[2024 Women’s Forum] "Starting a Business Was Really Tough, But Nothing Is As Attractive As That"

'2024 Women Leaders Forum' Challenge Session
'Challenge and Growth: The Courage of Startup CEOs to Take One More Step'

"There was not a single easy thing in the process of starting a business. The issue of regulations we faced during the business process was on another level. I realized that competitiveness ultimately comes from the team. Convincing others to 'trust me and join' was the most difficult and important part."

At the '2024 Asia Economy Women Leaders Forum' challenge session held on the 30th at Lotte Hotel in Sogong-dong, Seoul, Lee Hye-min, CEO of Finda, presented under the theme 'Challenge and Growth - The Courage of a Startup CEO to Take One More Step,' sharing her experiences from four startup founding attempts.

Lee Hyemin, CEO of Finda, is giving a lecture on the theme of challenge and growth at the '2024 Women Leaders Forum' hosted by Asia Economy on the 30th at Lotte Hotel, Sogong-dong, Seoul. Photo by Kang Jinhyung

CEO Lee recalled that she started her challenge at a time when the word 'startup' did not even exist, and that she grew significantly through the process of founding and closing three companies before establishing Finda in 2015. She reflected on her experiences of founding and operating three companies in both the U.S. and Korea, facing limitations in decision-making, lack of understanding of target customers and large-scale infrastructure investment, health deterioration due to physical exhaustion, and breakdowns in trust among executives.

Lee Hye-min revealed that although she initially did not want to start a business due to stress, conversations with acquaintances she had built networks with led her to decide to start a business again. She said, "At that time, I think I had courage because I was ignorant. I did not know much about the financial industry, but I had a passion to solve problems that consumers felt. I have continuously studied, confronted challenges, gained experience, and made choices." She added, "Even now, I worry a lot and ask myself many questions because I lack experience, knowledge, and understanding. I ask many people many things. Every time, I keep reflecting on why I started a business."

Following the presentation, in the session discussion, female startup leaders including Park Ji-won, CEO of Save&Co, Lee Hye-jun, CEO of KaiHealth, and Choi Jae-hwa, CEO of Bungaejangter, who participated as panelists, said that like CEO Lee, a lot of courage was needed to achieve challenges and results as startup CEOs. CEO Choi said, "A CEO seems like a multidisciplinary artist who has to be good at various fields. You have to solve diverse problems every day," adding, "We discuss a lot with the executive team about how to spend next week, next month, and next year. The difference from previous roles is that you have to live for tomorrow, not today."

Lee Hye-jun, a former infertility specialist running KaiHealth, which develops infertility treatment solutions, emphasized, "I started the business fearlessly, but it is very important to build a good team and start a business with people whose roles fit well." CEO Park also agreed, saying, "The most important thing to start a business is to clearly define the problem you want to solve," and added, "I think it is important to know whether you and your team can clearly provide a solution."

From the left, Lee Hyemin, CEO of Finda, announcer Shin Ji-eun, Park Ji-won, CEO of Save&Co, Lee Hyejun, CEO of KaiHealth, and Choi Jaehwa, CEO of Bungaejangter, are participating in a panel discussion on the theme "Challenge and Growth - The Courage for Startup CEOs to Take One More Step" at the 2024 Women Leaders Forum hosted by Asia Economy on the 30th at Lotte Hotel, Sogong-dong, Seoul. Photo by Kim Hyunmin

The four startup CEOs revealed that they experienced the 'glass ceiling' as women doing business on the ground. CEO Lee Hye-min said, "Until 2015, it was very difficult to start and work as a woman," confessing that she was asked questions such as "What will you do with the company if you get married and have children?" even after receiving investment. She conveyed the atmosphere by saying, "Since then, society has changed, and the culture has matured a lot as excellent people entered the startup field." CEO Choi also said, "The proportion of women in the investment industry is small. The people sitting at the table deciding investments are men," adding, "Since they influence investment decisions, I often think about how to speak the language of men well."

However, they also shared experiences where being a female CEO actually worked as an advantage in business. CEO Park said, "In consumer goods B2C companies, women's empathy and customer-centric thinking often act as advantages," adding, "Femtech companies dealing with women's health issues can empathize from the perspective of those experiencing the problems, so being a female CEO works as an advantage."

Despite facing various difficulties on the ground, the startup CEOs said they find great attraction in startups to the extent that they say, "There is no other way but to start a business." CEO Lee Hye-jun said, "I don't recommend it easily, but it seems like a more fun job because it is difficult," adding, "If a game is easy, it is not fun. There is fun in leveling up by clearing each stage one by one." CEO Park responded, "It is really difficult, but if you are determined, I recommend startups," adding, "I think a big advantage is that you can observe every process and create change."

When asked, "What is the driving force that made you grow?" the four CEOs gave different answers. "The process of challenging and learning from failure." (CEO Park Ji-won), "Resilience is the most important thing." (CEO Lee Hye-jun), "Positive thinking and imagination." (CEO Choi Jae-hwa), "Having a sense of purpose about why you have to work." (CEO Lee Hye-min)