break up at any time. You have to accept the breakup coolly. Because business is a series of these processes.
‘The organization cannot take care of you. Study and find the time to start a business
That's the answer. As the 4th Industrial Revolution accelerates, office workers are increasingly gaining ground. As the famous economist Keynes said long ago, as technology develops, human work gradually decreases. It is difficult to have office workers in the traditional sense anymore, and you have to hire yourself. When you study and are ready, the answer is to wait for the right time and start a business. Accept change, there is always uncertainty. The best way to deal with it is to set goals, study, and prepare. If you study, you can transform the uncertainty that change brings into certainty under your ‘control.’ The more you know, the less fear you have and the wider your scope of control becomes.
‘Don’t be impatient, wait for a favorable wave like waiting for a ball you like.
Office workers my age work 9 to 6. I also achieve work-life balance while using my annual leave. This is a dreamlike story for our startup entrepreneurs who work as soon as they open their eyes. However, when entrepreneurs work hard and the results are delayed little by little, they become impatient. Can not be done. You shouldn't rush through this or that task under the illusion that it will be helpful. There are many cases where the more you move, the less visible the path becomes. When you get lost, you must stop and stay where you are to save your strength. ‘Wait for a wave that is favorable to you’ is the same concept as watching the situation and waiting for the next big wave to come.
Creative innovation starts from the margins and from connections with others.
Let’s not view periphery and center in a spatial sense. A cool-headed awakening to the old and a bold break from it are the frontier. For the periphery to become the center, there must be no complex about the center. If there are illusions and complexes about the center, the periphery can never create new creations. Yes, let’s recognize that startups are the periphery and there should be no complex about being the center. Meanwhile, the big trend of innovation recently is ‘connection’. In particular, startups' efforts to connect the physical and digital worlds are in full swing. The metaverse and virtual assets of digital natives are now on the periphery, but will soon become the center.
假設力: The ability to read the next move, the most important competency for a startup
You live and die depending on whether you have the ‘power to read the next’. In order to cope with changes in the world, you need to be able to read the changes and create hypotheses to deal with them, so the ability to predict is very important. Of course, the same goes for startups. Pointing out problems well, forming good hypotheses, and presenting solutions well are the alpha and omega of evaluating startups. Individual hypotheses may be wrong. So failure is natural and pivoting continues. Investors ask, does the startup have potential? They want to see whether there is a team member who can continue to generate hypotheses.
People with the eyes of a hunter who can generate business ideas should start a business.
To make money in manufacturing, you had to have money. Whether it's someone else's money or my own money. However, when it comes to making money with good ideas using IT technology, everyone jumps in. If you want to prepare for a startup, you must first train yourself to look at the world through the eyes of a hunter. Newly emerging values must be closely observed and discovered. Look for inadequacies, look for differences, look for anxiety, look for the invisible side. Don't let go of your interest until you find it, and train your inspiration and intuition by creating your own observation circuit. Then create a hypothesis, test it in a way that doesn't cost a lot of money, and show the results to others.
Working hard is important, but being immersed and thinking hard is more important.
There were many people before Newton who observed apples falling from apple trees, but from this observation, Newton created the true proposition of 'dissuasive gravitation'. This creativity of his is not given by God, but is a product of his efforts, thanks to his 'thinking ability'. The higher a person's 'thinking ability', the more true propositions can be derived from the same factual information (including experience). ‘Why don’t we take it slow~??, what should we do next time~~?’ Don't be lazy. When you are young, you must read a lot and study hard. You can find something by knowing yourself and the world. ‘Thinking ability’ grows as you read and talk.
Prepare to start a business by adding business imagination to the “On Demand” beacon!!
Should I start a business where there is a market and competitors? Should I try a new business that doesn’t exist right now? It is the entrepreneur's responsibility. However, the common point is that there must be a new business concept (beacon). What will be the beacon of the future? We propose ‘On Demand’. You can find a new beacon by adding A, B, C...Z in front of 'On Demand'. Let’s add some imagination to the selected beacon. Of course, something new must break away from the current ‘frame’. BM is an explanation that shows that the gap between the business you are trying to do and the current situation can be sufficiently covered by receiving investment.
'Startups must be able to explain their business in one word.
'If you express interest in a DeepTech startup and ask what kind of company it is, they are busy explaining the complex technology. It's frustrating to listen to for a bit, and it's often difficult to stop talking. It seems like the other person doesn't know what they want to hear. Not only are the names of startups unfamiliar, but most of them are also unfamiliar with the businesses they run. (In fact, if it is a business you are already familiar with, it is probably not a startup~) The answer should be a ‘business concept’. However, if you make it with difficult content or full of weaklings, it will be a complete disaster. You should use common words that others know. For example, Jeongyukgak offers ‘fast delivery of ultra-fresh products’.
'The starting point of business is the customer, you must identify the desired solution/experience/emotion!
