Minseok Lee

I've hired over 20 interns for my startup in the last month.

While it was exciting to lead a large team, the drawbacks of overstaffing were more pronounced than the benefits. Interestingly, our team's effectiveness seemed to diminish with 20 members, compared to the initial 5. Why might this be?

This is likely due to a problem of talent density, where even 1-2 just adequate performers can affect the entire group's performance. This idea was notably put forward by Reed Hastings, the founder of Netflix.

I was familiar with this concept from his book "No Rules Rules." However, I thought that given the nature of my business, which primarily targets international students, having many international students on my team would create a compound impact in promoting the app and solving the cold-start problem. But this wasn't necessarily the case.

In fact, our most skilled team members often felt demotivated and exasperated, either feeling like they were the only ones contributing or having to navigate the shortcomings of less skilled members. Additionally, the extensive communication required with the entire team turned out to be counterproductive, further impeding our progress.

Faced with a difficult choice, the solution seems clear: let go of the less capable members. It's always regrettable to part ways with team members, but it appears to be the only viable option. This action, I hope, will foster the company's growth and propel us forward.

I recently sold my first startup for a moderate amount of cash. At first, I was quite happy to earn real cash from my business endeavor, but upon further reflection, I felt somewhat confused.

The issue was the modest sale price. When I envisioned selling businesses, I expected an exit in the millions, which is still a fraction of my ultimate financial goal.

This led to deeper contemplation. I had dedicated nearly a year to this project and the return was just a moderate sum. At this rate, I doubted if I would ever reach my goal of earning $100 million before turning 30.

Seeking clarity, I embarked on some research, hoping to determine if I was on the path to success. What I found was intriguing. Many of the successful individuals I admire achieved their status through a series of smaller triumphs.

For instance, Elon Musk began by selling his first internet company, X.com, before venturing into groundbreaking projects like Tesla and SpaceX. Similarly, Sam Altman, the CEO of OpenAI, launched his journey by selling a modest mobile SNS prior to establishing ChatGPT. It appears that many successes are built on previous, smaller accomplishments. While my initial success may seem minor, I believe it marks the beginning of my own journey to greatness.

Last week, I achieved something rather unexpected: I hired Mike, my boss and a Senior Business Development Manager, to be a part of my startup—and all for a modest amount of equity. The irony isn't lost on me.

Earlier this summer, I had the opportunity to intern in business development at a Singapore-based tech startup. My goal was to deepen my understanding of startups and sharpen my business acumen, especially since I'd had some setbacks in my own entrepreneurial endeavors.

That’s when I met Mike. From the get-go, our professional relationship was seamless. So impressed was he by my entrepreneurial spirit that he offered me his business card during our initial interview, suggesting I reach out if I needed employment.

I was fortunate enough to land the job, which allowed me to work closely with Mike. He turned out to be more than just a proficient manager; he excelled in business development, sales, and marketing, earning him the status of the company's top performer.

Recognizing our shared interests and effective teamwork, I saw the potential for something greater. I summoned the courage to schedule a one-on-one meeting where I pitched my startup idea to him. Before I could even conclude, Mike enthusiastically agreed to come onboard.

So here I am, an intern not long ago, now partnering with someone who has years of experience over me. It's an exciting and curious twist, and I can’t wait to see the synergy we'll generate and the impact we’ll have. Keep an eye out for us!

NFT collections emerged as an exhilarating trend in 2022, with digital assets being sold online for astonishing sums. This trend even extended to seemingly simple creations, such as Ether Rock, where basic rock drawings could command up to $500,000 each. But after a significant crash in 2022, and a cooling of the crypto market in 2023, the gold rush seems to have subsided.

The opportunity to easily become rich by selling NFTs has dwindled, making it more challenging to rise above the noise. Yet, I've decided to embark on my first and final NFT venture: Ether Ring.

Drawing inspiration from Ether Rock, I've crafted 100 ring pixel art NFTs, each with an Ethereum gem and unique colorways and narratives. My strategy is to emulate CryptoPunks by gifting the first 50 rings to notable influencers in the collecting community and selling the remaining 49 at $50,000 apiece, targeting a total of $2.45 Million. I'll also present a specially designed ring to my favorite person in the world.

Will this venture transform me into a millionaire? Time holds the answer, and I'm eager to see how this unique experiment unfolds.

A renowned Chinese investor group recently approached me with a proposition that most young entrepreneurs dream of - they wanted to invest in my school project. Famous for investing $300,000 in each startup they back, this offer was a real turning point, propelling me into serious reflection.

After extensive deliberation, I made the unexpected decision to turn it down. My reasons?

