Second day on the Job

March 15, 2009
A small, much used Xerox photocopier in the li...
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I wrote this on my first day on the job back in January. It was a fairly eventful day and I think it nicely encapsulates the anticipation and excitement of a new job combined the the unique particularities of working in an entrepreneurial environment abroad.

I began the day making flyers to post at local universities for a new translator. It took me 5 minutes to design the flyer, which had a rather fetching design if I say so myself. Unfortunately, it then took me 15 minutes to set up black and white print settings. This was something of a metaphor for the day. I went to two universities and flyered the foreign language and business buildings. The campuses were quite nice, with a mix of 19th century pseudo Gothic and hyper modernist architectural styles. However, I had only the architecture to contemplate because the universities were on break – till February 27th (it was early January).  Korean schools are on break from December 22nd to February 27th! They have a combined Christmas and Lunar New Year break. I think it makes sense to take a long break during the bleak, Siberian wind fueled Korean winters.

However, I was not as lucky as these Hyundai Rice Rocket driving, Yonsei University students. No. I was hiking through acres of beautifully manicured campus in -2c, with a cold. So I return the office at lunch time and we go to Outback Steakhouse (unfathomably popular in Korea, its on every corner)  The waitress tells us that we’d be out of our minds and wasting our money if we don’t get their little fruit juice combo. We got the fruit juice. Its just as unappealing as we expected.   I remember having seafood quesadillas which is a ridiculous thing to do in South Korea, but then so was this day.

After lunch I left to make color photocopies. This should have been easy. The previous day, I went to an office supply store and told me they do photocopies. I went back there, but the guy insisted he cant do color. He directed me down the street in broken English (English is barely spoke among the older generations). I find the place down the street, and again, they can’t do color. Fine, so I went even farther down the street. Past the ‘Paris Bakery’ past the incredible and extremely tempting street market, which I’m proud to say I resisted. Even if it was only by spending 90 seconds meditating on the mantra, “you’re not on vacation, you’re at work, you’re not on vacation, you’re at work.” I finally ended up at a third photocopy place. The guy there is ancient and of the friendly species of old people, so I chatted him up a bit. This may have been a mistake because he spent twice as long as necessary poking his Xerox before he proclaimed, “ah, no color.” By twice as long, I mean a full 15-20 minutes. At this point, it had been a long day and I didn’t feel like dealing with any more bullshit or disappointment. Hah. I went back to the hotel and convinced the lady at the information desk to find a photocopy place that actually does color. I get her to write down the address in Korean, and phone number on one of these little blank business cards used by all hotels to for taxi directions (In all my time in Seoul I only met I English speaking taxi driver).  I gave the driver the address, which opened up a whole new basket of confusion.  It turns out that in Korea they don’t use real addresses but only building names. He got this one wrong and dropped me off at the wrong building. A building security guard advised me to cross the street, which is more like a highway, and enter a big blue building. No luck there. Another security guard says to go check the basement level. There was a huge bookstore there. They sell a lot of books and randomly a few designer handbags and earrings. Why not get a Fendi handbag with that organic chemistry textbook? In any case,  I asked a girl shelving books to help me out. She read the card from the hotel, then frowned. She then took me to the information desk. They all laughed, covering their mouths and look at me like a lost puppy. I felt like one too. The book shelving girl turned out to have decent English and guided me toward a pedestrian underpass that connects to the bookstore. She then gave me some complicated directions and I frowned. She felt bad and walked me through a long subterranean walkway, up stairs exiting on the other side of the street and then started asking people exactly how to find my damn building. It turns out that while she is extremely nice, she had only been living in Seoul for a month. Unsurprising given my luck that day.  Finally some older woman buying roasted chestnuts pointed off in some direction that couldn’t possibly be a street. Everyone nodded.