'Technology is a good with absolutely no value. The value of the technology is determined depending on what business will be done with the technology. Even if it is a unique technology, it is a failure if it belongs to a poor business. Additionally, the value varies depending on who researches and develops the technology, and the technology value is not proportional to the length of the patent specification. A business is not created around technology, but the value of technology is determined around the business.
I wish researchers and professors would stop thinking centered on technology. Researchers and professors need to know the market, and to know the market, they need to know people. Why are we not providing this important technology commercialization training?
'It doesn't sell because it's cheap, it sells only when you win the hearts of consumers, you have to gain trust!
'It's frustrating that even if you put out a product at a reasonable price, it doesn't sell quickly. I often feel like I am being indifferent to investors. But, don't be too hasty. Rather, at this time, you should think about how to better promote your product to prospective buyers. We need to study the hidden psychology that moves people and the psychology that unconsciously causes behavior. People cannot necessarily be said to act rationally. People don't act logically. Even when you buy something you like, something deep inside your heart influences it. In the end, it takes time, time to build trust.
‘Let’s do a project to create a shared kitchen in Gangnam and introduce restaurants from all over the country!!
'There are many great startups in the region. In particular, delicious restaurants are distributed throughout the country. In order for these restaurants to become huge hits, they need to effectively promote themselves throughout the country. how? There may be various advertisements, but a good restaurant should be known for its taste, and it is best to be known through word of mouth. In order to promote delicious restaurants, it seems necessary to provide comprehensive start-up support that supports six months of business in a shared kitchen in Gangnam. From the perspective of open innovation, it would be a good idea to collaborate with shared kitchen startups or have local governments create and provide spaces. It's good because jobs are created in Gangnam, and there are more customers in the area.
'When MZs' thinking changes, related businesses will emerge and the industrial ecosystem will evolve.
At a daily newspaper Insight Seminar, there was even a prediction that 'houses without kitchens like those in Hong Kong will appear in the future.' When analyzing social data, one senses that there are changes in the lives of many young people, a representative example being the increase in single-person households. It is analyzed that as the number of people gradually doing household chores that were previously shared by the family on their own, the number of platform services such as 'Cleaning Lab', 'Lundrygo', and 'Curly' to do this for them has increased. Where will our startups find the problems they need to tackle in the future? You should start studying right away with demographic analysis data. Because it is a predetermined future.
‘Let’s leave the management textbooks aside, startups have nothing to learn from the management of large corporations.
'For example, large corporations have many employees, so they evaluate them based on performance and operate related personnel systems. Additionally, it compares the performance of each department and encourages competition. We believe in it as the best system to achieve the company's goals. However, in the long run, the disadvantages increase. Collaboration is not possible. It becomes an obstacle to both collaboration within the company as well as collaboration with the outside world. The characteristic of a startup is expressed as ‘we all run together’. If there is an atmosphere of competition and performance comparison between individuals, organizational management becomes difficult. Rather than trying to uniformly satisfy all members, it should be tailored to each individual.
'To find trends, you need training to look at the world with consilient eyes.
'Anyone who wants to study trends in order to develop products or new business models that reflect trends must constantly strive to develop the ability to discover trends among various trends. This ability cannot be developed simply by reading papers or books related to trends on the market and attending various trend seminars. We need to think deeply about the topic of ‘how social change and new technology are affecting our lives.’ In the process of getting answers to these ultimate questions, you become aware of trends (Trend Power Station, Na Geon).
'Read imitative consumption that seeks to be like others and individuality consumption that seeks to be different.
'For modern people living in a consumer society, the feeling of being left behind is painful. Being behind the trend means that your lifestyle and way of being are in the past tense. Humans have a desire to be distinguished from others. Also, humans have a desire to belong to a group. Trends are born and disappear when the two conflicting human desires of constantly imitating someone and yet constantly wanting to be different from that someone conflict and clash with each other. In modern capitalist society, fashion is the driving force behind endless repetition of consumption. Startups, you must understand the essence of trends to be able to read the market!!
‘Consumers are becoming increasingly obsessed with not only ‘utility value’ but also ‘meaningful value’.
‘Value is ‘the usefulness of an object.’ It is defined as the importance that an object has in relation to humans. Utility value refers to value based on economic feasibility, and semantic value refers to whether the object has the meaning desired by consumers. Recently, consumer interest in ESG has been growing, and governments and investors are also putting pressure on it. Companies must thoroughly manage management principles and all detailed management activities from an ESG perspective. Meanwhile, the company's efforts to find meaning motivate employees within MZ and prevent them from leaving the workplace. Because these internal employees also want to have meaningful work.
'If the company fails to create and provide the value that customers want, the company will fail.
'When the number of companies making products was small, it was a seller's market where products with certain functions could be made and exported, but as the number of companies increased and competition intensified, the situation changed and became a buyer's market. A company will die if it does not find the value that customers want and create and launch a new product that matches that value. Identifying, verifying, and confirming the value desired by customers has become the company's management principle. However, because customers are often unable to organize and deliver what they want on their own, we need to interface with customers frequently and in a variety of ways to directly find out what they want.