1) Education comes first.
Juggling the demands of a startup, especially when funded by external investors, requires a significant commitment of time and responsibility. It's a task that is nearly insurmountable when coupled with a rigorous academic workload. After all, I've invested more than $80,000 per year into my education. It deserves my undivided attention and serious commitment.

2) Lack of passion for the project.
It's a harsh truth: most startups fail. And those that succeed are typically led by founders who are deeply passionate about their idea and are willing to dedicate years of their life to nurturing and developing it. My project began as a two-week long 'toy' experiment in my dorm room. Unless I pivot, I fear my enthusiasm will wane over time, a circumstance not conducive to success.

3) Personal readiness, or rather, lack thereof.
Running a successful startup requires a myriad of skills - from leadership and effective communication to a deep understanding of technology and marketing. I'm a sophomore in college, and while I'm developing these skills, I'm not there yet. To lead a successful company, I need to evolve into a more seasoned individual.

Declining a potential $300,000 investment was undeniably tough. Opportunities of this magnitude are rare, and there's no guarantee another one will come my way. But I'm optimistic.

I believe in growth and progress. I believe that if I continue to improve each day, my opportunity will come. Until then, my focus is to become a little better every day. Sometimes, success is about knowing when to say 'no', knowing when to prioritize, and being self-aware. And this decision was a lesson in exactly that.

As an aspiring entrepreneur, I've always been on the lookout for the next big idea. One day, while browsing the internet, I stumbled upon an app called Gas, which was gaining popularity in the United States. The app allowed users to anonymously find out who had a crush on them, and I immediately thought this concept would be a hit in South Korea.

Excited about the potential of this idea, I quickly assembled a team of talented university peers, consisting of five developers and one designer. We were all passionate about the project and dedicated a significant amount of time to it, holding weekly meetings and assigning coding and design tasks to be completed at home.

After weeks of planning and designing our Minimum Viable Product (MVP), we were finally ready to start coding. However, just as we were about to dive into the development phase, I discovered that an app identical to ours had already been launched in Korea. To make matters worse, it had been created by a group of talented high school students who had beaten us to the punch by just two weeks.

These students had already gained over 20,000 users and openly admitted to copying the Gas app, just as we had planned to do. Our team was devastated, and we were forced to pivot to a different idea.

This experience taught us a valuable lesson: speedy execution is everything in the business world, especially in the startup realm. Ideas are a dime a dozen, and it's not uncommon for multiple people to have the same idea simultaneously. What sets successful startups apart from the rest is their ability to execute their ideas quickly and efficiently.

In the fast-paced world of startups, being first to market can make all the difference. Our team learned this the hard way, but we're now more determined than ever to succeed with our next venture. We'll be sure to prioritize speed and efficiency in our future projects, ensuring that we don't miss out on any more opportunities.

As someone who has been closely following the development of GPT technology for over two years, I find it fascinating to witness the sudden boom in its popularity and application. The recent advancements in GPT technology, particularly with OpenAI's ChatGPT and the GPT 3.5 model, have garnered significant attention and interest from developers and businesses alike. This surge in popularity can be attributed to the impressive performance of these models and the effective marketing strategies employed by OpenAI.

My journey with GPT technology began when I first recognized its potential and started exploring ways to implement it in my applications. I was so captivated by the possibilities that I even attempted to launch an AI study partner app using the GPT 3.0 model. Although I never completed the project, I now realize that perhaps I should have persevered, given the current widespread adoption of GPT in various applications.

The GPT boom has encouraged developers to integrate this technology into their apps, leading to a plethora of innovative solutions and use cases. From chatbots and virtual assistants to content generation and data analysis, GPT models are transforming the way we interact with technology.

Moreover, experienced developers are pushing the boundaries of GPT technology to explore its limits. One such developer experimented with a GPT4 model to create a mini-AGI (Artificial General Intelligence), and the results were promising. This experiment showcases the potential of GPT models to evolve into more advanced AI systems in the future.

As a long-time GPT enthusiast, I am thrilled to see the rapid advancements and widespread adoption of this technology. The current boom in GPT technology, driven by the remarkable performance of ChatGPT and the GPT 3.5 model, is a testament to the potential of AI to revolutionize various industries and applications. I eagerly await the future developments in GPT technology and the innovative solutions it will bring to the world.

As my girlfriend and I approach our 100th day together, I find myself contemplating the perfect way to celebrate this milestone in our relationship. Being a tech enthusiast, I can't help but think of incorporating my passion for blockchain technology into this special occasion. But the question remains: should I build a blockchain-based love letter for my girlfriend?

Now, I know what you're thinking. "A blockchain-based love letter? That sounds incredibly nerdy!" And you're not wrong. I'm hesitant about this decision, as there's a chance my girlfriend might think it's too nerdy and not appreciate the sentiment behind it. However, I can't help but feel that this unique approach to expressing my love is super romantic.