Off I went and after wandering through a couple more lobbies and pedestrian malls…nothing. Ok, so now I needed to just call this place. I went to a bank and that’s where the magic happened. Banks are great and I now treat them as municipal information desks.  It reminds me of a talk I heard by Hakim Bey where he described how ancient Mesopotamian proto-banks were a function of the temples and were part of a system that regulated all layers of social intercourse.  Anyway, the woman at information immediately called the number and a friendly customer with great English was waiting in line and patiently explained to me that my troubles started way back at the original hotel. It turns out that woman who wrote out the address made a mistake and half the address is on one side of the street while the other half is on the other!  I’m still not sure how this works exactly. It must be a testament to Korean scientific progress and dynamism. I found my copy shop.  Anyway, of course my copies were twice what I want to pay and took forever, but I finally got them done.  My final conclusion – Korea, you can’t possibly be a “world class hub” of anything unless you have at least one color photocopier every couple of kilometers. (Koreans seem to be alwalys calling the country a world class hub of something, logistics, higher-education, finance, medical tourism, skyscrapers, toilets etc ) Sorry, it just can’t happen otherwise. Second, I’m a tad surprised you’re still reading. But if you are, don’t think I’m miserable or complaining. As I waited for the elevator I said to myself ‘this beats the hell out of a desk job.’

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My life in South Korea

February 22, 2009
Map of the Korean peninsula
Image via Wikipedia

Today marks my third week here in Seoul.  Its been a great experience so far – interesting work, great coworkers, fun parties, great food, and a city that at first seems a bit bland but becomes terrific once you get to know it.

A quick recap.  I actually started the job four weeks ago, with the annual meeting in Paris.  It was great to meet everyone and I got along well with everyone.  Except perhaps some of the management because my hotel neglected to give me my scheduled wake up call and I rolled into work an hour late on the second day…However, they didn’t seem overly incensed.  Ok, now I’m violating one of Fred Kofman’s cardinal rules, always take responsibility for your actions, even if there really is an external cause.  So, it was my fault for neglecting to better prepare a backup alarm to ensure I would wake up on time.  Mmm, better.  The annual meeting in Paris was a ton of fun and a great way to join the company.  Apparently most people join at other times of the year, and simply get staffed without knowing anyone at the company.

At the end of the week, I find out that I’m going to South Korea to work on a pharmaceutical industry project.  I had heard a rumor that I’d be staying in Paris for a European project, but I am quite happy I came here.  I love East Asia, and given my background in Biology, I find Pharma and Biotech fascinating.  It’s been great learning about the business side of the industry and the specifics of the Korean market.  If I work on a Pharma project as a full-fledged analyst, I will become a real expert on the field.  That’s one of the great aspects of the job, you get to learn about industries in-depth, and meet key personalities, and just at the point where you feel you’ve exhausted what that country and industry has to offer, you move on to another project.

Life here has been a lot of fun.  My coworkers have a number of friends here, and I’ve gotten to know some of them.  We all go out together and hang out on the weekends.  We were gonna go down to Pusan yesterday, but that plan evaporated.  Our project manager is coming for a visit next week, so we can’t go next weekend.  Perhaps the following weekend will work.  I’m not sure how much longer I’m gonna be here, so I don’t want to put it off for too long.  I was considering a temple stay for a weekend, but its quite cold here (Siberian winds blow South and hit the Korean peninsula pretty hard) and I doubt temples have central heating.  They probably have the ondol system, but I’m just not sure it’s worth it.

There are a few neighborhoods here in Seoul that I like.  I stayed my first week in Innsadong, and its pretty cool.  It’s the only neighborhood with a large number of traditional houses (many of them restored).  There are a lot of arts and crafts shops and traditional restaurants and tea houses.  It’s a bit touristy, but there are also a bunch of cool galleries, art spaces, and trendy shops.  There is also Hongdae, which is more or less the East Village of Seoul.  Lots of cool little places with a grungy, artsy, alternative vibe.  Apgujong is the trendier area with lots of clubs, the equivalent to Manhattan’s Meatpacking District.  Then there is also a neighboring area, also in Gangnam-Gu, which has cool backstreets and really trendy restaurants but I cant remember the name…something hill.  Anyway, that’s Seoul’s West Village.  My neighborhood, Itaewon, doesn’t really have an analogous area in New York, though its something like Beyoglu in Istanbul…a historical foreign district.

Anyway, that’s a brief introduction to the city and what I’m doing here.  I’ll be posting soon with a look back at my first day on the job.

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Seoul Retrospective

February 22, 2009

I wrote a number of post outlines in my time in Korea, that I’ve just started fleshing out and now I’m starting to upload.  I’m hoping to get through the old stuff this week.  My work schedule has been pretty hectic and I’m only starting to find a time to post regularly.  I aim to firmly establish the habit once I’m staffed on a long-term project, but for now posting will continue ad hoc.


