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Welcome to Hanyang University online course

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I am Taejun Bae, who will teach

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Global Entrepreneurship,
Launch Your Startup

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Actually, I initiated this course
at Hanyang University

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Let me introduce myself a little bit

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I was a salesperson

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at the steel making company in Korea

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So I was working over there for three years

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Then suddenly,

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I wanted to study entrepreneurship

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Then I went to America
to study entrepreneurship

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and got a PhD degree
in the field of entrepreneurship

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Then I became an
associate assistant professor

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at Hofstra University, New York, Long Island

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Later on, I came to Korea again

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So I have been working at
Hanyang University since 2018

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On my campus,

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I mainly teach entrepreneurship

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both in undergraduate and graduate schools

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And also, I am in charge of
the Department of Entrepreneurship

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at the graduate school

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So, why I study and teach entrepreneurship?

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Actually, I am very interested
in the question about

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Who started their businesses

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and why they did that

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and how the startups can be found

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I am really interested in
these types of questions

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To me, starting their businesses

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is kind of almost impossible

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Think about it

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We have reliable job options

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In other words

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We can get a job at a big company

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And that big company
will give us a regular paycheck

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And my job will be stable

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Because I will make
a contract with my employer

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On the other hand

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If I start my businesses,

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it could be risky

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And no one knows how long it will take

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to reach out to certain kind of levels

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Good thing? Benefit?

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Yes, of course

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If my business is successful,

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then I will be a billionaire overnight

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But the probability was really low

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So, I tried to understand

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the phenomenon of entrepreneurship

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So I read a book

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and I searched for the researches

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But surprisingly,
there's not too many materials

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that I referred to

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So I decided to study entrepreneurship

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At that time,

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I thought that someone should prepare

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some kind of knowledge,
gather the data,

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generalize knowledge,

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and provide those kinds of knowledge

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to the students

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So, that's why I decided

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to study entrepreneurship in America

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I'm pretty sure that you've been taking

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a lot of entrepreneurship classes
in your university

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And I think you know how

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normal entrepreneurship classes
are being conducted

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Normal entrepreneurship classes
are pretty similar

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The professors ask you to make a group

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and come up with a hypothetical business idea

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and just try to write down
a potential business plan

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and present this potential business plan

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in front of the class

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This is kind of a pretty similar logic

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of an entrepreneurship class

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But this class is a little bit different

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from the other normal entrepreneurship classes

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I'm going to try to combine

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business cases and theories

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in terms of the business case

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We can gain the knowledge

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through the different style of case

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But think about it

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Your own situation

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is not the same as other cases

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We live in a different time

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We live in different countries

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We are in a different environment

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So the past successful cases

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don't necessarily apply to your cases

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We say it is a first-person case

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We should go beyond that

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So we try to generalize knowledge

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through the empirical research

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about large-scale data

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and empirical design

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and survey data

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This is a kind of theory-driven approach

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But, sometimes this theory-driven approach

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is far from the real world

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So we say it is a third-person knowledge

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So the case is about
the first-person knowledge

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and the theory is about
third-person knowledge

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far from the real example

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So in this class,

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we want to combine these two areas,

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which is case-based first-person knowledge

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and theory-driven
third-person knowledge together

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So we say this approach is

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kind of a second-person hands-on knowledge

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This is the way how I designed this class

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I hope my explanation

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helped you understand this class before

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So, again,

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we will see a lot of cases throughout the class

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and a lot of researches throughout the class as well

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So if you need it,

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we will be introducing useful tools

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and practicing them together
during the class

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I also wanted this class to be

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a great help to your future career path

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Therefore, I designed some kind of examples

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and useful tools

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and introduction of the research results

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that will be covered in this class

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to connect you to your career

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Let's get it off

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Are you ready?

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I want to introduce a very interesting quote

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Some researchers wrote about
career related to startup

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Personally, I think this quote
is very insightful

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I will read it

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Making entrepreneurship one's career

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is neither the result of

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incidental decisions or inherent status,

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but the result of intentional activities

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at the risk of one's career distinct
from paid employment

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It's a beautiful sentence

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Who wrote it?

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Yes, I wrote it

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Thank you very much

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I wrote this sentence

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Then I was satisfied with this sentence

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Then we published the paper

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to the high-quality scholarly journals
many years ago

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I'm very interested in your career path

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in terms of the entrepreneurship

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Let's look at the pictures

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Bill Gates, Mark Zuckerberg
and Ivan Spiegel

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Bill Gates is the founder of Microsoft

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Mark Zuckerberg is the founder of Facebook

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and Ivan Spiegel is the founder of Snapchat

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You know that, right?

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What do they have in common

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except for entrepreneurship?

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What do they have in common?