So, what exactly would a blockchain-based love letter entail? I plan to create a one-of-a-kind, non-fungible token (NFT) love letter image that represents our 100 days together. This digital love letter would be stored on the blockchain, ensuring its uniqueness and permanence. It's a modern twist on the classic love letter, combining the heartfelt emotions of a handwritten note with the cutting-edge technology of blockchain.

To make this love letter even more special, I'll create a website that displays the NFT love letter image directly. This way, my girlfriend can view our digital love letter anytime, anywhere, and know that it's a one-of-a-kind token of my affection.

I understand that this idea might not be everyone's cup of tea, but I believe that love is about embracing each other's passions and interests. By creating a blockchain-based love letter, I'm not only expressing my love for my girlfriend but also sharing a piece of myself and my interests with her.

So, despite my hesitations, I've decided to take the plunge and create this unique love letter for our 100th day together. I'm excited to see her reaction and hope that she'll appreciate the thought and effort that went into creating this special token of my love.

Stay tuned, as I'll be writing a follow-up blog post to share how my girlfriend reacted to her blockchain-based love letter. Will it be a hit or a miss? Only time will tell.

P.S. She loved it!

As a university student with a burning passion for entrepreneurship, I often find myself pondering whether I should drop out of school to start my own company. It's a decision that could potentially change the course of my life, and I'm sure many aspiring entrepreneurs face the same dilemma.

Pros of Dropping Out:

1. Focused Learning: By dropping out, I can focus on developing my business and not spend time studying irrelevant subjects. I can learn practical skills more easily through online course sites like Udemy or Coursera, which offer a plethora of resources tailored to my specific needs.
2. Financial Savings: I can save nearly $300,000 in tuition money by dropping out. This significant amount could be used to fund my own venture, and my parents are supportive of this decision.
3. Head Start: I have ambitious goals – I want to become a billionaire before I turn 30. Dropping out three years early would give me a head start in achieving this dream, allowing me to focus on building my business sooner rather than later.

Cons of Dropping Out:

1. Investor Perception: Education might matter when it comes to attracting investors, as they often look at the CEO's educational background. A university degree could potentially make me a more attractive candidate for investment.
2. Networking and Personal Development: College offers more than just education – it's a place to meet new people, network, and develop as a person through various experiences. By dropping out, I might miss out on these valuable opportunities.
3. Backup Plan: If my venture doesn't go well, I might have to get a job to support myself. In such a case, having a degree would be crucial in securing employment.

In conclusion, the decision to drop out of university to start a company is not one to be taken lightly. There are clear advantages to both paths. For now, I will continue to weigh the pros and cons, seeking advice from mentors and peers, and carefully considering the potential impact on my future.

As an aspiring entrepreneur, I find myself at a crossroads: should I start my startup company in South Korea or the United States? Both countries offer unique opportunities and challenges, and the decision is not an easy one. In this blog post, I will explore the pros and cons of starting a startup in each country and ultimately decide which location is best suited for my tech company.

Starting a startup in the United States has several advantages. Firstly, there is more funding available from diverse investors. The US has a well-established venture capital ecosystem, which means that startups have access to a wide range of funding sources. This can be crucial for a young company looking to grow and scale quickly.

Secondly, it is easier to hire talented people from a diverse pool of workers in the United States. The US is known for its melting pot of cultures and backgrounds, which can lead to a more innovative and creative workforce. This is particularly important for a tech company, as the industry thrives on new ideas and perspectives.

Lastly, if my target market is the United States, it would be beneficial to interact with users directly. Being in close proximity to my target audience would allow me to better understand their needs and preferences, ultimately leading to a more successful product or service.

However, there are also some drawbacks to starting a startup in the United States. My English is not perfect, which could lead to communication difficulties with workers. This could potentially hinder the growth and development of the company.

Additionally, I seem to work better with Korean people. This could be due to cultural similarities and shared experiences, which can lead to a more cohesive and efficient team. Furthermore, South Korea is ultimately where I want to live, which is an important factor to consider when starting a business.

Despite these drawbacks, I believe that the United States is the better place to start my tech startup. The infrastructure in place, particularly in Silicon Valley, is unparalleled in terms of resources and support for tech companies. By starting my company in the United States, I can raise more money, access a larger talent pool, and potentially target a bigger market.

In conclusion, while both South Korea and the United States offer unique opportunities for starting a startup, I believe that the United States is the better choice for my tech company. The advantages of funding, talent, and market size outweigh the challenges of language barriers and personal preferences. As an entrepreneur, it is important to make decisions that will best position my company for success, and in this case, that means starting my startup in the United States.