Week 1 Blog - Linda Nguyen

As discussed in class, startups is a project that does something monumental. It will change something (i.e. improve the lives of people or the economy) and is motivated by people's passion, people's dreams, and people's entrepreneurial intentions. Additionally, startups solve problems that need a solution. The four things to create a successful startup are: "to start with good people, create something that people want (and love and spend less than you make ["How to Start a Startup" 21]), to spend as little money as possible, [and the importance of] understanding your business" ("How to Start a Startup" 1 and 15).

Most startups are through personal contacts (people you know) and they start around universities because that is where smart people meet ("How to Start a Startup" 3-4). Having three to four people (or founders) is best so that you can resolve disagreements immediately ("How to Start a Startup" 4). When figuring out and understanding what customer wants, watch them and talk to them about what they needed, and the best places to do this is at trade shows ("How to Start a Startup" 7).

Next, having money is needed to make the startup happen. You can self-fund, take money from investors, or venture capital firms (VCs) ("How to Start a Startup" 9 and 12). According to Paul Graham, the first thing you will need is a few thousands of dollars to pay your expenses while you develop a prototype. This is called "seed capital" and you get seed capital from individual rich people called "angels" ("How to Start a Startup" 9). Moreover, VCs funds larger, millions of dollars as well as provide connections and advice ("How to Start a Startup" 13).

For most startups, according to Paul Graham, founders should aim for "cool and cheap, not expensive and impressive"("How to Start a Startup" 16). For one thing, a startup location is important. For example, renting an apartment that is the best place to work in. Also, be in a place where there is a lot of restaurants around so that group of employees can go out to dinner, talk over ideas, and then come back to the offices to execute and implement them) ("How to Start a Startup" 16-17).

A startup has the potential to improve the lives of the people, the community, and the country and (re)branding them to make them aesthetically pleasing and marketable. For example, in South Korea, having to rebuild its country after the Korean War (1950-53) ("Birth of Korean Cool" 6), they used their good branding strategy to improve the lives and their country. Korea's plan was achieved what many other newly rich nations could not--to transform the country from the inside out; socially, culturally, and mentally ("Birth of Korean Cool" 17). Korea was successful in that aspect; thus, created "The future of Korea" ("Birth of Korean Cool" 13). For example, toilets are electronic, have self-cleaning features (that squirt water, rinse, and blow-dry), have buttons you can press to play light music, and are cleaner than tables of some restaurants ("Birth of Korean Cool" 13). In the past, toilets were the squatting kind [very much so similar to Vietnam in the past] where you "had to stand with your legs spread wide, and void over a basin in the floor with no water in it" ("Birth of Korean Cool" 13). The country's modern evolution or transformation of electronic toilet contributed to South Korea's national aesthetics. The toilets are easy to use, comfortable, convenient, and aesthetically pleasing due to its options (and light music).

Question: What are the strengths and weakness of South Korea's startups (i.e. cosmetics, plastic surgery, the entertainment industry, Korean drama, etc.)?

Sources:
Graham, Paul. 2005. How to Start a Startup. Web. 16 Jan. 2017.
Hong, Eung. 2014. The Birth of Korean Cool: How One Nation Is Conquering the World Through     Pop Culture. Picador: New York.