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Yeah, they are rich

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Yes, of course, they are rich

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And some of them are young,

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some of them are old,

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but they were young
when they start their business

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And what else?

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Think about the answer
related to the education

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Yes, they all quit college

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Bill Gates quit Harvard University,

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Mark Zuckerberg, same,

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and Ivan Spiegel quit Stanford University

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Of course, everyone here is a billionaire

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Bill Gates is previously

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one of the richest men in the world
for a long time

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And Mark Zuckerberg?

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Mark Zuckerberg found Facebook

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and he is worth how much?

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You know how much?

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$243 billion

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Not million

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$243 billion

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I searched for his ranking

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and in the Forbes magazine,

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he is also ranked second

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Ranked second

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He is the second richest person right now,

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although he is very young

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And what about Ivan Spiegel?

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Ivan Spiegel is relatively poor

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I'm sorry

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But he has a net worth of $2.6 billion

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From their success,

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sadly, college education
did not help them succeed

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In other words

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College education has nothing to do
with their success

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What do you think?

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Let's take another example

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Look at the picture

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Do you know who he is?

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His name is Vitalik Buterin

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No idea?

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Look at the picture on his shirt

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What is it?

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Yes, it is Ethereum

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He is co-founder of Ethereum

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What is Ethereum?

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Ethereum is the world's
second largest blockchain platform

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after Bitcoin

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Is he rich?

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Yes, of course

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He created Ethereum

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So his net worth may be
more than $1 billion

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Did he attend university?

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Yes

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He attended
the University of Waterloo in 2011

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But he dropped out in 2014

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Then later,

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he applied to Peter Thiel Foundation

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Then he received
a scholarship from this foundation

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With that money,

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he initiated this project of Ethereum

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What is Peter Thiel Foundation?

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Peter Thiel Foundation
was founded by Peter Thiel

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Peter Thiel is a founder of PayPal

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He sold PayPal to eBay

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Yes, of course, he became a billionaire

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And with the money,

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he set up this foundation

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And he tried to recruit

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any potential entrepreneurs
all over the world

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So who can apply to
Peter Thiel Foundation?

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Only those who quit school

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can apply to Peter Thiel Foundation

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His experiment is controversial

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But successful entrepreneurs

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graduated from his foundation program

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It's kind of ironic

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So from this anecdotal evidence,
we thought that,

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college education in terms of entrepreneurship
is kind of meaningless

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It's kind of useless

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What do you think?

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If college education of
entrepreneurship is meaningless

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and it's not useful,

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then, you don't have to be here

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What do you think?

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So that's why I conducted research

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Specifically, I conducted meta-analysis

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So what is the meta-analysis?

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Meta-analysis is a unique type of research

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that combines
the individual research results

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In this case

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I collected 73 independent studies

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in terms of the relationship between

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college education of entrepreneurship

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and student's intention
to be an entrepreneur

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Then, we found that there is a small,

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14%, small but significant relationship

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between intentional
and entrepreneurial education

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What do you mean by that?

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If you take entrepreneurship education
at college level,

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then at the end of the semester,

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your intention to be an entrepreneur

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will be increased by 14%

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14%

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14%?

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That is not a big number

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That is not a big number

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But still significant

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This is the research

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I want to introduce another research

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very similar to this type of research

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The researchers evaluated
the causal impact of

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two major entrepreneurship programs
at Stanford University

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One is the Center
for Entrepreneurship Studies,

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which is CES

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Another one is
Stanford Technology Ventures Program

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They measured the relationship between

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the college education
about entrepreneurship

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and some results

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So, the first result was

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Entrepreneurship education may not

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significantly increase
the total number of startups

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So, the entrepreneurship education
may not be related with

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the entrepreneurial rate at the university

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In other words,

280
00:14:37.719 --> 00:14:41.519
just because more students
take entrepreneurship courses,

281
00:14:41.519 --> 00:14:42.419
doesn't mean

282
00:14:42.419 --> 00:14:46.269
more of them will actually
start their businesses

283
00:14:49.869 --> 00:14:51.719
The second result is

284
00:14:51.719 --> 00:14:54.919
Education does help
students avoid launching

285
00:14:54.919 --> 00:14:57.719
poor fit ventures

286
00:14:57.719 --> 00:14:58.869
Poor fit ventures

287
00:14:58.869 --> 00:14:59.969
What do you mean by that?

288
00:14:59.969 --> 00:15:03.719
The university education gives us

289
00:15:03.719 --> 00:15:07.219
some kind of self-assessment tool

290
00:15:07.219 --> 00:15:09.719
 and helps us understand

291
00:15:09.719 --> 00:15:13.719
whether the startup life is
really good for me or not

292
00:15:14.519 --> 00:15:17.719
The last result was

293
00:15:17.719 --> 00:15:19.219
Entrepreneurship education

294
00:15:19.219 --> 00:15:23.369
supports the creation of
more successful startups

295
00:15:23.719 --> 00:15:24.769
What do you mean by that?