‘Government R&D worth 30 trillion won, why is there no deepTech unicorn?
It is no exaggeration to say that our country’s K-culture was only possible because of Netflix. No matter how many original works we create, would the current Squid Game, Lawyer Woo Young-woo, and Suriname have been born if there had been no medium to deliver them to people all over the world? Technology development and commercialization are different. In the case of commercializing deepTech, researchers are said to be entrepreneurs, but in light of the process by which K-culture emerged, one cannot help but wonder, 'Is this right?' “Technology is technology and business is business.” We keep thinking of technology commercialization through linear methods and plan policies, but that is wrong.
Startups!!, focus on measuring people’s ever-changing desires.
If one understands the “true desires” of the public, the future belongs to him or her. From the invention of writing, to the invention of printing, to the information revolution of the Internet and smartphones.
It was done. Information sharing has changed people's desires. As I watched the development of Facebook, Instagram, etc., I had no idea that people had such a strong desire to promote themselves. Changes in consumers' desires are reorganizing the 20th century necessity economy into the 21st century desire economy. The problem is measuring desire. However, it is difficult to measure people's desires 100% perfectly. This is because not only do customers' desires change frequently, but customers themselves do not know what their desires are.
The customer is always right? Then creative destruction has gone too far.
When New York's means of transportation, horse-drawn carriages, were replaced by automobiles, did people who rode horse-drawn carriages ask Henry Ford to make cars because carriages were inconvenient? Was there any Apple consumer who asked Steve Jobs to make a smartphone? When 3M's marketing department conducted market research on Post-it notes, customers responded, "Do we really need Post-it notes when there are clips?" Of course we have to listen to our customers, but we have to make choices. You need to create products/services that customers will buy rather than what they want. Investors open their wallets big to startups that create ‘creative destruction.’
Business, or commercialization, is the sum of logic, relationship, and contingency.
So it's difficult. You can start a business if you have technology, but it is different from success. There is a certain period of time when technology is recognized as a good. The value of technology arises when the market demands it. You can make money during that time, but the scale and technology lifespan vary depending on the strategy. Technology requires a logical explanation based on science, but business is largely influenced by relationships between people. Inamori Kazuo said, “人以貫之 (人以貫之),” and he knows very well that we are social animals. Meanwhile, unknown opportunities and coincidences also have a great impact on business. That is why you must work hard and sincerely in everything you do.
ㅇㅅㅁ wins an Emmy, a startup challenging the global market succeeds!!
Something unimaginable happens. It's so grand. For cultural products to become global, empathy with people is absolutely necessary. I am amazed at the imagination of our startups that elicit this empathy and how they implement it. I think there will be more individuals and startups that stand out in singing groups, movies, dramas, and even classical music. How can I help you? The cultural industry has greater added value for investment than the manufacturing industry and is connected to the subsequent tourism economy, so its economic effects are incomparable. Don't be surprised by the European economy created by the culture and ruins of Greece and Rome, but let's make use of the Korean Wave. We can do it.
“Why are you in this business?” I want to confirm the entrepreneurial will for the business.
From an investor's point of view, the question to ask about someone starting a business is whether the entrepreneur will persevere in the business? Nietzsche said that if you have a clear reason to live, you will have the strength to overcome any difficulties. For an early-stage entrepreneur to clearly state the reason for starting a business is to convey the message, 'Even if various difficulties arise while running a business, this person will be able to overcome them.' We must remember Steve Jobs' famous speech "Stay Hungry, Stay Foolish" at the Stanford University graduation ceremony. Stay Hungry is that part. We are looking for thirsty entrepreneurs.
An entrepreneur is someone who meets people, shares opinions, and builds empathy.
Entrepreneurs have the job of convincing someone of something that is not easy to prove. But do you know how people move? Introducing David Hume's "Inquiry into Human Understanding," which states that what moves people is not reason, but custom and habit. At the time, there was an established belief that humans were rational, but he said that humans are driven by customs and habits, and that customs and habits come from external impressions and ideas. People believe that others think and judge the same way as they do. Rather than thinking that the other person will be different, I think they will be the same. But, that's not the case. This is why entrepreneurs need to study people.
If it is perceived that ‘the founder does not seem to be confident of success’, will the investment be successful?
'Start-ups must brainwash themselves to ensure success. If you are not confident in convincing investors of your success, you must at least put on a perfect performance. You have to know how to act. Early investors make investment decisions based solely on the feeling that the startup can succeed without being able to confirm the startup's sales in numbers. So, did you collect enough objective facts about the problem presented in the IR material and create a solution? How did you prepare for a 10-15 minute presentation to convey this solution well? Aside from the related long-term expenses, what else can give investors confidence?
'Jonber', startups, let's hold on until the day we are respected, it is now over.
