Building a Sustainable Business Model as a Korean Founder: Lessons and Insights
Starting a new business is an exciting yet challenging journey, especially when navigating the unique market dynamics of South Korea and aiming for global success. As a Korean entrepreneur with a year of experience under my belt, I’ve encountered firsthand the difficulties of transforming ideas into sustainable revenue streams. Today, I want to share my story, reflect on the lessons learned, and seek advice from fellow entrepreneurs about crafting effective business models from the ground up.
The Initial Vision: Content and Service-Based Revenue
When I first launched my venture, I believed that creating valuable videos and content could serve as a solid business model. My assumption was simple: monetize through content, subscriptions, or ad revenue. However, after a year of effort, it became clear that people are hesitant to pay for content unless it offers extraordinary value or a unique proposition. Relying solely on service offerings, I realized, doesn’t constitute a scalable or sustainable business—it often feels more like a self-employed gig rather than a growing enterprise.
Experimenting with Digital Products
In search of alternative revenue streams, I began producing and selling PDFs. Some customers bought through my YouTube channel, but the income was modest—more like pocket money than a dependable business. This experience underscored a critical insight: small-scale sales of digital products alone are insufficient to build a sustainable enterprise.
Pivoting: Finding the Right Customer
Undeterred, I am now focusing on identifying and targeting the right customer segments. While the fundamental advice to “listen to your customers and solve their problems” seems straightforward, implementing this in practice is complex. It’s not always as simple as it sounds; understanding customer needs deeply and creating tailored solutions requires significant effort and insight.
Comparing Local and Global Markets
Observing successful founders from the United States, I notice their starting point often includes advantages like larger scale operations, fewer language barriers, and a ready global market. These factors provide a different launchpad compared to my situation here in Korea, where local market size and language can impose additional hurdles.
Despite extensive reading—averaging three to five business books per week—I find recurring advice such as “Develop an MVP,” “Fail fast,” and “Lean Startup” to be familiar principles rather than groundbreaking insights. Many of us already know these strategies; the challenge lies in execution and adapting them to specific contexts.
Seeking Real-World Advice
So, I’d like to ask for your insights