296
00:15:24.769 --> 00:15:26.519
It means that

297
00:15:27.019 --> 00:15:28.819
If you start your businesses

298
00:15:28.819 --> 00:15:31.719
after taking entrepreneurship education,

299
00:15:31.919 --> 00:15:35.369
you are more likely to perform better

300
00:15:35.369 --> 00:15:36.219
Why?

301
00:15:36.219 --> 00:15:37.719
Because you are well prepared

302
00:15:37.719 --> 00:15:39.719
throughout entrepreneurship education

303
00:15:40.419 --> 00:15:41.869
So, overall,

304
00:15:41.869 --> 00:15:43.719
this research suggests us

305
00:15:43.719 --> 00:15:46.669
the function of entrepreneurship education
at the college level

306
00:15:46.669 --> 00:15:48.719
So, entrepreneurship education

307
00:15:48.719 --> 00:15:51.719
can serve as filters

308
00:15:51.719 --> 00:15:55.219
and training methods

309
00:15:56.119 --> 00:15:59.169
Training means,

310
00:15:59.169 --> 00:16:02.169
it will give you some relevant skill set

311
00:16:02.169 --> 00:16:03.819
in terms of entrepreneurship

312
00:16:04.169 --> 00:16:04.919
On the other hand

313
00:16:04.919 --> 00:16:07.169
Filtering means

314
00:16:07.169 --> 00:16:12.119
it will help you to understand about

315
00:16:12.119 --> 00:16:16.319
whether entrepreneurship
is right for you or not

316
00:16:17.719 --> 00:16:19.519
At the end of this course,

317
00:16:19.519 --> 00:16:24.919
probably, you'll understand
your career path very well

318
00:16:24.919 --> 00:16:28.919
Because this course
can serve as filtering as well

319
00:16:28.969 --> 00:16:30.569
At the same time

320
00:16:30.869 --> 00:16:33.919
You will have a relevant skill set

321
00:16:34.769 --> 00:16:39.119
Do you understand the function
of the entrepreneurship course?

322
00:16:40.869 --> 00:16:41.769
I want to introduce

323
00:16:41.769 --> 00:16:45.719
a very interesting and insightful
recent research to you

324
00:16:46.269 --> 00:16:51.369
The researchers conducted
a randomized control trial

325
00:16:51.369 --> 00:16:55.169
with 116 Italian startups

326
00:16:55.369 --> 00:16:56.569
And then,

327
00:16:56.569 --> 00:17:01.169
the researchers divided
these startups into two groups

328
00:17:01.569 --> 00:17:05.919
Each group has
10 business training sessions

329
00:17:08.019 --> 00:17:10.119
All situations are same

330
00:17:10.619 --> 00:17:12.769
All situations are same

331
00:17:13.369 --> 00:17:16.119
But, there is one critical difference

332
00:17:16.119 --> 00:17:18.869
For the experiment group,

333
00:17:19.419 --> 00:17:21.319
experiment group was

334
00:17:21.319 --> 00:17:24.819
instructed to make a decision

335
00:17:25.169 --> 00:17:27.319
using scientific method

336
00:17:27.669 --> 00:17:30.019
What is the scientific method?

337
00:17:30.019 --> 00:17:32.269
Scientific method means

338
00:17:32.269 --> 00:17:36.919
before you make an important decision,

339
00:17:37.369 --> 00:17:39.719
you'd better come up with your hypothesis,

340
00:17:39.719 --> 00:17:43.119
collect data, and run the test

341
00:17:43.969 --> 00:17:45.719
in order to make a great decision

342
00:17:45.719 --> 00:17:49.119
This is the scientific method approach

343
00:17:49.469 --> 00:17:51.719
What about the control group?

344
00:17:51.719 --> 00:17:54.969
Control group just followed
10 business sessions,

345
00:17:54.969 --> 00:17:58.969
but they were not instructed
to use the scientific method

346
00:17:59.469 --> 00:18:01.069
Look at this picture

347
00:18:01.319 --> 00:18:05.919
This picture illustrates
the experiment design

348
00:18:05.919 --> 00:18:09.269
Again, we have 116 startups

349
00:18:09.269 --> 00:18:11.969
and we divided into two groups

350
00:18:12.369 --> 00:18:14.819
One group, treatment group

351
00:18:14.819 --> 00:18:16.069
Experiment group

352
00:18:16.269 --> 00:18:17.719
In the treatment group,

353
00:18:17.719 --> 00:18:21.219
you should come up with your hypothesis

354
00:18:21.219 --> 00:18:26.119
collect data and  run the test

355
00:18:26.119 --> 00:18:28.569
before you make an important decision

356
00:18:28.569 --> 00:18:30.269
On the other hand, the control group

357
00:18:30.269 --> 00:18:33.719
You just follow the lectures

358
00:18:33.719 --> 00:18:35.319
You just follow the seminar

359
00:18:35.319 --> 00:18:36.269
That's it

360
00:18:36.869 --> 00:18:39.219
Then, what about the result?