'When I climb a mountain, I meet people who are in high spirits and who are coming down. Then ask, 'How much further do we have to go?' And the answer is always, 'You're almost there, you just need to cheer up a little.' This is a word of encouragement given by those descending the mountain to mean 'cheer up'.
When talking about stock market movements from a long time ago, 'If a lady with a shopping cart appears in the store, it's a cliche, and if there's news about people dying because of stocks, it's a rock bottom.' People are talking about the current economy in terms of exchange rates, and that the economy will bottom out in the first quarter of 2023.
Startups, let’s hold on for now by increasing sales as much as possible, let’s survive!!
'Investors want to check the startup's ability to pivot its business model.
'VCs must be entrusted with other people's money and give that money back. Therefore, investors have no choice but to be cautious in their investments and must hedge the risks of their investment assets.
Investors usually invest even though they are not sure that a startup's business model will be sustainable. However, at least make sure that the founder has the ability to pivot the business model before making the investment.
One of the capabilities that a startup founder must demonstrate to investors is the ability and possibility of pivoting on BM. So when explaining BM, PLAN B should always be added.
'It's difficult to get investment if you chase after investors, you have to let investors find you!!
'Nowadays, investors only see what they see, and only invest when they see it. Visible means numbers, and people who invest in invisible things are not common. There are also many cases where an investment friend you trust invests in a place where he or she is investing. It is a way to share risk. This is our country’s current investment market. The relationship between a startup looking for investment and a venture capitalist looking for an investment is very similar to a man and woman looking for a lover when they are young. Considering this, startups must be good at pushing and pushing with their counterparts to receive investment. If you chase after something too much just because you like it, the other person will just say they don't like it and keep pulling back.
'7 ways to become rich as taught by a rich man in Babylon 6,000 years ago!!!
'A self-help book in the financial industry created by George S. Clayson (born 1874) based on the fables of Babylon. A book every startup entrepreneur should read. Because investors like well-armed startups like this. For example, spend less than you earn and increase operating profits. It's about making money with money and using your financial power to do M&A to grow your company. The single most important story is that we must not only learn old things, but more importantly, learn how to find out what we don't know. how? This means that you should always seek advice from people with the experience you want while running your startup.
‘Startup investment is not only a simple corporate investment, but also an investment in our entire future society.
'Because of the coronavirus, a lot of money was released, and an economic situation was created where it had to be collected. Very painful. Investment in startups has also increased significantly, but has been affected by the recent economic situation, causing a cold wind to blow. What if I kill the spark that barely survived?
Usually, when it comes to ‘investing’, there is a purpose in the long term and a goal in the short term. In the short term, investing in startups is to make money, but in the long term, the meaning must be found. Investing in startups is an investment that creates our future. It is an investment in creativity and an investment in creating a culture that tolerates failure. You should actively invest in startups with the goal of making money and creating a future.
‘Do you want to be rich? After a close analysis, I finally found that startups are the answer!
'Everyone wants to become rich. What makes a rich person? The increasing proportion of self-made rich people means that ordinary people are rising to the ranks of the rich. What are the influencing factors? The career you choose plays a decisive role in accumulating wealth, and your educational background is not a decisive factor. Creativity is the key to becoming rich, and risk-taking is essential. People who save a lot and run their own businesses are more likely to become rich. If we look at this analysis of the rich, the startups we are doing now are the answer to the rich. The key is which field you start your startup in.
‘Throw away flashy values and vision and embrace the individuality of your employees.
Turn your employees into provocateurs. Don't rely on school textbooks anymore. Learning previous principles does not help. In the previous era, 'uniformity', 'average', and 'global' were emphasized, but now it has changed to 'individuality', 'on-demand', and 'localization'. Reinhardt accepts the expansion of individualism and orders management to suit it. 'Humans can develop their own special parts, we must find those points, trust their insights, give them a role, and encourage them to achieve results.' Startups, let’s not forget that as times change, principles also change. Investors know.
‘Don’t sell, let them buy.’ For startups, aren’t investors customers?
It summarizes 43 marketing and sales know-how necessary for the process from when a customer opens their wallet to making a purchase. You have to touch their desires, speak to the hearts of customers, consumers are good people, and regulars know how to see our hearts first. Technology that captures the hearts of customers is needed. Let’s talk within common sense. Customers eat only when they are spoon-fed. There are always gaps in the market. A strong story that conveys an effective message is best. It should be concise, interesting, differentiated, and memorable and reminiscent. The moment customers feel reassured, they leave. Aren’t investors also customers for startups?
Startup investment continues to decline in August and September due to decreased liquidity and economic concerns.
In the first half of 2022, global investment decreased by 12.5% compared to the same period to $250.1 billion, but domestic investment actually increased by 62% to 7.0873 trillion won. Looking at the economic trends, startups are likely to experience a cold winter until May or June next year. Although VCs secured a lot of funds in the first half of the year, they are planning to postpone investment for about a year due to the economic downturn. In this case, startups must prepare a visible government task report card by late spring of next year. During government R&D, thoroughly prepare a targeting project proposal. If you actively participate in technology demand surveys and create government project report cards, VCs will pay attention to your efforts.
