04. Case Study

4.1. The Project

Conceptual Frame — What to discover/validate

1. What uncertainty that the early stage entrepreneurs encounter?
2. What is their uncertainty management strategies?
3. Do entrepreneurs perceive less uncertainty in their entrepreneurial action (e.g., Busenitz, 1996; Gaglio & Katz,2001; Kaish & Gilad, 1991; Kirzner, 1979)? Or do they have more willingness to bear uncertainty in their entrepreneurial action(e.g., Douglas and Shepherd, 2000; Knight, 1921; Schumpeter, 1934)?

Methodology
Do video interview with entrepreneurs across the world via online video call platform such as Skype, Google Hangout, Facebook video call and upload the interview videos onto a YouTube channel to archive them to share the learnings with other entrepreneurs.

• Format: Video call interview (max. 15 mins)
• Questions for the interviewee: 
  1. Introduction of you and your start-up.
  2. What was the most significant uncertainty that you have encountered? 
  3. How did you manage that uncertainty? what was your strategies? 
  4. If you rate the degree of uncertainty that you perceived at that moment, how much would you give out of 10?
  5. Do you think you have more willingness to bear uncertainty than non-entrepreneurs?
  6. How to be motivated enough to act despite of the uncertainty? Your top tip?

Project Participants

• Mark Shayler, founder of Ape, The Do Lectures, Rebel Cell and Hot Smoky Bastard
• John deTar, CEO & founder of ROIx
• Natalia Shipilova, co-founder of Circle of Life
• Christian Mischler, co-founder and CMO &COO of HotelQuickly and FoodPanda
• Mark Proudfoot, co-founder of JustGreet
• George Beall, founder of TouchTiles and Everipedia
• Tae-hwan Yoon, CEO & Founder of PUZL and EnergyHero
• Kyu-dong Lee, Founder of FIREMARKERS
• Jisook & Yoona, Co-founder of SoulFarmers

4.2. The Interview

Interview 8. Jisook & Yoona, Co-founder of SoulFarmers

• About Jisook Kim & Yoona Cho, and their startup
  - Soulfarmers, an open workshop based consultancy for business and community.
• Jisook is a free-lancer designer/entrepreneur based in Seoul who is passionate about resolving inequality issue. Yoona is a Digital Media Management master student/entrepreneur, a former digital AE in ad agency. Her passion is creating an eco-system for change makers.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. Running a business with close friend. There was no worries/uncertainty in profit or customer because we started from non-profit organisation and the commercial part was added up according to the client call.

Q2. How did you managed it?
A2. Jisook: We simulate the every interpersonal situation like rehearsal. By that, we can check critical uncertain points promptly. We talk any ambiguity very openly no matter how small or big. And I realized that once you speak up about your uncertainty, things get much clearer even though it is not resolved. 
Yoona: I think it’s good because there is no right or wrong answer but it is just about how much we confident in delivering our solution.

Q3. How much would you rate the uncertainty that you perceived at that moment? 
A3. Jisook: 3 / Yoona: 2

Q4. Do you think you have more willingness to bear uncertainty than others?
A4. Jisook: Yes. Because I’ve been working as a freelancer for 5 years, I have built my uncertainty bearing muschle. 
Yoona: I’m not. My career in agency was all about decreasing the uncertainty between client and partners so I used to have not much willingness to bear uncertainty but it is growing.

Q5. Your top tip to be motivated enough to act despite ambiguity?
A5. Jisook: I believe you need at least 3 different people or groups to talk about your uncertainty. Then you can get various perspectives and advice to make a better solution for you. Never hesitate to ask assistance when you feel uncertain.

Yoona: Unlike to risk, uncertainty is cognitive. It’s in your eyes. So if you clean yourself by opening up the uncertainty, it can be transformed into the opportunity. So I would like to recommend to find co-worker. Individual have different response toward the various type of uncertainty. That’s the talent. If each member can see the different uncertainty and make it more feasible and viable with their own skills, that becomes opportunity.

Q6 How do you define the ’startup’
A6.Jisook: it has to have some potential to grow and expand drastically by solving the problem, turned out innovation. It does not has to be IT, mobile or online I think. 
Yoona: in the past, if you want to do some business that solves the problem in large scale with global impact, then you have to have a great infrastructure. But now that the infrastructure for starting a new business is digitalized, people can start up with very small money. That is why startup is booming these days and it seems like the capitalist impose the value of the startup based on their money game. I think, it is better to focus on the core value, the big why rather than the definition of startup if you want to start up.

Interview 7. Kyu-dong Lee, Founder of FIREMARKERS

• About Kyu-dong Lee & his startup
  - FIRE MARKERS, a fire hose upcycling fashion brand that supports fire fighters.
• Kyu-dong Lee is a young entrepreneur who used to be dreaming to become a fire fighter. His passion and love for fire fighting comes from his dad who is also an fire fighter.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. Sustainability of the business and the profit. Many people was questioning on the material sourcing issue. They said it would be only profitable when we get Millions of waste hose.