361
00:18:39.519 --> 00:18:41.419
The result was shocking

362
00:18:41.419 --> 00:18:43.169
Look at these two lines

363
00:18:43.169 --> 00:18:44.319
There are two lines

364
00:18:44.319 --> 00:18:46.869
One is the blue line
and one is the red line

365
00:18:46.869 --> 00:18:50.369
So, the blue line represents

366
00:18:50.369 --> 00:18:53.219
the experiment group

367
00:18:54.369 --> 00:18:56.019
Do you remember the experiment group?

368
00:18:56.969 --> 00:19:01.019
The startups were trained to
make a decision scientifically

369
00:19:01.469 --> 00:19:03.319
What about the red line?

370
00:19:03.319 --> 00:19:07.019
The red line represents the control group

371
00:19:07.019 --> 00:19:10.319
The control group received
just general business training

372
00:19:10.319 --> 00:19:14.069
but were not taught the scientific method

373
00:19:14.069 --> 00:19:15.719
At the beginning,

374
00:19:15.719 --> 00:19:18.819
the two groups' results are quite similar

375
00:19:18.819 --> 00:19:21.107
But, as time goes,

376
00:19:21.107 --> 00:19:22.357
Look at this

377
00:19:22.357 --> 00:19:24.007
As time goes,

378
00:19:24.419 --> 00:19:30.869
their cumulative revenue

379
00:19:30.869 --> 00:19:34.519
continues to rise on the blue line,

380
00:19:34.519 --> 00:19:36.419
which is the scientific method group

381
00:19:36.419 --> 00:19:37.719
Blue line

382
00:19:39.669 --> 00:19:44.219
This line rises faster and higher
than the control group

383
00:19:44.219 --> 00:19:50.119
By week 66, the difference
is kind of dramatic

384
00:19:50.519 --> 00:19:52.319
So, what does it mean?

385
00:19:52.769 --> 00:19:55.119
This result tells us that

386
00:19:55.719 --> 00:19:57.669
teaching entrepreneurship

387
00:19:58.319 --> 00:20:01.919
is not important than teaching

388
00:20:01.919 --> 00:20:07.719
how to think about scientific method

389
00:20:09.069 --> 00:20:12.619
Teaching how to think scientific

390
00:20:12.619 --> 00:20:14.319
doesn't just sound good

391
00:20:15.419 --> 00:20:18.319
It creates incredible results

392
00:20:19.319 --> 00:20:21.719
That's why we'd better combine

393
00:20:21.719 --> 00:20:24.469
entrepreneurship's successful case

394
00:20:24.469 --> 00:20:27.719
and scientific results

395
00:20:27.719 --> 00:20:29.819
through our empirical findings

396
00:20:31.719 --> 00:20:36.519
Also, we need to practice
to think like a scientist

397
00:20:36.719 --> 00:20:38.469
In other words,

398
00:20:38.869 --> 00:20:40.519
in each process,

399
00:20:40.869 --> 00:20:43.569
we need to think about our hypothesis,

400
00:20:43.569 --> 00:20:47.069
how to collect data
and how to test this data

401
00:20:48.119 --> 00:20:51.619
So, instead of saying that

402
00:20:52.419 --> 00:20:56.119
I created my product
and my consumer will love my product

403
00:20:57.669 --> 00:20:59.569
You'd better say

404
00:21:00.669 --> 00:21:03.919
What if my consumers
don't like my product?

405
00:21:03.919 --> 00:21:06.919
Let's take a survey question

406
00:21:06.919 --> 00:21:10.819
Let's take an interview
from potential consumers

407
00:21:10.819 --> 00:21:13.319
And let's analyze the data

408
00:21:13.769 --> 00:21:16.419
in order to make a great decision

409
00:21:16.419 --> 00:21:18.769
This is a scientific approach

410
00:21:18.769 --> 00:21:21.819
Throughout this course,
we will practice in this way

411
00:21:23.569 --> 00:21:25.519
I will give you another example

412
00:21:25.719 --> 00:21:29.919
This research is conducted from Africa

413
00:21:31.719 --> 00:21:33.219
The researchers conducted

414
00:21:33.219 --> 00:21:36.369
another randomized control trial

415
00:21:36.369 --> 00:21:40.369
with women entrepreneurs in Africa

416
00:21:40.369 --> 00:21:46.969
Again, they collected
1,000 women entrepreneurs

