Entrepreneurship Academy Lecture Series: Don’t Be Afraid of Failure, Just Try! 

On September 19, 2023, the Startup Institue (Director=Jungbien Moon) of Korea University Business School (Dean=Sang Yong Kim) hosted the inaugural session of the Fall Semester 2023 Entrepreneurship Academy Lecture Series. Mr. Sung Yong Bang, the CEO of Grinergy, was invited as the featured speaker. To kick off the lecture, he posed a captivating question to the audience: "Is Tesla an innovative company?" 

 
CEO Bang then delved into the history of electric vehicles. The first electric cars emerged as early as 1910, and in the 1990s, GM produced electric vehicles of comparable quality to today’s EVs. Surprisingly, these innovations went largely unnitucedm and electric vehicles failed to gain traction. So, what set Tesla apart? CEO Bang offered a compelling perspective: "Tesla didn't invent something entirely new; instead, it challenged the unchallenged." He emphasized, "True innovation lies in trasforming the world and people." 

After elaborating on what sets Tesla apart, CEO Bang shared his philosophy for navigating the startup world. He presented a set of key points on a PowerPoint slide, and his advice was clear: "Don’t aim for grand success." Te emphasized the idea that achieving smaller successes often paves the way for larger ones. CEO Bang further stressed, “Failure is a steppingstone to success. If you don’t take risks, you won’t experience either success or failure." He wrapped up his philosophy with a reminder to “approach challenges with a critical mindset." 

 
He went on to elaborate on the importance of critical thinking. According to CEO Bang, every piece of information can be viewed and interpreted in multiple ways, and the definition of success hinges on one’s perspective. He emphasized that when we observe something, our interpretation is inherently different from others. In essence, he pointed out that seeking “objectivity” is a futile endeavor because objects are inherently subject to our interpretation.  

He also shared a famous quote from Chairman Chung Ju-yung: "Have you ever tried it?" This phrase underscores the importance of taking action, emphasizing that merely talking about something without first experiencing it firsthand won’t lead to solutions. In essense, as mentioned earlier, success in the result of consistent daily efforts. 

 
Throughout his lecture, CEO Bang emphasized the importance of challenge. He emphasized that without trying, one cannot truly understand what lies ahead. He added, “Fear of failure can hinder your ability to take risks, so don’t be afraid of failure.” CEO Bang concluded by encouraging startups, stating, “Failure is a valuable experience, as it opens doors to new opportunities. Through failure, ultimate success can be achieved.”