Q2. How did you managed it?
A2. I did research and I found it is do-able, not super fine but much better that their concern, in my conclusion. The elder people concerned about the growth but I just started up. I thought there’s nothing to lose.

Q3. How much would you rate the uncertainty that you perceived at that moment? 
A3. 7?

Q4. Do you think you have more willingness to bear uncertainty than others?
A4. Sure. If I may not do this if i was normal. People have idea but most of them didn’t go with the uncertainty. I made my hand dirty, visiting fire station to collect the hose with my dad. And went to Dongdaemoon market to get some knowledge on the material when I have no idea. I didn’t only lean on the estimation but actually went and got things to make it happen.

Q5. Some people hesitate to make an action if the things are uncertainty. How did you deal with that? 
A5. I tried some startup experience and from that I got convinced the tangible manufacturing business fits me well. And my passion in fire fighting was so strong. I’ve heard about the agony and the practical problems of the fire fighters and I become to have my vision to see my dad’s dedication.

Q6. Your top tip to be motivated enough to act despite ambiguity?
A6. It is all about the human. So listen to the customer directly and start small. I think you better find what you can do right away with the problem that you catch in your life.

Interview 6. Tae-hwan Yoon, CEO & Founder of Root Energy

• About Tae-hwan Yoon & his startup
  - PUZL, an p2p energy sharing platform for renewable energy, called ‘an air roof for clean energy’ 
  - EnergyHero, an gamified energy donation platform between the energy saver and the energy poor.
• Tae-hwan Yoon is a Seoul-based entrepreneur who was a former environmental consultant and researcher in Seoul & Denmark.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. I thought I could started the business right away in Korea, but we had to wait. But the reality was there was a huge ambiguity of government policy and regulations. And the renewable energy was still in a baby step in Korea.

Q2. How did you managed it?
A2. I believed that it is not a matter of coming or not but the matter of timing.We had to wait but try our best to make it sooner. While awaiting the right timing, we decided to start a bypassing business called Energy Hero that was not straightforward to my plan but still related to our mission and more actionable in Korea.

Q3. How much would you rate the uncertainty that you perceived at that moment? 
A3. It was 10 at that moment but now it is decreased to 5.

Q4. Do you think you have more willingness to bear uncertainty than others?
A4. Absolutely. Startup entrepreneurs always encounter the uncertainty and I think startup is all about the uncertainty

Q5. Your top tip to be motivated enough to act despite ambiguity?
A5. In my case, I had a clear mission of myself to bring a green energy change into Korea. Whenever I come across the uncertainty or hard times, I put up with by reminding of my mission. Then the next morning becomes fine no matter how hard yesterday. I had a belief my startup is the future. And it fits to my personal value.

Interview 5. Mark Proudfoot, co-founder of JustGreet

• About Mark Proudfoot & his startup
  - JustGreet, an online gifting company that allows you to mail high quality customoizable greeting cards with complimentary gifts from community partners.
• Mark is the Vancouver-based entrepreneur who is enthusiastic about building authentic, meaningful and convenient service and supporting artist community.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. Making the entrepreneurial action to transfer myself to entrepreneurs at the beginning involved a mixed uncertainty with financial, reputational, market(customer) uncertainties.

Q2. How did you managed it?
A2.Clear milestone appointed by investor helped me to be on track.

Q3. How much would you rate the uncertainty that you perceived at that moment? 
A3. I’m always 10.

Q4. Do you think you have more willingness to bear uncertainty than others?
A4.Yes. Plus, your tolerance to uncertainty grows along with the progress.

Q5. Your top tip to be motivated enough to act despite ambiguity?
A5.Be like a duck; keep moving fast your feet under the water but don’t freak out above the water.

Interview 4. Christian Mischler, co-founder and CMO &COO of HotelQuickly

• About Christian Mischler & his startup
  - Christian is a serial entrepreneur living in Bangkok. Nominated for “HSG Founder of the Year 2013 Swiss”. Founding Partner at Swiss Founders Fund.
  - Co-founder, CMO & COO of HotelQuickly, the leading last minute hotel booking application in Asia Pacific.
  - Previously Co-founder, COO & CTO of Foodpand, a global online takeaway food ordering marketplace, with a focus on emerging markets in 500+ cities.
  - Co-founder & Partner of Minndprep Verlag AG, the largest study aid company in Switzerland, serving students across the country.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. Living with uncertainty is the part of the entrepreneurial journey. Entrepreneurs need to be attracted by uncertaitny to create something new. For my case, the biggest uncertainty was not knowing what will be uncertain and we had to fix lots of them by doing market research and surveys. But the higgest uncertainty was fund raising in foreign country with limited network; it was a lot more harder than expectation.