417
00:21:46.969 --> 00:21:49.219
and they divided into two groups

418
00:21:49.719 --> 00:21:52.419
One group is a traditional
business training group

419
00:21:52.419 --> 00:21:55.369
I think it's very similar to the previous research

420
00:21:55.369 --> 00:22:01.269
Another group is experimental group

421
00:22:02.469 --> 00:22:08.519
that received additional
personal initiative training

422
00:22:08.519 --> 00:22:11.719
Again, the experimental group

423
00:22:11.719 --> 00:22:13.719
will receive
the traditional business training

424
00:22:13.719 --> 00:22:18.569
and additionally, they will receive
the personal initiative training

425
00:22:19.769 --> 00:22:22.369
What is the personal initiative training?

426
00:22:22.369 --> 00:22:24.269
The personal initiative training

427
00:22:24.269 --> 00:22:26.869
focused not on what to do

428
00:22:26.869 --> 00:22:29.219
but how to think

429
00:22:29.219 --> 00:22:31.719
and how to act like entrepreneurs

430
00:22:31.719 --> 00:22:34.869
In the experimental group,

431
00:22:34.869 --> 00:22:37.719
they were instructed to think about

432
00:22:37.719 --> 00:22:41.569
very successful, initiative,

433
00:22:41.569 --> 00:22:43.969
and proactive entrepreneurs

434
00:22:45.719 --> 00:22:47.869
And, control group

435
00:22:47.869 --> 00:22:52.169
They just received
training business course

436
00:22:52.269 --> 00:22:53.719
Look at the graph

437
00:22:54.069 --> 00:22:57.519
This result suggests us

438
00:22:57.519 --> 00:23:00.869
the women who received

439
00:23:00.869 --> 00:23:03.619
the traditional business training

440
00:23:03.619 --> 00:23:06.669
and personal initiative training together

441
00:23:07.119 --> 00:23:12.469
performed better than
control group on every segment

442
00:23:12.719 --> 00:23:16.769
Either in the poor segment or rich segment

443
00:23:18.219 --> 00:23:22.369
So, this result indicates us that

444
00:23:23.469 --> 00:23:25.569
thinking like entrepreneurs

445
00:23:25.569 --> 00:23:29.219
and acting like a successful entrepreneur,

446
00:23:29.219 --> 00:23:31.569
it's not just knowing

447
00:23:31.569 --> 00:23:33.419
the knowledge about entrepreneurship

448
00:23:33.419 --> 00:23:36.969
It's about creating your future success

449
00:23:37.719 --> 00:23:42.919
Also, what is more important
in entrepreneurship education is that

450
00:23:44.019 --> 00:23:47.719
just mindset, behavior or your initiative

451
00:23:47.719 --> 00:23:50.419
rather than just
knowledge about accounting,

452
00:23:50.419 --> 00:23:51.719
knowledge about marketing,

453
00:23:51.719 --> 00:23:55.469
and knowledge about
the successful case of the entrepreneur

454
00:23:56.919 --> 00:23:59.419
Please keep that in your mind

455
00:23:59.719 --> 00:24:01.719
Initiative is very important

456
00:24:01.719 --> 00:24:03.869
Mindset is very important

457
00:24:06.869 --> 00:24:09.369
So, why do we study entrepreneurship?

458
00:24:10.769 --> 00:24:12.619
It is easy to think that

459
00:24:12.619 --> 00:24:14.469
entrepreneurship is only for the people

460
00:24:14.469 --> 00:24:16.769
who started their businesses

461
00:24:16.769 --> 00:24:19.519
But in your real situation,

462
00:24:19.519 --> 00:24:22.919
the skillset and mindset of entrepreneurs

463
00:24:22.919 --> 00:24:26.619
can help you in any career path,

464
00:24:26.619 --> 00:24:28.119
in any field

465
00:24:28.119 --> 00:24:30.969
I thought there are three reasons

466
00:24:30.969 --> 00:24:33.369
why studying entrepreneurship makes sense

467
00:24:33.369 --> 00:24:36.419
even if you don't want to be entrepreneur

468
00:24:37.169 --> 00:24:38.819
The first reason is

469
00:24:39.069 --> 00:24:42.019
you are able to learn
to think like entrepreneurs

470
00:24:42.019 --> 00:24:43.419
Because we will talk about

471
00:24:43.419 --> 00:24:46.469
entrepreneurs a lot throughout this course

472
00:24:46.669 --> 00:24:47.819
And second reason

473
00:24:47.819 --> 00:24:51.719
You develop some vision for your life

474
00:24:52.019 --> 00:24:56.569
Vision is very important
for you and for entrepreneurs

