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[The Hard Truths of Startups: A Story of Tears and Risky Investments]
Throughout my startup journey, I’ve had experiences receiving investments a few times and, occasionally, support from programs like the Technology Guarantee Fund to establish my business foundation. Using someone else’s money for your business has its perks, but the psychological pressure that comes with it is considerable. Seed funding to kick things off is great, but the downsides—investor demands, micromanagement, accumulating interest, and looming deadlines—can create a sense of mounting pressure.

When funds run low, the original vision often gets sidelined as focus shifts to immediate cash flow solutions, such as government support or contract work. Over time, both the business vision and the funds can be lost. This realistic struggle is perhaps one of the reasons so many ventures fall short of success.

Of course, some have the talent to overcome these challenges. But if you’re unsure if you’re that person, it’s worth reflecting on whether investment is the right path. Investments are always available if needed. However, from my experience, it’s more advantageous to seek investment only when there’s a stable revenue structure in place, ideally positioning you on equal terms with investors. If the revenue prospects are unclear, the venture could turn out to be a charity project, and pulling out sooner might be the wiser choice.

Besides financial challenges, unexpected risks often arise in business. I’ve discussed these risks before, and they can come from unpredictable sources. Con artists frequently exploit such vulnerabilities, so it’s essential to stay vigilant.

Once, a CEO acquaintance, with ties to a prominent family, became intrigued by the lucrative mobile casino gaming market in the U.S. and asked me to find a mobile casino game developer. While researching, I was invited to join his startup. We recruited two additional members for planning and design through an online community, intending to develop a slot machine game.

Before long, however, two members—similar in age to the CEO and uninterested in casino games—persuaded us to pivot. We shifted focus to a casual running game or a patriotic “Defend Dokdo” defense game. This pivot deviated from our original business purpose, leading to disputes over expenses and eventually to my departure. Though we began as partners, I ended up more as an employee and was eventually pushed out, leaving a bitter taste.

Today, I’ll pause here in sharing my startup memories, hinting at even more intriguing entrepreneurial stories to come.