I recently went one-on-one with Michael Yang, founder of mySimon.com and author of Coming Alive on the Ride. mySimon.com was acquired by CNET for $700 million.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Michael: I founded a Silicon Valley startup, mySimon.com, a pioneering online price comparison shopping site, in 1998 with $20,000 in savings. In less than 2 years, mySimon.com was acquired by CNET in 2000 for $700 million during the first Internet boom. I was born and raised in Seoul, South Korea, in 1961, and came to the US with my family when I was 14, not knowing the language and with no money, as an out-of-place teenager. I had to quickly learn the new language and adjust to a new culture while attending school and working a part-time job as a clerk at 7-Eleven. With hard work and dedication to succeed, I attended UC Berkeley and Columbia University to earn degrees in Electrical Engineering and Computer Science, and in Business Administration.
In the summer of 2022, when I was 60 years old, I rode my motorcycle from LA to Newfoundland, Labrador, Canada, and back. It was a 12,250-mile, 40-day cross-continental ride that made me realize I am an adventurer and explorer, not just an entrepreneur and investor. Then, in the summer of 2023, I rode my motorcycle from LA to Alaska across the Arctic Circle. During these transformative trips, I decided to write a memoir to share my story of adventure motorcycle travels and my life journey as a Silicon Valley founder. It was the beginning of a new chapter in my life as an author and adventurer, as well as an entrepreneur and investor. My new book, Coming Alive on the Ride: A Memoir of Motorcycle Travel, Self-Discovery, and Korean Heritage, was released on March 10 and became a #1 Amazon Bestseller in the Solo Travel category.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
Michael: In 1998, when the web and Internet browser was the latest innovation in technology, I had purchased a Microsoft Frontpage web design software for $180 at MicroCenter store. The next day, I found that the same software was being sold for $160 at Fry’s Electronics store, only 2 miles away. I realized that it would be great to have a website that compared prices of all the items that consumers could purchase online, so that they will avoid such an experience and save time and money. mySimon.com was born to provide this online price comparison shopping service.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
Michael: It was something that most consumers needed or wanted because comparison shopping is something that most people did even before the Internet. The idea was easy to explain, and people understood the benefits right away: saving time and money when shopping online. I would advise people to see if they are solving a real problem that could deliver clear benefits to its users. Also, to develop a solution to the problem that has a big moat so that it’s hard for someone to copy the idea, so that you will have a competitive advantage.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Michael: I had to find a partner or cofounder who can write the software and develop the website as the first step. Fortunately, I had an engineer who used to work for me at a prior company who was capable of developing this website, and he was keen on joining me on this startup opportunity. I also found a good web designer who had a good sense for design and functionality of the website. My advice is to find a partner or co-founder who has a complementary skillset to you to launch the product or service quickly and build up. I would also advise that finding the best talent with a high degree of motivation and execution ability is key to scaling the company and business.
Adam: What are your best sales and marketing tips?
Michael: Public relations is very cost-effective in getting the word out about the new product or service. Brand marketing is important to develop a recognizable brand with strong identity. The name of the company and product is very important, so be thoughtful and creative about naming them. Understanding the unit economics of your business and scaling them is critically important.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Michael: An effective leader must have a vision which everyone in the organization needs to understand and buy into. The bible verse of “Without vision, people perish.” Is very much applicable in a company. An effective leader must be able to articulate and reinforce this vision, along with how this vision will make everyone better off if they succeed in realizing this vision. Leaders also must have a clear strategy and plan to achieve the vision and mission.
Adam: What is your best advice on building, leading, and managing teams?
Michael: Partnering with the best cofounders, hiring the best employees you can, and developing a great culture in the company is critical to building, leading, and managing teams. It provides the guardrails for how the company should behave in times of challenges and success.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
Michael: Be positive and thankful! Know who you are. When things are not going well, realize that this could be an opportunity for something even better later.
Adam: What is the single best piece of advice you have ever received?
Michael Yang: When a headhunter told me I should find a technical co-founder (an engineer who graduated from Stanford or UC Berkeley) and start a dotcom company in early 1998, I was 36 years old and trying to figure out what to do next. A few months after this, I started mySimon.com with my partner/co-founder Yeogirl Yun, who is a graduate of the Stanford computer science department and worked for me at my previous company.