475
00:24:56.569 --> 00:25:01.069
A vision is a picture of what you want

476
00:25:01.369 --> 00:25:03.719
What you want the future to be

477
00:25:03.919 --> 00:25:05.319
That is the vision

478
00:25:05.719 --> 00:25:07.419
Vision is kind of love

479
00:25:07.419 --> 00:25:09.169
Vision is your big picture

480
00:25:09.169 --> 00:25:12.969
Vision is the reason
why you live in this area

481
00:25:13.969 --> 00:25:17.269
Third reason is
there are many stakeholders

482
00:25:17.319 --> 00:25:19.219
Many stakeholders mean

483
00:25:19.219 --> 00:25:22.919
there are a lot of people
engaging in the field of entrepreneurship

484
00:25:22.919 --> 00:25:25.719
It means you don't 
have to be entrepreneurs

485
00:25:25.719 --> 00:25:28.569
Although you take entrepreneurship course,
you don't have to be

486
00:25:28.569 --> 00:25:33.019
because there are a lot of
other types of stakeholders

487
00:25:33.019 --> 00:25:35.369
For example, investors

488
00:25:35.369 --> 00:25:37.719
For example, researchers like us

489
00:25:37.719 --> 00:25:39.719
For example, supporters

490
00:25:39.719 --> 00:25:42.569
For example, government policy makers

491
00:25:42.569 --> 00:25:43.869
in terms of entrepreneurship

492
00:25:43.869 --> 00:25:45.719
You can be whatever you want

493
00:25:49.019 --> 00:25:51.019
Let's look at the sentences

494
00:25:51.019 --> 00:25:52.319
The future orientation

495
00:25:52.319 --> 00:25:55.719
and being able to set the goal
is very important

496
00:25:55.719 --> 00:25:57.919
for anybody to be successful

497
00:25:57.919 --> 00:26:01.069
in your career or in your life in general

498
00:26:02.119 --> 00:26:05.069
Acting like an entrepreneur means

499
00:26:05.519 --> 00:26:09.919
pursuing opportunities about
which you have a passion

500
00:26:09.919 --> 00:26:12.469
and very strong interest in something

501
00:26:13.269 --> 00:26:15.069
Thinking like an entrepreneur

502
00:26:15.069 --> 00:26:19.474
and being mindful of
how to run a business more successfully

503
00:26:19.664 --> 00:26:23.144
can help you become better employees

504
00:26:24.464 --> 00:26:26.064
Thinking like an entrepreneur

505
00:26:26.064 --> 00:26:29.414
also can help you make smarter decisions

506
00:26:29.414 --> 00:26:32.263
about managing your money

507
00:26:35.984 --> 00:26:40.184
Entrepreneurs are always
watching the world around them

508
00:26:40.184 --> 00:26:41.503
They are curious

509
00:26:41.503 --> 00:26:44.553
They ask questions like

510
00:26:44.553 --> 00:26:46.304
What is not working here?

511
00:26:47.184 --> 00:26:49.823
Why do people struggle with this?

512
00:26:49.823 --> 00:26:51.983
And is there any better way?

513
00:26:51.983 --> 00:26:54.533
So by observing,

514
00:26:54.533 --> 00:26:57.503
entrepreneurs start to see the problems

515
00:26:57.503 --> 00:27:00.783
And every problems are
potential opportunities

516
00:27:00.783 --> 00:27:07.233
That's why they were more likely
to catch the opportunity

517
00:27:07.233 --> 00:27:09.344
much faster than anybody else

518
00:27:09.344 --> 00:27:11.104
Because they observe very well

519
00:27:11.104 --> 00:27:14.123
So we practice in observation

520
00:27:14.623 --> 00:27:15.873
Second

521
00:27:18.023 --> 00:27:21.743
Entrepreneurs are not just an idea machine

522
00:27:21.743 --> 00:27:24.493
They are a good listener

523
00:27:25.823 --> 00:27:27.923
They pay attention to

524
00:27:27.923 --> 00:27:32.524
what consumers, teammates,
or users are saying

525
00:27:32.524 --> 00:27:36.574
They are very careful on their problems

526
00:27:36.574 --> 00:27:38.224
throughout listening carefully

527
00:27:38.564 --> 00:27:41.494
So we need to practice in listening

528
00:27:44.444 --> 00:27:48.913
Third, entrepreneurs think differently

529
00:27:49.743 --> 00:27:52.754
When they see a problem,
they don't just complain

530
00:27:52.944 --> 00:27:54.194
Instead, they ask

531
00:27:54.194 --> 00:27:56.143
Why is this happening?

532
00:27:56.943 --> 00:27:59.503
What is the real cause?

533
00:27:59.503 --> 00:28:01.614
What could we do about it?