Fight in one line, explaining the business at length is difficult, makes you sleepy.
Communication cannot be overemphasized in startups. Depending on who is listening, the time, and the place of the conversation, the business explanation should be different. If you write about the business you want to do, you will find out how much you know about business. IR fails not because you can't make PowerPoint pretty, but because you can't explain the business attractively to investors. When I hear that there is so much to explain that it cannot be explained in a concise manner, I say, 'Listeners hear only what they want to hear.' You must explain in one line what the other person wants to hear.
Are a startup’s sales and profits a J curve? This is the standard for investor judgment.
Investors' criteria for startups is whether the company can make money. So, entrepreneurs must confirm to investors that “we will make money, that it is sustainable, and that we will make more money over time.” However, if this claim has been continued for over a year or even two years, this startup's investment attraction should be seen as having gone astray. So, you have to start making these claims and show the numbers (sales) about a year later. Startups must quickly prove that their ideas can make money. Keep in mind that statistics on corporate survival rates are on investors' minds.
What VC values most is Product-Market-Fit.
Investors are meticulous about risks because they see many startup failures. Therefore, startups must clearly identify their own business risks and explain how they will hedge them. According to data surveyed by CB Insight in 2019, the most common investment failure was due to ‘launching products not wanted in the market.’ If the product is wrong, you need to change the product, and if the market is wrong, you need to find another market. If both the product and the market are wrong, you need to design a new business. You need to think about various risks in advance, plan alternatives, and make a pivoting plan.
Financial freedom, invest in startups. It is good to use a private investment association.
We all pursue economic freedom. Invest in both real and virtual assets. Homo Investus. We strongly recommend investing in startups, known as ‘alternative investment’. Venture companies in the early 2000s and today’s startups are significantly different. Although the number has increased quantitatively, the business model has changed qualitatively. There used to be a lot of fast followers, but now there are a lot of first movers. As the expected corporate value increases, it has become an excellent investment tool. The government needs to create two to three more incentives other than income deductions. Doesn’t investment in startups increase employment? Why do you hesitate?
The IR table of contents should be written in the order P-S-M-B-C to attract investors' attention.
To receive investment (subsidy) from the government, you usually go through document screening and face-to-face evaluation. For VCs, data is usually provided to reviewers. Appearance, face-to-face evaluation, and due diligence are required. To reduce business risk, startups must first utilize 100% of government subsidies. The government R&D budget exceeded 30 trillion won. In fact, VCs check whether the startup they are investing in has received government support. This is an indirect evaluation of the entrepreneur's skills and business model. Let's draw investors' attention by writing IR materials in the order of problem (P), solution (S), market (M), business model (B), and competitiveness (C).
‘Technology changes the world? Imagination changes the world, technology assists
'What changes the world is imagination. Technology is needed in the process of imagining a product/service that people will like and implementing it. It is important to continue to find concepts that customers will like. In a world with more goods and more services, we need to come up with something meaningful or fun. This is what we entrepreneurs do. Technology is also needed when an entrepreneur has a glimpse of something in the future and then mobilizes the necessary resources. So there is no need to develop technology too far ahead. Technology development without specific goals or objectives must stop. Is government R&D aware of this and implementing it?
'You can see something new by actively erasing what you have learned and learning something else.
‘An interesting story about Zhuangzi. Duke Huan of Qi was reading a book on the floor, and a man named Yun Pian was cutting a cart wheel and asked Duke Huan: “What is your majesty reading?” It is a story that continues with, “It is a book containing the words of a saint.” “Is that saint alive?”, “He has already passed away.” “Then the book the great king is reading is probably that person’s leftovers.” He said that it was difficult to convey his true experience, and said, "Even an old saint would have found it difficult to put his core enlightenment into writing and leave it in a book, so what you are reading is probably the saint's remnants."
'Design is not just external packaging. It is the soul at the center of human creation.
'The title above is Steve Jobs' belief in design. One of the things researchers do not understand in the process of commercializing technology is design. Design is approached emotionally rather than logically. Since engineering is not approached emotionally, it is understandable that it is difficult to understand design through logical training thinking. How will I make my products and solutions appear to consumers? How will my company appear to the outside world? Investors read the traces of concern about how to decide on the company's logo and colors. Design begins with understanding humans.
'Startups need people with sense and earnestness.
‘Who should I elect? This is a common question for all CEOs who start a business. ‘A good person’ is the answer, and you need to select someone who likes the job and has a keen mind for it. Can this be confirmed during the interview? Can I find out by taking the written test? Is it on the report card? There is no way to know this way, so the only way is to send him to work and watch. The only way to do this is to observe and see if you have good sense and if you like the job. Let's stay together for 3 months, and after 3 months, let's make a cool choice for both the company and the individual. Let’s start by informing them of the process and the company’s selection criteria and agreeing to it.