The New Job

January 27, 2009

As some of you may know, I was previously employed at Monitor110.  It was a Financial Technology start-up in New York.  I started interning there in the summer of 2006, and worked throughout the remaining school year to then start up full time in the Summer of 2007.  I worked in a number of roles from managing an offshore financial research team to product and project management in software development.  The company had some trouble getting traction in the market, and funding was cut under somewhat dubious circumstances as the Financial Crisis spiraled towards meltdown in July 2008.  Despite the challenges, I really enjoyed the work and became especially close with my coworkers.  However, I also realized that while Tech start-ups are interesting and exciting, I’m looking for something different at this point in my career.  I’m sure I’ll come back to entrepreneurship, but ideally as a founder rather than an employee.

After spending a few months changing apartments, enjoying the summer and sporadically volunteering for the Obama Campaign, I found a new job.  I’m now working for a Paris based Media Consulting Company.  We perform market research on various industries worldwide.  Our projects are country based, i.e.  Indonesian Textiles or Korean Autos.  Our final product is a series of profiles on key players in the industry and in-depth, analytical reports published in a number of trade magazines as well as the International Business Daily – China’s equivalent of the WSJ or FT.  The job involves a range of responsibilities from networking, attending industry events and setting up meetings, to market research, conducting interviews, and finally ad sales.

The most exciting part of the job is living in each country and experiencing the culture as an expat as opposed to a tourist.  You also get to learn about different buisness cultures and protocols, not to mention become a real expert on industries from Oil and Gas to Pharmaceuticals to Alternative Energy.  Finally, I will meet, and in some cases get to know the leading entrepreneurs and executives in these fields.  The job dovtails with my personal and career interests and I see it as excellent preparation for our truly global economic future.  I’m grateful for such an incredible opportunity and I will do my best to make the most of it!


Return of the Blog

January 27, 2009

Dear Friends, I’m finally back!

It’s been some time since I posted on this blog and there are a number of reasons for this.  The first and probably most important, is that I never established a posting routine.  There are a number of bloggers who believe in the daily post.  I’m not sure I’m ready for this, but right now I’m committing to a weekly post and we’ll take it from there.  The second reason was that I approached the blog as something of a networking tool and platform for discussion.  I think these are great reasons to have a blog, but they’re just not enough for me.  In order to sustain  momentum I need to be passionate – blogging can’t be a chore.  Now I have a new job and I’m living a radically different life that involves working on 3-9 month projects all over the world. (More to come on the job later)

I’ve got two great new reasons for my blog.  I’m going to use it to document my experiences and discuss living and working in these various countries.  I’m also going to use it as a communication tool to keep in touch with my friends and family.  Now I can save emails and phone calls for the personal stuff, and centralize the communication of my general activities here.  This is not to say I intend on writing a travel or personal blog.  There will still be strains of more analytical and intellectual content.  Lets just say I’m looking for a more holistic approach to the blog.

Here’s to a new start with the year of the Ox.  May it be better than the year of the Rat!


Headhunters

March 20, 2008

Yesterday I had a really interesting lunch with Charlie O’Donnell. He is looking to expand his startup, Path101, and mentioned that his inbox was inundated with offers from headhunters. He couldn’t fathom their exorbitant fees. I can certainly understand the sentiment. Headhunters have an industry standard fee – 20% of the first years salary. Thats incredibly expensive in a world with monster, linked-in, theladders, and hundreds of other nitch job posting sites, not to mention vertical job search sites like indeed and simplyhired. So how do headhunters get away with those massive fees? Collusion? Cartels? Mafia-like market failures?

I didn’t give Charlie a great answer yesterday, so I thought I’d lay out my thoughts here. The first and most obvious answer is that the viability of online tools varies by industry and experience level. It could be that executives with experience in Global Operations and Logistics might not use job postings as much as recent college grads and Web Developers. That explanation has some weaknesses. It provides no structural or fundamental explanation as to why headhunters exist, and especially why they can charge such high fees. There has got to be a better reason than ‘older people aren’t web savy’ and ‘high-powered people won’t spend time sifting through job postings.’