534
00:28:02.544 --> 00:28:05.664
So the entrepreneurs are
kind of problem solvers

535
00:28:05.664 --> 00:28:10.143
Thinking critically is
one of the critical skills

536
00:28:10.783 --> 00:28:13.993
you should develop
throughout this course, like entrepreneurs

537
00:28:17.184 --> 00:28:18.383
Look at these guys

538
00:28:18.383 --> 00:28:21.474
Steve Jobs, Elon Musk, and Mark Zuckerberg again

539
00:28:21.744 --> 00:28:23.624
They are all entrepreneurs

540
00:28:24.703 --> 00:28:26.703
But not all entrepreneurs are the same

541
00:28:26.703 --> 00:28:27.794
They are all different

542
00:28:27.794 --> 00:28:29.174
Mark Zuckerberg is young

543
00:28:29.174 --> 00:28:30.464
Steve Jobs passed away

544
00:28:30.464 --> 00:28:32.464
Elon Musk is kind of controversial

545
00:28:33.664 --> 00:28:35.263
Not all entrepreneurs are the same

546
00:28:35.263 --> 00:28:37.873
You don't have to be the same
to be an entrepreneur

547
00:28:40.063 --> 00:28:45.384
I prepared some very interesting videos
related to Webtoon

548
00:28:45.384 --> 00:28:49.263
Let's watch this news clip shortly

549
00:28:49.263 --> 00:28:50.593
And we will come back

550
00:28:56.143 --> 00:28:58.164
Did you watch this news?

551
00:28:59.024 --> 00:29:06.313
This news is Webtoon went to IPO in Nasdaq

552
00:29:07.503 --> 00:29:10.864
Previously, Webtoon is not
an independent company

553
00:29:10.864 --> 00:29:15.184
Webtoon was one of
the departments of Naver

554
00:29:15.184 --> 00:29:16.464
You know the Naver?

555
00:29:16.464 --> 00:29:19.664
Naver is a successful
search engine company in Korea

556
00:29:19.664 --> 00:29:21.573
It is similar to Google

557
00:29:21.573 --> 00:29:23.903
So, we say it's Korean Google

558
00:29:23.903 --> 00:29:28.864
Anyway, the Webtoon became separated from

559
00:29:28.864 --> 00:29:32.343
Naver recently and was very successful

560
00:29:32.343 --> 00:29:34.543
So that's why it successfully

561
00:29:34.543 --> 00:29:36.914
went to IPO in Nasdaq recently

562
00:29:37.343 --> 00:29:39.984
Who is the CEO of Webtoon?

563
00:29:40.224 --> 00:29:42.453
I want to introduce him

564
00:29:43.824 --> 00:29:46.164
Right now, he is the CEO of Webtoon

565
00:29:46.384 --> 00:29:48.424
His name is Kim Jun Koo

566
00:29:48.703 --> 00:29:52.543
But he did not create Webtoon as a company

567
00:29:52.543 --> 00:29:56.034
Because Webtoon was
one of the departments of Naver

568
00:29:56.224 --> 00:29:58.274
So previously,

569
00:29:58.274 --> 00:30:02.143
he started his career
at Naver as an employee

570
00:30:02.743 --> 00:30:05.024
When he was a junior staff member,

571
00:30:05.024 --> 00:30:07.824
he moved to
the recently formed business unit,

572
00:30:07.824 --> 00:30:10.543
which is the Naver Webtoon department

573
00:30:11.104 --> 00:30:11.664
Why?

574
00:30:11.664 --> 00:30:15.903
Because he loved Webtoons and cartoons

575
00:30:15.903 --> 00:30:19.903
Then, he worked very hard

576
00:30:19.903 --> 00:30:21.024
What was his job?

577
00:30:21.024 --> 00:30:25.534
His job was to recruit
any potential cartoonist

578
00:30:25.534 --> 00:30:28.784
and make a phone call to them

579
00:30:28.784 --> 00:30:30.903
and ask them to meet the deadline

580
00:30:30.903 --> 00:30:33.014
If the cartoonist missed the deadline,

581
00:30:33.014 --> 00:30:35.364
then he visited cartoonist's home

582
00:30:35.364 --> 00:30:36.793
and waited for a long time

583
00:30:36.793 --> 00:30:40.614
This is kind of his simple job

584
00:30:40.614 --> 00:30:42.703
Anyway, it takes 10 years

585
00:30:42.703 --> 00:30:48.084
Then later, he became
the CEO of Naver Webtoon

586
00:30:49.353 --> 00:30:53.934
Then again,
Naver Webtoon became independent

587
00:30:54.223 --> 00:30:56.893
then went to IPO to the Nasdaq

588
00:30:57.344 --> 00:31:00.623
Then he became the CEO of this company

589
00:31:01.744 --> 00:31:05.143
He earned a lot of salary as a bonus

590
00:31:05.143 --> 00:31:07.614
Also, he has equity as well

591
00:31:08.064 --> 00:31:09.873
He's not an entrepreneur,

592
00:31:09.983 --> 00:31:12.433
but he thinks like an entrepreneur

593
00:31:12.433 --> 00:31:13.983
and he acts like an entrepreneur

594
00:31:13.983 --> 00:31:17.164
So then later, he became an entrepreneur

595
00:31:17.504 --> 00:31:19.744
Much successful entrepreneur

596
00:31:19.944 --> 00:31:22.593
So, I want to introduce
these new types of careers

