Starting a Business in America Today (2)
Entrepreneurship is the process of discovering what you don’t know
Finding partners and asking questions early are essential
When people decide to start a business, most prepare quietly and alone. Because nothing is certain yet, they hesitate to tell others. Many worry that if the business fails, they may lose face.
This tendency is especially common in the Korean American community. Many people think, “I’ll talk about it once everything looks more complete.” Others stay silent because they fear someone might steal their business idea. But the longer entrepreneurs isolate themselves during the preparation stage, the higher the risk of failure becomes.
The reason is simple.
Entrepreneurship is a process of quickly discovering what you do not know. A business idea is essentially an untested theory. No matter how convincing a theory may sound, it has no value until it is tested. In the same way, no matter how brilliant you believe your business idea is, it will never succeed if the market does not want it.
This is not something you can solve sitting alone at a desk. Even using AI tools has limitations. Real answers emerge only when you interact with real people.
Entrepreneurship research strongly supports this idea. Numerous studies have shown that the quality and breadth of a founder’s network directly affect business performance. One of the key principles in the “Effectuation” theory discussed in the first column is partnership. Successful entrepreneurs do not complete a perfect plan first and then recruit people later. Instead, they begin building relationships early, allowing the resources, experiences, and perspectives of partners to shape the business itself.
And “partner” does not simply mean a co-founder. In a broader sense, partners include anyone — or any institution — that can help move your business forward.
That does not mean you should casually share your entire idea with everyone. There are smarter ways to gather useful feedback.
First, focus on one core problem rather than explaining your entire business concept. Asking, “Have you ever experienced this inconvenience in your neighborhood?” will usually generate more honest reactions than asking, “What do you think about my business idea?”
Second, talk to real potential customers rather than family members or close friends. The people closest to you may encourage you emotionally, but paying customers often respond very differently.
Third, welcome criticism instead of seeking compliments. Asking, “Why do you think this might fail?” can help uncover weaknesses before the market does.
Finding trustworthy partners is equally important. Fortunately, Korean Americans starting businesses in the United States have access to more support systems than they may realize.
Because small businesses play a major role in the U.S. economy, there are many organizations dedicated to helping entrepreneurs. The U.S. Small Business Administration offers free counseling, workshops, educational programs, and financing connections for aspiring entrepreneurs.
Organizations such as SCORE provide free mentoring from retired executives and experienced business owners. Local Small Business Development Center offices and Women’s Business Center programs also assist with business plans, market analysis, and financial planning. These organizations can become valuable partners in the early stages of building a company.
Korean American community networks should not be underestimated either. Korean chambers of commerce, industry associations, churches, and alumni groups often become channels for sharing business information and opportunities.
The important thing is not waiting until the business is fully polished before meeting people. Entrepreneurs need to start conversations while ideas are still taking shape.
Building a business is not something accomplished alone. Learning how to ask for help — quickly and often — is one of the most important entrepreneurial skills. The longer founders struggle in isolation because of pride or fear, the less likely the market will wait for them.
By Professor David Park
Syracuse University Whitman School of Management