Q2. How did you managed it?
A2. We started to build our network and internally, we sliced the problem into small chunks to figure out what have we done so far, what is the risk and where can we take an action to fix.

Q3. How much would you rate the uncertainty that you perceived at that moment? 
A3. 11 out of 10. (very very high) The whole project was dependent on the fund raising.

Q4. Do you think you have more willingness to bear uncertainty than others?
A4. Yes. I think entrepreneurs are, in general, more ready to take risk because they focus more on the upside potential. So many things go wrong and you need to keep learning by fixing mistake. You need to willing to make mistake otherwise everything will stay uncertain. The more you step out your comfort-zone, the more you will learn and develop yourself.

Q5. Your top tip to be motivated enough to act despite ambiguity?
A5. Be flexible in mentally and emotionally. Believe the upside potential. Most of all, I never start company alone; not only for the complementary skill but also for not loosing energy and focus. Everybody has bad days and if you have co-founders, there would be always somebody to push hard in the tough time.

Interview 3. Natalia Shipilova, co-founder of Circle of Life

• About Natalia Shipilova & her startup
  - Circle of Life, an personalized physital(physical+digital) museum that transforms the traditions and creates a new vision for funerals.
  - Natalia Shipilova was a concept developer of Circle of Life in her startup project in Hyper Island DMM Crew 5.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. 1. Creating hypothesis for the solution in the very beginning without an access to enough data.

Q2. How did you managed it?
A2. I decided to treat the uncertainty as an opportunity.

Q3. Do you think you have more willingness to bear uncertainty than others?
A3. I don’t think I have more willingness, considering other entrepreneurs but still I’m open to challenge myself, out of my comfort zone.

Q4. Your top tip to be motivated enough to act despite ambiguity
A4. Do everything to turn uncertainty into reality. Follow the vision that you can fall in love with. Get feedback from people by utilizing various tools (e.g. social media, personal network). Don’t forget the tool is already in everywhere.

Interview 2. John deTar, CEO & founder of ROIx

• About John deTar & his company
  - ROIx, an online video audience data management company in Brasil
  - John started his pioneership from 1998, drawing the novelty of interactive video, also known as rich media, into global digital media industry.

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. 1. how to have feet to move; many people usually get paralyze because they keep thinking they have to have perfect idea but the truth is they need movement. 2. how to fund the idea; most startup don’t make it, so you need to try several times.

Q2. Degree of perceived uncertainty at that moment, out of 10
A2. I’m always 10. If we feel secure, we don’t move fast. You have to go to South and East to go to North but your business is always there unless you miss where the North is.

Q3. How did you managed it?
A3. Because the uncertainty is always there no matter where you are on the journey, I had to learn how to feel good about small wins.

Q4. Your learning in uncertainty management strategy?
A4. Having someone to share the emotion is very very important. You have to share the emotion, where the uncertainty comes from. Your team, your spouse, friends…I think we need people plus 4. Find someone to share the responsibility to solve the problem. Problem is opportunities when you have someone to share it. Let your team knows the problem and don’t internalize it or keep the big piece for yourself.

Q5. Do you think you have more willingness to bear uncertainty than others?
A5. Yes. Some people can’t live without securing the room in their job but I think that’s the part of entrepreneurship. And it’s most rewarding to look back the times that you felt it’s crazy at that times.

Q6. Your top tip to be motivated enough to act despite ambiguity
A6. Don’t look for the hardest question. Small wins ease the pressure. Look for the simple quest to get your feet moving forward. Embrace going zigzag, and take responsibility with others.

Interview 1. Mark Shayler, founder of Ape, The Do Lectures, Rebel Cell and Hot Smoky Bastard

• About Mark Shayler & his Company
  Ape Studio, An innovation eco design consultant company
  The DO Lectures, a self innovation school based in Wales
  Rebel Cell, an startup-inside-company accelerator

Interview Summary

Q1. Biggest uncertainty that you encountered
A1. I made the wrong assumption on target market(Ape Studio) and partnership(Rebel Cell) and it took very long to identify and fix them.

Q2. Degree of perceived uncertainty at that moment, out of 10
Q2. It varied but 10 at the darkest moment.

Q3. How did you managed it?
A3. Think family. Believe in myself in confidence.

Q4. Your learning in uncertainty management strategy?
A4. Deal with the riskiest assumption first that you concern the most even though the temptation usually is to look at that at last.

Q5. Do you think you have more willingness to bear uncertainty than others?
Q5. Entrepreneurs is a best friend of uncertainty and I’m not different to any other entrepreneurs.

Q6. Your top tip to be motivated enough to act despite ambiguity
Q6. Work on what you care. Begin from your big why & big aspirations.

4.3. Findings

Read 05. Action Research