The best thing about the entrepreneur community is when founders pay-it-forward: here are five excellent pieces of advice for budding entrepreneurs. By Yunha Kim (Founder & CEO, Locket)
A few months into investment banking in New York, I stumbled on an idea and quit my job immediately to pursue it. I couldn’t afford my rent anymore, so I moved in with my co-founders into a tiny apartment and started our adventure. The photo above is a picture of us when we got our first mountain of Hint water at the Locket office. We look as if we won a lottery...
Looking back, that impulsive decision ended up being one of the best decisions I’ve ever made. Had I spent more time thinking about it, I might have been scared away.
For those of you that are thinking about launching a startup, I wanted to share my thoughts to some questions I had before I started Locket.
What am I Risking by Doing my Own Startup?
A lot of stuff. Money. Time. Failure. Relationships. Health.
But there are equally as many (if not more) risks in ignoring your own passion. The biggest risk (and my biggest fear) is that ten years from now, I look back and regret about what I did not do. I’ve never heard anyone complain that they worked on a startup that failed. But I’ve heard many complain that they had the same idea as Uber and Instagram, and watched while these ideas grew into real businesses.
When is the Best Time to Start my Own Company?
I have seen many who wait for the ‘best time’ to start a company, but I don’t think there is such a thing. There will always be a reason to wait.
In three years, you might have more industry experience. In five years, you might have more money. In ten years, you might have a strong network to support you.
These are all good reasons. They are also good excuses. The longer you wait, the more excuses you’ll think of.
What Books Should I Read to Better Prepare for Entrepreneurship?
Unless you are at a point in life where you can’t start a company, put down those books and start making your idea a reality. It’s a much better use of your time.
You will make lots of mistakes early on, but you’ll learn much more. It’s like learning how to swim — you can’t without being in the water.
Execute your ideas. Make mistakes. Learn. Repeat.
Will it be Difficult to be a Female Leader in a Male Dominant Tech Industry?
Without having been both (female and male), who knows? But you can certainly make it better to be who you are if you are committed to believing it. It’s all about how you frame your perspective.
After all, you can’t choose your gender, but you can choose your attitude.
I Can't Decide... What Should I Do?
Ask yourself — what would I do if I were NOT afraid? And, do THAT.
This post originally appeared on Medium.
What other questions do you want to ask established founders?
About the guest blogger: Yunha Kim is CEO and Co-founder of Locket, an Android lock screen app company that delivers inspiring and relevant content on your smartphone lock screens. Recognized by Business Insider as advertising’s “30 Most Creative Under 30”, Yunha graduated magna cum laude from Duke University in 2011 with degrees in Economics and Chinese. Before starting Locket, Yunha worked at Jefferies as an investment banking analyst, and interned at McKinsey & Company and the United Nations.