A Letter to Aspiring Entrepreneurs

✒️Editor’s Note

This article is an adapted version of a message that Mr. Youngbum, one of the founders and co-CEOs of Paprika, sent to aspiring entrepreneurs who dream of starting their own businesses. While it is addressed to an anonymous recipient, we believe that the insights shared in this message could be valuable to others as well.

✉️ A Letter of Advice

I've been thinking a lot on my way here. Normally, when someone asks me a question, I tend to provide methodological explanations related to their specific inquiries. However, this time, I wanted to share more of my personal experiences.

If I hadn't founded Paprika and was given a two-week period right now, I would probably use it to thoroughly explore genuine customer needs rather than jumping straight into development. The first three days would be dedicated to formulating hypotheses, the following two days to refining advertising copy, images, and value propositions, the next seven days to implementing marketing strategies, and the remaining three days for analyzing the results or conducting customer interviews. When drawing conclusions during this process, what's crucial is conducting more in-depth market research, assessing how well we can execute our ideas, how engaging they are, and most importantly, how satisfied our customers can be.

Before Walla, I had created Cada, which was much less systematically developed, and I started with just the notion that "customers want to make money." However, we encountered issues with our revenue model right away. We were fortunate enough to secure contracts with research labs and sustain ourselves with government grants, but in reality, it was a stroke of luck, and we were merely surviving under the tree. That's how my 2021 went.

Around 2022, we started paying closer attention to customer voices. This time, I didn't want to create something that people would use just because they can, but rather make a product worth paying for. That's how Walla came into existence.

So, here's my recommendation: follow the above-mentioned steps. Below are some words I really wanted to share today.

———

As you know, our team was formed with just three members in early 2020. Then, in June 2021, one of our co-founders decided to pursue a different venture. Around the same time, I was also contemplating wrapping things up by the end of 2021. I wanted to explore graduate school, find employment, and, as you suggested, experience the startup industry. The incessant questions from my parents and friends about when I would stop haunted me, and I had no choice but to ask them to stop asking.

As I continued to immerse myself in development, 2022 came along. As it approached, I couldn't help but feel regretful, so I decided that I would give it just one more year! That's when Walla came to life. We received our first investments, albeit small, and more importantly, I met exceptional team members.

Of course, this too is a matter of luck. If I had decided to quit, I might have built a better career by now. That's why it's crucial to act on your genuine passion and intentions as you embark on entrepreneurship, regardless of whether it's driven by financial reasons, age, exhaustion, or lack of skills.

What matters most is that you persist until you reach your full potential. Failure should not be seen as a source of shame, but rather as an opportunity to reflect on what you can improve and how you can avoid giving up in the future. Knowing this can make you a better person, even if you choose to pursue other endeavors. If you ever need help or have any questions, please feel free to reach out. It was a pleasure to meet you. Have a wonderful evening.

• Edit by Yuvin Kim

• This content is accurate as of March 1, 2023.