| Gunil Chung Interview | |
| More of This Feature |
| • Part
1: Sources of Inspiration • Part 2: Formulas for Success |
| More Interviews |
| • David
Allen • Cynthia Typaldos |
| Elsewhere on the Web |
| • Empact
Solutions • M/C Venture Partners • NFTE (National Foundation for Teaching Entrepreneurship) • KASE (Korean-American Society of Entrepreneurs) • Ryze • Gunil's Ryze Profile |
SA: You also see a lot of opportunity in our nation's youth - tell us about your involvement with NFTE.
GC: I'm not as heavily involved as I might like, but I've been involved from time to time as a volunteer. I've volunteered, for example, to help young entrepreneurs vet out their business plans in preparation for a national contest. I was absolutely blown away by the sophistication, poise, creativity, and enthusiasm of these youths. One of the things I love about the U.S. is that it has a culture and infrastructure that encourages entrepreneurship. The winners of these contests were given cash awards and advice to help grow their businesses further. Even the ones that did not "win" still walked away with a lot of advice, and with more experience on how to pitch their business, network with people, etc. And the advisors/volunteers walked away with more inspiration and energy, perhaps more. A win-win all around.
SA: And you also volunteer with KASE (Korean American Society of Entrepreneurs). Tell us how you get involved with that.
GC: I'm the president of the east coast chapter of KASE. It's a non-profit organization dedicated to helping and supporting entrepreneurs, ostensibly in the Korean-American community, but we're really open to all communities of entrepreneurs. I was introduced to it about three years ago, and I felt an instant affinity to the group, so I volunteered. My involvement grew over time and eventually I was asked to be the chapter president.
SA: And the benefits of this type of organization for members?
GC: Philosophical answer:
I think of groups like KASE, TiE, Net-IP, and NAAAP as families. They're affinity groups of people who support each other (as families do/should) so that you can grow and help others to do the same. But like families, these organizations should not become islands where its members do not associate with other groups. So the purpose is to help its members to grow and extend beyond the group.
Real practical answer:
(1) We help our members by holding social and professional events where we allow them to network with each other, learn from each other, and find answers to questions. For example, we've had VCs come and speak to our members on how to get funding, experienced entrepreneurs come and talk about how to start and grow a company, and various other professionals come and talk about what resources they provide to entrepreneurs.
(2) We provide an international network of resources. We have chapters in Silicon Valley, Southern California, and in the future, Seoul Korea. These are people with specific experiences and skills that are relevant and helpful to our members that our members would not have otherwise met.
(3) As an organization, we can attract other resources (people, companies) that an individual would not be able to. For example, we can ask renowned speakers and business leaders to come and speak to our members. We can co-host events with NAAAP (which we've done) or Net-IP (which we plan to do), and meet their members. We're exploring ways to work together with Ryze, to the mutual benefit of both organizations.
(4) The emotional and psychological value of a support network are not to be underestimated. Having peers with whom you can share your issues and questions, against whom you can bounce ideas and get advice, and from whom you can receive encouragement in the face of difficulties are unquantifiable, but very valuable benefits of being involved with KASE.
SA: So you see both the face-to-face and the online networking as critical to an entrepreneur's success?
GC: I'd say that they're different means to the same end. Face-to-face gives you the in-depth personal experience of networking. It's about making a connection with people, which is best done in person. On-line gives you breadth and searchability. For example, I can find people on Ryze that have an interest in ASP (the searchability), from a pool of thousands of people (the depth). Try doing that in a crowded room of people at a networking party! On-line also allows you to cross the time/distance barrier we alluded to earlier. I can now network with people in Australia just as easily as with someone in Astoria (which is just a few miles away from Manhattan). Ultimately, you're trying to find peole with whom you can together provide more value than you might individually. That's one of the future goals of KASE is to expand our network and allow our members to achieve this kind of "flow" and connectedness.
SA: I've really been impressed by Ryze.
GC: Yes, me, too. It provides an amazing environment for creating those "weak ties" - loose connections that are not as strong as face-to-face relationships, but that could definitely lead to such.
SA: I suppose all online communities do that, but with Ryze expressly focused on business networking, you obviously get a whole different quality of members. Actually, those loose ties are more often where business leads and job opportunities come from than the close connections are, oddly enough.
GC: Because (1) they're new connections, and (2) they're broader than the close connections you currently have. I think it's in the periphery/edge that a lot of interesting stuff happens. The people who use Ryze tend to be a pre-selected group of people who are motivated to network and work through the kinks and difficulties of the medium.
SA: And the power of the web to maintain and develop those connections is phenomenal.
GC: Indeed, it cuts through time and space.
SA: What final words of advice or encouragement might you have for fellow entrepreneurs?
GC: (1) I believe it was Wayne Gretzky who said "One hundred percent of the shots you don't take don't go in". If you don't try, it's not going to happen. So if you really want to do it, give it a try. Now's as good a time as any.
(2) Believe in yourself and in your idea. If you don't believe in it, no one else will. So this is a PRE-requisite. If you do believe in it, it will show, and others will follow. Believing in yourself means that you give yourself the freedom to try beyond your known limits, and the freedom to fail from time to time (as you inevitably will!!)
(3) Know your limits. While you believe in yourself, recognize that you can't do it all. Don't let yourself get in the way of your success by not delegating, or by letting your ego get in the way of growth, etc. Don't think you have all the answers, becuse you don't. Listen, consider, decide, execute.
(4) Have fun. Really enjoy the process. Whether you're having a really tough time pitching to VCs, or you're on a high because you've just landed your first deal, enjoy the moment. It's the journey that makes the man (woman), not the destination.
(5) Consider the fundamentals. Learn from the mistakes of our recent past. Don't go for quick solutions and hypes. Deliver real value to real customers with real products.
SA: Excellent. Thanks for your time.
GC: My pleasure.
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