After receiving venture funding from M/C Venture Partners, Gunil stepped into the role of Director of Product Management and is now Director of Deployment for Empact. He is an active networker, both online (he and I were introduced through online networking site Ryze) and face-to-face. He is currently president of the East Coast Chapter of KASE, the Korean-American Society of Entrepreneurs, and a volunteer with NFTE, the National Foundation for Teaching Entrepreneurship.
In his interview, Gunil covers a lot of ground - growing up the son of hard-working immigrant parents in pursuit of the American dream, the changing entrepreneurial environment, the power of networking, and the importance of volunteerism. Read on for some inspiring insights and practical advice from one of today's up-and-coming young entrepreneurs.
SA: What got you started as an entrepreneur? Who or what is your inspiration?
GC: I think my parents were my inspiration. It's the unique but typical immigrant story. They gambled it all and moved the family to the U.S. when I was young. They didn't really know the language, didn't know people, had only a little money. But they worked hard, 16 hours a day, 365 days a year on their small business. Before that, they had other businesses and ventures in Korea and other places. So watching them take chances, work hard, and be creative for a better future is my inspiration for doing the same, but with the benefit of having an Ivy League education in the states. I think a lot of immigrant friends that I have feel the same way about things. They work hard and push themselves (whether they're doctors, lawyers, or entrepreneurs) because of the example set by their parents.
SA: You know, recent studies have shown that immigrant and other minority entrepreneurs tend to roll a much larger percentage of their profits into growing their businesses, rather than personal income, even when things are going really well. Was that true in your family? If so, how did that impact you?
GC: That's a very interesting stat, and I can relate. My parents invested mostly in our education, then in the business, and lastly on personal enjoyment. They spared nothing when it came to education. They denied themselves most creature comforts (vacations, nice meals, new clothes). Since education is viewed as the key to future income and prosperity, that was their investment.
SA: Are they still doing that, or starting to reap the harvest a bit more?
GC: Now they're enjoying themselves. They're more or less retired. My dad studies full-time at the local city college (free tuition) and my mom keeps busy around the house. I think the same enterprising spirit is there, though. The fact that my dad has now learned to use a computer and the Internet and that my mom is taking english classes to improve her communication skills are all examples of an undying desire to improve and grow, which is at the core of entrepreneurship, I feel.
SA: A lot of people think entrepreneurs are born, not made. What's your take on that?
GC: Good question. I'd say both. Some people are born as such - they have the right temperament, and are entrepreneurial from an early age, and others pick it up because of the circumstances and events in their lives. I think i'm a little of the former, and a lot of the latter. For people like Steve Jobs and Richard Branson, I'd wager it's more the former than the latter. I should point out, as a 2nd part of the answer to your earlier question, that people like Jobs and Branson are absolutely my modern-day inspiration. I admire them for creating new things in the face of severe doubt and opposition, and in doing so, for making the lives of people that much better. Same for HP in their beginning days and SGI when they first started. I admire Bill Joy for coming up with Java, and Sun for maintaining a culture of innovation and entrepreneurship. I also draw inspiration and encouragement from the lesser known entrepreneurs, some of whom I'm fortunate to meet from time to time in my work: Joseph Park of Kozmo.com, Woo Song of Intrasphere.com, etc.
Keep reading at Part 2: Investors & Employees
