One of the most important things Founders must live by is “our why.” We need to know and live by the why. It is our reason for being and why you give 110 percent to the business you’ve created every day.
My why relates to my experience as not only a female founder, but as an immigrant. When I came to the US from South Korea I was disappointed that my lack of credit history proved to be a key obstacle. I was considered cash flow positive but I couldn’t get approved for anything! It made me realize how difficult it is for immigrants to establish credit history since they don’t have ID, a social security number or any established credit in their new country despite having a strong credit score in their home country or a proven income.
Overall, 61% of Americans say there is too much economic inequality in the country today and there are various income gaps that have perpetuated over time. In my early 20s, I was rejected multiple times for an auto loan, and that was my why moment. It was then I knew it was time to determine how to bring financial inclusion to the personal credit industry both at home and abroad. My why was to create a solution to combat these financial inequities.
It was then in January 2019, I teamed up with Dmitry Kashlev, a Russian immigrant, to create a solution for other foreign-born individuals and young adults facing similar credit challenges. That fall, the startup, TomoCredit (short for Tomorrow’s Credit) was accepted into the Barclays Accelerator, powered by Techstars. And just like our company began to offer a credit card aimed at helping first-time borrowers build credit history, based on their cash flow, rather than on their FICO score or credit report. Tomo offers equal credit opportunities for everyone who has been neglected by big banks.
Along the way as an immigrant founder, I have learned a few key things that support my why and keep me going:
Be Resilient
Many founders experience similar problems and growing pains with their businesses. I came to realize that there is a set of issues that all business owners face at one time or another. During tough times, I reminded myself that overcoming these challenges—pitching investors, losing key employees, dealing with the competition— were critical. These aren’t something people automatically know how to deal with from the get-go. Most founders have had the same thoughts I had when I first began: We all believe we can use our wits and work ethic to overcome any issues we encounter. But the root of the problem is that many entrepreneurs simply don’t frame their problems in a way that makes them manageable. Problems either get ignored or blown out of proportion, or they completely derail the founder. Not backing down and reminding myself that I was solving a global problem kept things in perspective so I could maintain this resiliency.
Never Accept Failure
This credo is tricky because failure happens to many successful entrepreneurs. But the way successful entrepreneurs view failure differs from those who give up. They simply look at it as an outcome they don’t want to see more of. In other words, when something is a hit, it’s a signal to do more of the same, and when something is a miss, it’s a trigger to change the tactic and create, hopefully, a positive result. Failure is a great opportunity to learn and grow.
Be Inspired
The answers usually lie around us and listening to multiple perspectives who are on this journey with you is crucial. There is no past experience or humiliating failure that stops us entrepreneurs from believing that anything is possible. In the community we build we must look for those moments of inspiration, which is why having a diverse team is essential to the organization. Each day, those members inspire me to stay motivated to solve this global challenge.
With all of that, my real gold standard piece of advice is don’t take no for an answer. If it is easy, everyone will do it. It is worth going after big things and it is natural to get “no”s during the process. And always have a positive attitude and it will all work out at the end. Surround yourself with people smarter than you so you can grow every day. My hope is we can work together to foster an inclusive founder’s community that builds solutions for those who need it most based on these guiding principles.