At 31, this Korean-American immigrant bootstrapped a business from 1 client to over 6 BILLION DOLLARS in revenue.
The amazing part?
Her business is now the largest WOMAN owned business in America…
…And you’ve never heard of it.
I am so inspired 👇🏽👇🏽👇🏽
The amazing part?
Her business is now the largest WOMAN owned business in America…
…And you’ve never heard of it.
I am so inspired 👇🏽👇🏽👇🏽
1/ Thai Lee was born in 1958 in Thailand
Her father was a Korean economist who moved the family around Asia every few years
As a kid, Thai’s pastime was planning how to survive if N. Korea ever invaded the south
At the age of 13, she and her sisters took a courageous leap...
Her father was a Korean economist who moved the family around Asia every few years
As a kid, Thai’s pastime was planning how to survive if N. Korea ever invaded the south
At the age of 13, she and her sisters took a courageous leap...
2/ They moved to America to live with a family friend and attended school In Amherst
She majored in Bio and Econ for one reason: they didn’t require much English
Thai took to the American Dream
One day she dreamed of being an entrepreneur
But first, she broke down barriers…
She majored in Bio and Econ for one reason: they didn’t require much English
Thai took to the American Dream
One day she dreamed of being an entrepreneur
But first, she broke down barriers…
3/ After college, she worked in Korea and lived with family to save money for an MBA.
In 1985, she got her MBA from Harvard Business School.
She was the FIRST Korean woman to graduate from HBS
That led to short stints at P&G and Amex
All part of her master plan:
In 1985, she got her MBA from Harvard Business School.
She was the FIRST Korean woman to graduate from HBS
That led to short stints at P&G and Amex
All part of her master plan:
4/ Thai planned her life out by the decade until age 100, grading herself every quarter
Her sister describes her “as the most focused person I’ve ever met.”
20s was learning business
30s was entrepreneurship
40s was husband and kids
It all came true, in a different order...
Her sister describes her “as the most focused person I’ve ever met.”
20s was learning business
30s was entrepreneurship
40s was husband and kids
It all came true, in a different order...
5/ She got married (at 31) in 1989 to Leo Koguan, a Columbia educated lawyer
Together, they used personal savings and loans to buy a tiny division of a failing software reseller
They named it: Software House International
Together, they used personal savings and loans to buy a tiny division of a failing software reseller
They named it: Software House International
6/ It helped companies implement technology
It had only 1 client: IBM
1 software platform: Lotus 1-2-3
And 1 employee
To make matters worse, Thai didn’t know much about technology or even like it much
But Thai was a master at survival and quickly sought her edge…
It had only 1 client: IBM
1 software platform: Lotus 1-2-3
And 1 employee
To make matters worse, Thai didn’t know much about technology or even like it much
But Thai was a master at survival and quickly sought her edge…
7/ She found it, not in technology but in customer service
Thai realized that she and her competitors sold a commodity.
Anyone could implement the software.
She would be different by going over the top for her customers
To do that, she empowered her employees…
Thai realized that she and her competitors sold a commodity.
Anyone could implement the software.
She would be different by going over the top for her customers
To do that, she empowered her employees…
8/ She told each salesperson that they were the CEO of their client
Their job was to fight to ensure that client got the best from SHI
One Friday her team approached her: “we have a client who likes us better than their hardware vendor and wants to buy computers from us.”
Their job was to fight to ensure that client got the best from SHI
One Friday her team approached her: “we have a client who likes us better than their hardware vendor and wants to buy computers from us.”
9/ Thai: “but we don’t sell computer hardware.”
The team: “this is what the client wants and they want it starting monday.”
Thai gave them the green light…
The team: “this is what the client wants and they want it starting monday.”
Thai gave them the green light…
10/ After working all weekend, they had computers ready to be sold
Today, that client is one of their 3 largest spending >$100M per year with SHI
Thai’s formula of deep customer service + employee empowerment was working
Revenue doubled almost yearly in the 1990s
By 2000…
Today, that client is one of their 3 largest spending >$100M per year with SHI
Thai’s formula of deep customer service + employee empowerment was working
Revenue doubled almost yearly in the 1990s
By 2000…
11/ They hit $1BN in revenue
SHI was thriving, Thai didn't change
She lived in the same house, never had an executive assistant and to this day sits on the main floor of the office
The business was a success, but Thai’s marriage to Leo was failing
In 2002, they divorced…
SHI was thriving, Thai didn't change
She lived in the same house, never had an executive assistant and to this day sits on the main floor of the office
The business was a success, but Thai’s marriage to Leo was failing
In 2002, they divorced…
12/ Thai owns 60% of SHI while Leo still owns 40%.
Thai continued as CEO while Leo took a backseat as chairman.
They both continued to be great co-parents to their two children
Thai continued as CEO while Leo took a backseat as chairman.
They both continued to be great co-parents to their two children
13/ SHI saw the business grow more slowly in the early 2000s as the dotcom bubble burst and hit some more challenges during the global financial crisis
But that started to change in 2008…
But that started to change in 2008…
14/ Hal Jagger, a friend of Thais pitched her on an idea: go down market. Start serving small and mid-sized businesses
The market was $150 to 200BN in size and SHI wasn’t working in it at all
Could its world famous customer service win in that segment?
The market was $150 to 200BN in size and SHI wasn’t working in it at all
Could its world famous customer service win in that segment?
15/ Thai hired Hal to find out.
It worked.
By 2015, that division itself was doing $1.6 Billion in revenue
During that time, the rest of the business ALSO doubled in size
Thai’s formula was unstoppable
It worked.
By 2015, that division itself was doing $1.6 Billion in revenue
During that time, the rest of the business ALSO doubled in size
Thai’s formula was unstoppable
16/ Over time, people have started taking notice of Thai’s unique success
In 2012, she was named EY entrepreneur of the year for all of the US
She’s received awards and is actively involved at HBS and Amherst
But her primary goal is still around growing SHI…
In 2012, she was named EY entrepreneur of the year for all of the US
She’s received awards and is actively involved at HBS and Amherst
But her primary goal is still around growing SHI…
17/ Thai's success was born out of necessity, hard work, kindness to others, and undeniable focus
“You can catch up; that’s my message. If you focus, if you know what you want and you put together a long-term plan, you can catch up in life, no matter where you are.”
“You can catch up; that’s my message. If you focus, if you know what you want and you put together a long-term plan, you can catch up in life, no matter where you are.”
18/ “I’m not really extraordinary, I’ve been very lucky, and I’ve been well-prepared. I think low self-esteem was the source of motivation for me to work harder. It’s an accumulation of directed energy, focus and effort. And over decades that can be very powerful.”
19/ Incredible humility from a woman worth over $3BN!
Thai wants SHI to outlast her for the team and customers, not wealth.
Total revenues are over $6BN, but she's still building the business.
Asked what she’d like to do next: “I’d like to stop working on weekends.”
Thai wants SHI to outlast her for the team and customers, not wealth.
Total revenues are over $6BN, but she's still building the business.
Asked what she’d like to do next: “I’d like to stop working on weekends.”
21/ What and I learned from Thai Lee's journey:
1) Focus focus focus
2) Play the long game
3) Empowered employees treat customers amazing
4) Keep taking risks
5) Stay humble
1) Focus focus focus
2) Play the long game
3) Empowered employees treat customers amazing
4) Keep taking risks
5) Stay humble
22/ If you enjoyed this thread, follow me @jspujji
I tweet a Bootstrapped Giants🧵 like this every week.
Like this one about David Steward:
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Like this one about David Steward:
https://twitter.com/jspujji/status/1438920382589833221?s=20
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