Young Successful Entrepreneur

Here is a question that an ambitious young undergraduate asked me:

“Dear Jun,

I am young college student and thinking about opening up my own business some time soon. I stumbled to your blog and I was reading up how you started up your company and since you started your own company I have a quick question for you . Where did you find the funding to start up your company? Or If its something that you feel like you can share, how did you go about starting up your company?”

I’m glad you reached out.

While at UCLA, I founded a business organization, founded the Undergraduate Case Competition, and founded a small business consulting firm.  I had an amazing time starting organizations and companies as an undergrad.  This is where I got a taste for entrepreneurship and got hooked.  You will love your startup like your own baby.

After I graduated, I worked at an International Consulting Firm for about 3 months when I realized that the corporate life is not for me.  I spoke with my friends who I founded the organization, competition, and company with as an undergrad and we decided to step away from our corporate careers and live the passionate life as entrepreneurs.

Step 1: Find your dream team. These are the people you are going to spend night and day working with.  You will argue, hate each other, and love each other.  If you can’t love these people, they don’t belong on your team; if they can’t bring unique value, they don’t belong on your team.

Step 2: Move back home to save on cash. I’m going to be honest, the entrepreneurial life is HARD.  It is so much harder than starting an organization on campus or starting a company as an undergrad.  You are out on your own, have to get clients on your own, and have to conserve in every possible way.  I moved back home to save money.

Step 3: Get people to work for you for free.  How can you possibly get people to work for you for free?  The answer is experience and mentorship.  Our generation cares more for guidance and experience than money.  If we don’t love the culture or work that we’re doing, we’re going to switch jobs, no matter how much we’re getting paid.  As a graduate, you can hire undergraduates for your startup and teach them everything you know about business.  Knowledge is much more valuable for undergraduates than money.

Our funding comes from our savings and from bootstrapping from friends and family.

I hope this quick post helps all of you get started as entrepreneurs.  For what to avoid as an entrepreneur, read this great post about what NOT to do.  If anyone has any other questions, please feel free to ask and I’ll respond immediately.