Startup businesses focus on operating at low costs while generating relatively high profits. The epitome would be Uber: a mobile application that serves as the middleman between drivers and passengers. Taking portions of the drivers’ profits as commission fees after remotely running a business through a single application, Uber earns high marginal profits at low operating costs, already having established itself as one of the most competitive and stable startup companies. While startups grow from extremely diverse sectors, from the fashion industry to the medical field, the general rule of thumb for any ambitious startup owner is that aptly rooted in Uber: earning as much as possible at costs as low as possible since startups, unlike big firms, do not have stacks of funding to operate with.
As one of many aspiring and ambitious young adventurers looking for real-life experience myself, I recently sought out for an internship position at a startup company, preferably related to men’s fashion to suit my interest. I happened to run into a golden opportunity when I was invited over by Mozzet, a South Korean venture consisting of multiple startup items and applications. Within the month of June, I have served as an intern, learning the basics of business operation of Look Pin, a startup mobile application that personalizes men’s fashion and clothing. The app is trending and innovative as it has multiple functions such as styling a whole outfit according to a certain occasion or picking out a pair of shoes that a customer may feel like wearing on different days.
|(How Look Pin looks like in the perspective of a user/customer. Photo courtesy: https:// itunes.apple.com/kr/app/%EB%A3%A9%ED%95%80-%EB%82%A8%EC%9E%90-%EC%98%B7-%EC%9E%98-%EC%9E%85%EA%B3%A0-%EC%8B%B6%EC%96%B4/id1102358106?mt=8)|
Although my journey in the field of business has just begun, I was able to gain deeper knowledge into the world of startups. Here are a few pros and cons:
Startups are often innovative and their ‘wow’ factors capture users’ attention easily. The startup items are usually extolled because of their originality and brilliance. Moreover, as previously mentioned, many startups are operated at low costs, allowing a company to run a business with just a few selective members. For example, Look Pin is operated by just six people, seven including myself as an intern. Because of their innovativeness and user-friendliness, the world continues to see startup booms across nations.
Startups are, more often than not, unstable, just four percent of startups in America making it to their second year in business, per Small Business Trends. Furthermore, startups underdeveloped and are not as sophisticated as other established businesses. Further adjustments and advancements must be brought to the table for the users to enjoy the startups without worrying about what goes wrong or what does not work.
As an intern, I have explored further into Look Pin and also beyond into the bigger scope of startup management and marketing. Hopefully, my internship experience allows me to tell enrich myself as I continue to delve deeper into business management and startups.
|(A typical look at the office area)|
Jordan Seungjin Choi
Seungjin Choi firstname.lastname@example.org
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