I believe the stronger explanation has to do with the marginal product of labor. Lets assume a key executive at a large and hierarchical company quits. The projects and peopled managed by that executive will quickly lose their direction and leadership. They might be able to function independently, but they will certainly be less effective. In a large organization, and for a high level executive, this may amount to significant declines in productivity for the entire company. Thus, the cost of leaving that position open is very high. Here, a headhunter, “Executive Search Firm”, steps in and uses its contacts, specialized experience, and familiarity with the industry to quickly fill that position. They garner a large commission for providing a very valuable service by minimizing that costly leadership gap. (The contingent marginal product of labor argument is also my favorite explanation for high executive pay)

When it comes to startups this certainly isn’t the case. They are not large, hierarchical institutions. On the contrary, they have cultures that praise ‘bootstrapping’ and flexibility. Thus, the marginal productivity of a particular employee is far less than that of the corporate executive. Starups can afford to use cheap, but time intensive online hiring methods because the cost of hiring tomorrow is relatively low.


The Point

March 18, 2008

I recently attended the NYTech Meetup, a monthly industry event with presentations and speakers. This session was focused on “Social Action” startups. A nice summary of the presentations is here. The company that peaked my fancy is ThePoint. (The name of the site seems to be inspired by Malcolm Gladwell’s theory described in The Tipping Point. Gladwell defines a tipping point as “the levels at which the momentum for change becomes unstoppable.”)

The Premise

Users create campaigns on the site. For example, to raise $10,000 to build a playground at the neighborhood park. Other users can then pledge money to the campaign. However, the users are billed for their pledges only when the goal is reached. So in this case, users are only billed once the campaign has raised $10,000. This is claimed to be much more effective than asking for traditional donations because it eliminates the risk that you donate to a doomed campaign. If the campaign can’t raise $10,000, then nobody gets billed. The question is “how much is this worth to you?” rather than “how much will you help us try?” In addition to monetary pledges, the site allows boycots and other actions, such as “take all the free straws from starbucks.” However,the action is only taken after a certain number of participants pledge to join the campaign.

In each case, all probability of failure is removed and each individual pays their real reservation price for the desired outcome. A somewhat silly example is the campaign to build a giant weather shielding dome over Chicago. One user pledged $100,000 dollars because that dome would be extremely valuable to her. Despite its silliness, this example exhibits the central thesis of the point: you aren’t paying for campaigns, but for outcomes.

If successful, this could be a radical approach to collective decision making. It could efficiently value public and non-market goods such as the playground, as well as “price in” other negative externalities.

Conclusion

The future for The Point is unclear. It does face a couple of difficulties. First, it hasn’t gained a huge number of users just yet. Compete puts it at 15,000 visitors for the month of February. In order for this paradigm to take off, they will need many, many more users. However, traffic is increasing. Second, the system operates on a fairly high level of trust. Users need to believe that other participants will actually follow through with their pledges. I can imagine a number of scenarios where buyer’s remorse leads to payment collection problems. Once trust in the system is shaken, the situation reverts to a classic negative externality. However, there is also immense potential. In everything from local government policymaking, to environmental protection, to corporate benefits, this could be an incredibly powerful tool for social change. I wish them the best of luck.


Why I’m Starting a Blog

March 5, 2008

I have been flirting with starting a blog for some time now. I haven’t actually started till now for a couple of reasons. I wondered what I would actually have to add to the conversation. There are thousands of experts blogging out there, with years of experience on any given topic. What can I say that hasn’t already been said?

Yet here I am, writing my very first blog post. I came to realize a few things that changed my mind. First, one needs to develop a voice. Merely thinking about issues, reading stories and blogs doesn’t cut it. I’m interested in a ton of things, primarily Technology, Politics, Films, Music, Philosophy, Literature, Anthropology, and a bunch of other things tangentially. One day I hope to become an expert something within one of these domains, and if I develop a voice now, I’ll be ready “on day one” to contribute to the conversation. When I wrote papers in school, I found that I would gather my thoughts and form opinions throughout the writing process. So it could conceivably be that producing written material is a vital part of focused cognition. And now that I’m out of school I miss writing. Finally, I realized that the existence of experts doesn’t prevent me from talking about all kinds of topics with my friends offline, so why not on a blog? Theres even a chance that I might get caught up in larger discussions in a way that simply isn’t possible in a living room or restaurant.

So, that’s why I’ve finally taken the plunge. I’m excited to see where this goes!