- Yong-Soo Chung left his work as a software engineer in Ripple in 2015 after the beginning was fined.
- He started an e-commerce business and does not regret leaving its 9-in-5 per second.
- Chung, whose business brought over $ 1 million in sale last year, said he loves the venture.
This essay as strong is based on a conversation with Yong-Soo Chung, a 38-year-old entrepreneur. The following is edited for length and clarity. Business Insider verified the employment and past Chung businesses.
In 2014, I worked a 9 to 5 on what was then a start of the blocchain cryptocast.
I joined them around March 2014, and it was an amazing experience. A year later, we were investigated by Fincen about a platform that would start that allowed cross -border transactions in the blockchain.
In May 2015, Fincen was fined $ 700,000 Ripple to operate as a money business business without registering and failing to implement an adequate money laundering program. This essentially put a pause for all our development. It was really strange to go from rolling across the cylinders to be blocked suddenly.
Every day, I will sit on my table as a software engineer, knowing we couldn’t do much. I was miserable and desperate. Eventually I decided to rest and left 9 to 5 in September 2015.
My friends at the time called me crazy. Now, I call them crazy.
Start your business about hobbies
When I was fined the ripple, I decided to leave, but I needed a plan. I had about $ 10,000 frugal to invest in a business, so I spent the summer coming up with an idea.
I reviewed credit card statements to see what I was spending money for and if I could build a business from my interests.
This put me in the rabbit hole of everyday clothing, such as wallets, knives and pens. I would spend a lot of money on these products and I was obsessed with things that lasted a long time.
During the summer, I started building an audience on Instagram of people in pocket items. After I felt I had a strong audience, I left Ripple in September 2015 and started Urban EDC Shop, an e-commerce brand in October 2015.
Business ideas come from unexpected places
I made weekly products of products by releasing new products every Wednesday as I continued to build my email list and Instagram audience.
This gave me a great reactions mechanism: every week, I will see what did well and what not. Then, I knew what kind of products I had to sell.
The daily detention community is very narrow, with many people creating products, so we were achieved for collaborations. At first we were profitable because we focused on selling low -cost items. However, the profits were difficult to live, and we had to be upset. I remember working for a month straight and didn’t go out once. I was very focused on generating more money flows, and we slowly built the business.
We started our second business in 2017 after getting a French bulldog. We made an Instagram account for the dog, and she exploded. We now have 122,000 followers as well as a Tiktok audience.
Followers were asking us, “Where did you get that harness? Where did you get that caterpillar?” My wife suggested the creation of a business similar to what I have with Edc Gear but for French fans and dog owners. My EDC business is growing too steadily, so why not copy the same model to another audience?
This is exactly what we did: my wife created by Humphrey, an online boutique for dog dresses and dog accessories.
Yong-Soo Chung’s wife created an online boutique for dog dresses and dog accessories after their French bulldog gained withdrawal on social media. Courtesy of yong-sooo chung
We created two businesses based on our hobbies and our interests. I don’t feel like there is a work balance because I don’t feel like working. I work almost every moment I can, eight to 10 hours a day, including weekends because I like it.
We first headed the businesses ourselves. But as we grew up, we were stuck with about $ 80,000 a month in Topline Income. I began to delegate client support and raised our team to about 5 to 7 people in SH.BA
Cutting expenses
My EDC company had over $ 3 million in 2022, but it was at the height of e -commerce after the Fandemia.
We were paying a lot for salaries for our employees and programs, and our income was falling, so from mid-2023 to the beginning of 2024, I decided to cut essentially everything-employee and software and return to me only.
I hired a US -based contractor and transferred a team of five to the Philippines. The business again became lucrative, and we didn’t need all these costs.
Now, we are at good bases and returning. The company is growing again. I don’t feel like we are regulating. We did $ 1.3 million on sale in 2024.
You will never feel ready
You will never be 100% ready to start your business. Most people stay in a job they dislike, and are living in average terrain – happy but not happy.
Being an entrepreneur has probably extended me physically, mentally and emotionally. You can get into dark moments and have no one to blame, but yourself. It’s all your responsibility. But it is useful to get out of those times. In a strange way, you want your challenges to get bigger because it’s a sign that you are growing up as a business. Being an entrepreneur has taught me a lot about myself.
I would only recommend making a jump or even starting a sidehill. I have traded a career in blockchain, where I would be 13 years inside and earned a lot of money so far, for venture, and I have no remorse.
I think it’s important to look at your life every day and ask how you want to spend your time. You want to optimize for pleasure. I like the heights and discounts of entrepreneurship. I can’t imagine back to 9-in-5 now.