'Let's make simple good deeds into daily habits, and the fruits are very sweet.
'Watching the Insurance King article, I remembered a story from a senior who said that to succeed in business, you need to have small, good habits. Unlike manufacturing, the service industry is an intangible good, so it is difficult to approach and inform the market. Insurance King's "five calls to ten places" emphasizes constant communication with customers. There is this calculation. If you make an effort of 1% per day and continue for 365 days, in one year, you multiply (1.01) 365 times with compound interest... If you calculate it, you get a huge number of 37.78. Let’s create a habit by continuously practicing simple sales actions. It won't be easy, but ㅠㅠ
Samsung, Hyundai Kia, LG, etc. change their lead roles to “Nekaraku Dividend Land”
What will the future be like? I always wonder, but if I read the present carefully, I can make predictions. Samsung, Hyundai, LG, Pohang Steel, etc. have shaped our economy, but in the future, Nekaraku Dividends and so-called "startups" will play a leading role. Because people in their 20s and 30s gather at startups. Even civil servants known as iron rice bowls go to startups. There are also BTS, Parasite, Squid Game, and Woo Young-woo. The world began to change. Our country is now a “startup economy.” But I feel anxious. Because we don’t know whether the startup ecosystem will ever be complete. There is a significant lack of entrepreneurship education and initial investment by individuals is low. Who should do what?
'Sustainable companies must consider the ecosystem that creates the value chain!
'There can be no maverick. All entities in society are connected to each other. Companies in the value chain come together to create an ecosystem, and this ecosystem is needed for individual companies to exist. If this ecosystem begins to break down, individual companies will not last long. For this reason, the responsibility for maintaining the ecosystem must be shared among individual companies. Both large corporations and small and medium-sized enterprises that make up the ecosystem must work together to expand the ecosystem. In the value chain, comprehensive decisions that help maintain and expand the ecosystem are needed rather than decisions to only increase the profits of one's own company.
'Technology itself has ZERO value, and value can be measured when embedded in goods/services.
'The price of an apartment in Gangnam-gu can be graphed by time zone. There are prices from 6 months ago, 1 year ago, and probably prices from next month and 6 months from now, so they can be displayed on the graph. Both the gold price and the US dollar price are drawn on a graph. What about technology? What technology can display prices over time like other goods on a graph? Technology in itself has no value. AI technology is great, but its value is measured only when it is used in certain products and services. The value of technology is measured depending on which product or service it is used in and which team owns it.
‘Let’s give priority to generating business sales rather than trying to receive investment!!
'Investment should be received when absolutely necessary. In the process of growing a company through sales, it is a good idea to carefully calculate the necessary amount and then invest only the amount. Considering the recent cold weather, I have met startup CEOs who regret that they should have invested more in advance, but even if they receive too much in advance, it is still a burden. After a certain period of time, investors wonder how much the company has grown with the money they invested. It is also a good idea to get through difficult times by borrowing money using the patents of existing records or new records as collateral. To do this, the sales volume and sales timing must be calculated accurately.
‘The current economic crisis can only be overcome by further fueling the startup economy!
'In order to revive the economy, money must circulate and money should not be concentrated in one direction. Maintaining this balance is not easy. Although there is an old economic formula, there are many political and international economic variables, so there are differences in the economic policy that responds depending on the judgment of the government policy manager who operates the formula.
In order for companies to earn well and pay a lot of taxes, the government must actively improve the business environment. The government knows the business environment of large corporations, but it can be seen that it is working hard to improve the business environment of large corporations, but how much does it know about the economic environment of startups? Are you running? I have a lot of worries.
‘The ecosystem is complete only when there are ‘company builders’ who create and grow startups.
'The mission of universities and funded researchers is to conduct good research and foster many high-quality researchers. Each of these
You must faithfully fulfill your mission and create a separate startup. However, these days, there seems to be more emphasis on professors' startups and researchers' startups. However, since the talents of business and research are completely different, research should be left to researchers and business to entrepreneurs. It is difficult for professors and researchers to take risks in business, and they lack the social skills necessary for business. As an alternative, I strongly recommend Company Builder. Let's give good skills to those with business experience and give them a command to create and grow startups.
'We have to be careful when a big company asks to join hands, is it a competitor? Are they collaborators?
'To run a startup, you need to know people. It takes a lot of time to get to know people. If you want to know people based on their attributes, you must study humanities. Because you can learn about people from Moon Sa-cheol. You can also know the direction and time in which the world flows. When startups fight for survival, they want to rely on existing large companies. They share ideas with the expectation of cooperation, but for the most part, they end up teaching practitioners at these large companies. They are looking for ideas from outside through open innovation activities. When looking for a cooperation partner through open innovation, you must quickly figure out whether the other party has competitor potential or collaborator potential.
