[Namsan Ddalggakbari] Starting the Talent Puzzle: The Beginning of 'StartUP'

'Startup' Established as a Pillar of the Industrial Ecosystem
Accompanying Words Like Future, Hope, and Dream, but the Answer to the First Step of Business Is Ultimately 'People'
"Diversity Becomes More Important as Growth Continues," Emphasized... A Point All Companies Must Heed

[Asia Economy Reporter Lim Cheol-young] The term ‘start-up,’ referring to newly established venture companies, is rapidly becoming a key pillar of the industrial ecosystem. There are over one million start-ups registered on the crowdfunding platform ‘Wadiz.’ Even the Korea Chamber of Commerce and Industry, once a fortress dominated by large and medium-sized enterprises, has included a start-up CEO in the Seoul Chamber of Commerce’s board of directors for the first time.

Start-ups have now shed their past image as high-risk new businesses and are associated with words like ‘future,’ ‘hope,’ ‘dream,’ and ‘growth’ across various fields. There are also successive cases of companies that have settled as sustainable businesses, such as Baedal Minjok, Azar, Coupang, and Hyperconnect. Among these, Coupang is currently pursuing a listing on the New York Stock Exchange in the United States, with an estimated valuation ranging from 33 trillion won (30 billion dollars) to 55 trillion won (50 billion dollars).

The naturally growing interest is clearly reflected in bookstores. Upon entering an offline bookstore, one immediately notices countless books related to start-ups in the entrepreneurship, success, and management sections. A search engine query for ‘start-up’ yields over 2,000 recent publications, including specialized magazines. These cover almost every field, from rigid legal guides, specialized patent business, and management academic books with numerous statistics to start-up investment information and success essays.

The newly released book, Living as a Start-up CEO, contains the detailed experiences of CEO Lim Jun-won, who started a business with 30 million won and experienced two exits. Living as a Start-up CEO is close to an essay. Part 1 narrates the author’s experiences with early-stage recruitment and investment attraction. Part 2 describes deep reflections on leadership and employee management during the phase of establishing a foundation beyond the very early start-up stage.

Part 3 explains the ‘burnout’ situations occurring in the mid-stage of start-ups and the process of building a more systematic organizational system. Part 4 portrays the process of becoming a so-called ‘generalist,’ who contemplates and resolves even very small matters such as managing resigned employees and tax knowledge to grow into a sustainable company.

The author is an expert who founded a data-related start-up and experienced an exit. However, the book does not include start-up trends, changes in related systems, or optimistic forecasts. Instead, it focuses on presenting cases and sharing experiences by asking readers or potential founders, “What would you do?”

Throughout the book, the anguish experienced while accompanying investors and employees as a start-up CEO is deeply embedded. Notably, a large portion is devoted to stories about ‘people,’ the most important yet often overlooked aspect. Throughout the reading, advice related to people and relationships abounds, such as “It’s better for acquaintances to remain acquaintances,” “Don’t obsess over those from large corporations,” “Don’t rush and create meaningful results with S-level talent,” and “Take time once or twice a year to reflect and cope with burnout.”

The author’s advice in the latter part of the book, “Diversity becomes more important as you grow,” is a passage that CEOs of all companies beyond start-ups should heed. The author believes that once a certain level of organization is achieved, it is essential to create an atmosphere and environment where employees can grow, recognize employee diversity, and maximize their strengths. Of course, distinguishing between outliers and diversity is the responsibility of the CEO and management. To realize this, the author adds advice about the power of balance and coexistence, as described by Chris Guillebeau, the author of the famous book The $100 Startup.

The story of a start-up CEO’s life concludes with people. The author is currently consulting in various ways while preparing for another start-up. In the epilogue, the author candidly shares his thoughts: “There are many reasons for starting a business, but people cannot be excluded to succeed. In a way, business is a process of gaining people, and as you do it, you realize that you must run a business that gains people. A business that gains people?that is the reason for starting a business.”