597
00:31:22.624 --> 00:31:24.223
related to the entrepreneurship

598
00:31:25.914 --> 00:31:28.194
I will show you another example

599
00:31:28.464 --> 00:31:29.734
See the picture

600
00:31:30.223 --> 00:31:31.823
His name is Han Kim

601
00:31:31.823 --> 00:31:34.064
and in the middle is Don Valentine

602
00:31:34.064 --> 00:31:36.493
and the right is Ben Horowitz

603
00:31:37.344 --> 00:31:39.713
Do you know what do they have in common?

604
00:31:41.024 --> 00:31:44.034
They are all investors

605
00:31:45.023 --> 00:31:46.543
They are not entrepreneurs

606
00:31:46.543 --> 00:31:49.493
but they are all strongly associated with

607
00:31:49.493 --> 00:31:50.864
the entrepreneurship field

608
00:31:50.864 --> 00:31:56.943
Because they are very influential investors

609
00:31:56.943 --> 00:31:58.643
Very strong investors

610
00:31:59.904 --> 00:32:04.464
I want to show you
a very successful venture capitalist in Korea

611
00:32:05.184 --> 00:32:07.904
His name is Kim Je Wook

612
00:32:07.904 --> 00:32:12.543
Right now, he's the vice president
at Atnum Investment

613
00:32:12.784 --> 00:32:16.084
He started his career at

614
00:32:16.084 --> 00:32:19.103
Daewoo Lab first and Samsung Lab

615
00:32:20.384 --> 00:32:24.294
He studied environmental engineering
for undergraduate

616
00:32:24.294 --> 00:32:29.454
and computer science for graduate
at Seoul National University

617
00:32:29.454 --> 00:32:33.803
In 2010, he joined
the venture capital field,

618
00:32:33.803 --> 00:32:35.044
the venture capital company

619
00:32:35.594 --> 00:32:37.043
Then later what happened?

620
00:32:37.043 --> 00:32:39.493
He received the income, how much?

621
00:32:39.493 --> 00:32:42.854
$21 million last year

622
00:32:42.854 --> 00:32:47.673
Think about $21 million as a salary

623
00:32:48.273 --> 00:32:50.774
It's not a revenue of the company

624
00:32:50.774 --> 00:32:53.744
It is an individual salary

625
00:32:54.223 --> 00:32:56.573
He's not an entrepreneur

626
00:32:57.584 --> 00:33:00.964
And he didn't create his own
venture capital company

627
00:33:01.024 --> 00:33:04.474
He's just a partner of

628
00:33:04.474 --> 00:33:06.623
an already established
venture capital company

629
00:33:08.134 --> 00:33:09.944
Basically he's an employee

630
00:33:09.983 --> 00:33:12.864
But his job is strongly
associated with the venture

631
00:33:13.504 --> 00:33:16.464
or startup and entrepreneurship field

632
00:33:16.784 --> 00:33:20.543
Then he became successful as investor

633
00:33:20.643 --> 00:33:21.844
So how much is it?

634
00:33:21.844 --> 00:33:25.453
His salary, $21 million

635
00:33:25.584 --> 00:33:28.043
So he's salary

636
00:33:28.043 --> 00:33:32.483
ranked number one in Korea
in terms of venture capital

637
00:33:34.143 --> 00:33:35.393
Let me summarize

638
00:33:35.504 --> 00:33:39.734
Entrepreneurship education has
a small but significant relationship

639
00:33:39.734 --> 00:33:43.184
with being an entrepreneur of you

640
00:33:44.354 --> 00:33:46.004
But entrepreneurship education

641
00:33:46.004 --> 00:33:49.543
can help you make a better startup for sure

642
00:33:50.243 --> 00:33:51.293
Lastly,

643
00:33:51.293 --> 00:33:55.144
even if you don't pursue entrepreneurship,

644
00:33:55.144 --> 00:33:58.133
this course is worthwhile

645
00:33:58.133 --> 00:33:59.933
Because throughout this course,

646
00:33:59.933 --> 00:34:03.123
you will practice
thinking like entrepreneur

647
00:34:03.123 --> 00:34:05.164
and acting like entrepreneur

648
00:34:05.164 --> 00:34:07.693
It will be very helpful
for your future career