In startups, organizing a workforce with gig workers is something to be applauded.
As the demand for labor required for on-demand services increased, the 'Gig Economy' emerged. This is a major change in the labor economy, with companies recruiting workers on short-term contracts and paying for them. The middle-aged and older generation participate in this change as they become healthier and have more working hours, while the younger generation accepts the change as lifelong jobs disappear. Meanwhile, in the face of the start-up boom, startup investors also recognize that hiring professional gig workers is a competitive advantage for entrepreneurs in order to reduce costs during the 1-2 years without profit.
'Let's check if there are any laws that apply to my business. It's better if there aren't any.
'Many new BMs that satisfy human desires are appearing. As technology develops, this is accelerating.
When starting a new business, it is very important to check whether there are any laws to consider. Since our country is a positive system, if there is a law, it mostly acts as regulation. This means that the old ecosystem already exists. However, if there are no laws that conflict, it can be convenient to conduct business at the level of common sense and basic justice until laws are enacted. The case of virtual assets and their exchange business and the case of a taxi business called ‘Tada’ well explain the importance of the law.
'Shoutout to the Minister of Education: Plato's "The reality outside the cave must be taught"
‘Let’s remember Plato’s ‘Cave Philosophy’. The shadows illuminated by light in a dark cave are the entire world seen through the eyes of our professors and teachers, and they are teaching our future generations. Is it suitable? The new Minister of Education must change this education system. President Natalie pointed out that a person's 'character' is an important factor that increases future survival. We must develop the ability to adapt well to the evolution of society. Such abilities absolutely require an understanding of geography, history, science, as well as ethics and philosophy. Through this education, a consilient ‘eye’ is created and creativity increases. Let’s develop the startup’s core capabilities.
‘Are we going to touch the ecosystem with laws???, we need to let companies create their own!
Just because America has a law, should we also have that law? Society, history, and the current economic situation are also different? The administration's request to find previous cases while claiming to be the first mover is too much to bear. This positioning of the executive and legislative branches is a big problem. I am only interested in ‘maintaining my position’. Only our startups stay up all night running. Now, we must not just cheer with applause, but roll up our sleeves and listen, carry and move together. Only then can new things emerge, only then can we create the future. It takes time for an autonomous ecosystem to become established in new industries. It is absolutely unacceptable if the law comes in hastily.
‘How to analyze Oasis Market’s listing promotion and Market Curly’s listing delay?
'When Oasis Market is listed, it will have a corporate value of about 1 trillion won. On the other hand, Market Curly acted. How should we analyze these two companies? Since its founding in 2011, Oasis Market has maintained operating profits and maintained a surplus until the third quarter of last year. Sales continued to grow from 2019 to KRW 142.3 billion, KRW 238.6 billion, and KRW 357 billion, and operating profit recorded KRW 1 billion, KRW 9.7 billion, and KRW 5.7 billion, respectively. There is no comparison with Market Curly. While Oasis Market was operated with on-site management know-how, Market Curly was a logical concept based on the knowledge of a management consultant.
'You should insist on an IPO, but you should also consider the alternative of selling at a good price!
'The CEO of a company must have multiple personalities. The CEO of a company must have multiple thoughts. Company leaders must act quickly. Typically, an IPO is the goal of a startup. The 'big hit' that investors want becomes possible when an IPO occurs. However, the process leading up to the IPO is very difficult: there is a lot of conflict between members within the organization, and unpredictable changes in the external environment make it difficult. Startups! IPO is not the only alternative to exit. M&A must be accepted. As a startup grows, it is necessary to remove obstacles one by one, but this is not easy.
'Investors will pay attention if you have a BM that makes money rather than good technology!!
'It's a difficult time. Every day is difficult due to the harsh cold wind. Now is not the time to go around asking for investments. Investors are taking a break. Now is the time to sit down and think. What should I do now? Technical services must of course be provided. And we need to start looking for government R&D projects that will be held early next year. The government used to provide research funds to those who produce technology, but is now trying to support technology production after confirming the business model. So, materials introducing the company’s BM must be well created. BM is important. Because so much data is uploaded, we need to create data that stands out to investors.
'Everything that is born disappears, think about starting a business and exiting at the same time!
'Everyone wants to enjoy financial freedom. I work in stocks and real estate, receive a salary, and even start a business. It is difficult to receive a proper salary during the early stages of starting a business. Since we need to grow our business, we need to continue to invest. The expectation is generally to think about ways to increase the value of the company and sell stocks later. Starting a business gives you the satisfaction of solving a challenging problem and makes you happy when you solve it. When running a business, both of these are important. So, in every decision you make while starting a business, you need to make a decision that satisfies both of these requirements. EXIT UP.
If you don't do it, you will suffer. The second competitiveness of startups is homo communicus.
Humanity is ‘human beings who communicate thoughts’. Communication studies has become an independent discipline, covering reading, listening, speaking, and writing.
