Digital Innovator Relay Contribution ① Kim Bong-jin, Chairman of Woowa DH Asia & VCEO of Woowa Brothers
"View the Distant Future Positively, the Near Future Negatively"
A Cheer Song for Junior Startups Overcoming Difficulties and Challenges
The business models they proposed have been recognized in the global market and are now attracting attention as new growth engines for our economy. On the occasion of its 33rd anniversary, Asia Economy listened to the voices of five digital innovators pioneering new paths domestically and on the global stage. First, Chairman Kim Bong-jin of Woowa Brothers sent a message to junior startups facing challenges and taking on new ventures.
I was asked to share a ‘message for junior startups.’ Although I have only been a founder for about 10 years, and I’m not sure if I am in a position to give advice as a ‘senior,’ I would like to share some personal insights I have gained through my experiences, however limited they may be.
Since launching the ‘Baedal Minjok’ app on June 25, 2010, I have been managing the corporation ‘Woowa Brothers’ for almost 11 years now. I, who once thought I would live solely as a designer by nature, have walked the challenging path of management, always striving not to forget to maintain a balanced approach without leaning excessively to one side?always aiming for the ‘middle way.’
Especially from starting as a startup to establishing the business to some extent, and even afterward, founders must continuously strive to maintain balance in the following three dimensions.
First is the balance between ‘value’ and ‘profit.’ Founders often paint a noble startup story about changing the world for the better by solving problems many people face. However, equally important is the consideration of how to make money and sustain the company’s existence as a business.
Many who come seeking advice during the startup preparation phase speak enthusiastically only about how their ideas will change the world. On the other hand, they often have not sufficiently considered revenue models or business models. They are confident that simply acquiring many users and accumulating data will solve everything. Such a rosy future based on hypothetical assumptions should be approached with caution.
It is good to have grand dreams. But if you pursue only value and fail to generate profit, the company’s survival is at risk. It becomes difficult to pay salaries to members, return profits to shareholders, and fulfill social responsibilities. Attracting talented individuals and aiming for sustainable growth also becomes impossible.
Next is the balance between ‘positivity’ and ‘negativity,’ ‘optimism’ and ‘pessimism.’ Managers need both positive and negative attitudes. It may sound contradictory, but it is a perspective that must be pursued simultaneously, like striving to harmoniously embrace both the ‘big picture’ and the ‘details.’
It is good to look at the ‘distant future’ positively. To envision how much better people’s lives will become and how much brighter our society will be through what I am pursuing now and the products and services we are creating with colleagues, an optimistic attitude of ‘everything will be fine’ is necessary.
On the other hand, the ‘near future’ must be viewed negatively. Being complacent that ‘everything will go well’ for the product or service launching next week is risky. Unexpected problems may be discovered late, customers who were expected to welcome it may respond coldly, and unintended controversies may cause difficulties. For imminent matters, you must thoroughly check and manage with the attitude of ‘what if something goes wrong?’ Even after doing your best, things can still go wrong.
Lastly, the balance between ‘confidence’ and ‘humility.’ One of the biggest lessons I have learned over the past decade, whether long or short, of doing business is that ‘things don’t always go as planned or as intended.’
Baemin started as an app that simply moved phone books, 114 directory assistance, and restaurant flyers onto mobile. We added features one by one, such as ‘in-app payment,’ and expanded services into other areas. Along the way, there were many small and large failures and many unintended misunderstandings. Of course, there were also many fortunate successes.
It is often said, “Life is like the weather.” Business is the same. There are sunny days and cloudy times. On sunny days, thunder and lightning can suddenly strike, and blizzards can come. This means there is no reason to be arrogant when things go well or discouraged when things don’t. Make plans, be confident, and do your best, but accept results humbly and learn to improve.
Looking back on myself, this does not mean I did everything perfectly. Rather, it is a small insight gained after many trials and errors. Even now, there are many times I fail to uphold this, so I reaffirm these principles with a more humble heart and strive to maintain them.
Starting a business is not easy. Startups, especially in the early stages, will find it even harder. I hope more of our startups overcome current difficulties, grow steadily, and shine on the global stage beyond Korea. I send my infinite support.
Kim Bong-jin, Chairman of Woowa DH Asia & VCEO of Woowa Brothers
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