We also study likable speaking techniques, the secrets of body language, and how to argue. When running a startup, communication both internally and externally is very important.
There are too many cases where there is content, but the good content cannot be delivered due to poor communication.
You need to communicate well to make investors aware that your company will make money.
Additionally, in order to convey the future in detail to internal employees, this communication must be done well.
Communication is something that I believe cannot be overemphasized.
Find the future business concept first. But don't look too far away
Companies with the highest market capitalization in the United States, such as Apple, Google, and Amazon, are companies that have realized the business concept that was first created globally. Although there are cases where business concepts created by other companies are followed, the invention of creating a new concept is more unconventional. New concepts also emerge when we try to find them together. Let’s put into practice the 4Cs that Professor Kim Kyung-jip talks about. These are Critical Thinking, Communication, Collaboration, and Creativity. However, because it is a business, if the concept is too advanced, it becomes difficult to receive investment because there is a long way to go.
‘R&D is behind the secret to increasing global sales exceeding KRW 1 trillion through dumpling sales!
'There are several cooking methods for fried dumplings, wet dumplings, fried dumplings, and dumplings. I didn't stop thinking here and asked, "Can't I sell my creations to the world?" So the next challenge is, how do we standardize the various raw materials and various recipes? Only by solving this can we solve the problem. If you want to sell food around the world, you need to choose something that is simple to prepare. Ramen is a good example.
How do I commercialize it? How do I go global? We are always asked questions like this, but the answer must always be found in research and development and simplification. To create global K Food, R&D to standardize raw materials and recipes is essential!
'The core of entrepreneurship is the repetition of asking accurate questions and finding creative answers!
'If you interpret the word 'question' according to its Chinese character origin, it means a door that must be passed through to obtain a valuable item (shell). So the question is very important! You must ask the right questions. Professor Kim Se-jik says that when students ask questions without answers and repeat the process of solving them, students develop creative ideation and that they must find answers that are logically possible among things that seem unrealistic (p305). So, the definition of “starting up is to ask accurate questions and provide creative answers.” If the answer is wrong, trying again is entrepreneurial spirit. Keep challenging!
‘There are many world-class entrepreneurs in our country  Hyundai Group Chairman Chung Ju-young
'Among the management principles of Chairman Chung Ju-young, who created today's Hyundai Group, there are some that our startups should keep in mind. The first one is said to have woken up at 4 in the morning and carefully read the newspaper to read about the trends of the world. In short, entrepreneurs must study hard. Second, he emphasized developing intuition and finding answers in the field. I'm saying we should stop talking about it. So, the famous saying, “Hey man, have you tried it?” Another thing is that Chairman Chung's sincerity was conveyed to the Nawaf royal family by imitating the religious ceremonies performed by drivers in Saudi Arabia, and thanks to this sincerity, the business was successful.
'If you only look at the ever-changing waves and don't notice the wind blowing above, you'll be in trouble.
'This is the story of the main character in the last scene of the movie. He said you have to read the flow. How to read the current economic trend? The economy has slumped. How and where will money start flowing again? I am curious about where the momentum to change economic trends will come from. Those who read this trend and want to invest are so-called investors. They are waiting now. You should also read Startups. This will increase your chances of receiving investment. The investment cold season will pass, and we need to prepare for when this cold weather will end by raising the antenna and monitoring the flow of money.
'If you want to start a startup, ask yourself whether you have creativity, patience, and expertise.
'When a startup receives investment, it is checked whether the BM is creative based on reality, whether the target market is large, whether patience is great, and whether there is expertise. Startups wishing to invest should at least check this level on their own. One thing I would like to add is that the founder's stubbornness is necessary, and I want to make sure that he is not stubborn. It's difficult to explain, but there should be times when the founder continues to insist on the BM and details, and if it appears that the BM is not the BM based on the data, you should quickly stop and pivot. Either we need to change the market, or we need to change our products and solutions. You have to let go of your stubbornness.
'The microeconomic environment is very important, but the macroeconomic environment is even more important!!
‘Investment has stopped. In September, investment in bio startups was “zero.” Startups all over the place are rushing to get investment, but their feet and neck only hurt. We need to rest for a while and develop a corporate strategy that fits the overall economic trend and hold on. Rather than insisting on developing technology according to the goal, we must find ways to increase sales. We have to endure, even if it means providing services using technology. There is data showing that the average period of economic contraction is 20 months, which includes the fact that the economic contraction begins and stops in as little as 7 months or as long as 10 months. Startups, let’s hold on until the first quarter of next year!!!
From quitting my job to financial difficulties... I have to endure the cold wind alone ㅠㅠ
It seems that the lonely and difficult times of being an entrepreneur will last for quite some time. Because the government has started to collect again the huge amount of money that was released due to the coronavirus. Both stock prices and real estate fall. Large companies with large wallets have secured CASH through experience, but our startups...
Cash flow is more important for startups. Always prepare your cash flow by considering the worst case scenario after 3 months or 6 months.