Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with YC (Yuan-Chou) Chung, Founder and CEO at LUBN:
What does your company do?
Lubn created the world’s first 4G smart key lock box for property management. Established in 2016, in Bellevue WA, our goal was to create a platform that would enable Airbnb hosts, property managers, homeowners, retail establishments, realtors and many others easily and intelligently manage their real estate from anywhere, at any time. The intelligent Lubn system securely manages property access and automates the administration of a variety of other services – like giving access to service providers like General Contractors, Dog Walkers, Cleaners, etc. - ultimately, helping property managers save precious time and money.
Lubn’s unique proposition is anchored around ease of use, flexibility/portability, and most importantly, the integration of Artificial Intelligence. The more Lubn gets used, the more intelligent the platform becomes for the owner. Over time, the owner can leverage property analytics to make smarter, more informed decisions to optimize their property and/or services.
What is your role? What do you enjoy most about your role?
I’m the founder and CEO of Lubn and I had the opportunity to solve a huge problem that many people face. I was juggling a full-time job at Microsoft, managing my properties across the world, and trying to find quality time to spend with my loving wife and two children. My passion is creating delightful experiences where the technology is invisible; allowing the users to fully focus on the intuitive experience. I harnessed this passion to solve a real-world problem. I was able to use the Internet of Things and artificial intelligence in property management to help create a new level of security, intelligence, and automation in this space. It is very satisfying to give property managers the freedom they need to focus on the things that are most important in their lives.
What are the biggest challenges in your business right now?
The market for on-demand property access and management control is huge and growing. Our biggest challenges are also our biggest opportunities. We want to grow the Lubn team so we can 1) quickly address the sales and partnership interests that have surfaced since our launch announcement on December 19, 2017; 2) quickly evolve our solutions platform based on the learnings we have gained, using the latest technology, and address the problems that our targeted customers care most about.
If you could go back in time, what business advice would you give to a younger version of yourself?
I would remind myself to “Just Do It!”, and that anything is possible if you surround yourself with the right people. My team and I work hard to find/attract the best talent. We look for smart, solution/results driven individuals who are passionate about our vision of creating solutions that give back the freedom that people deserve. Each of us brings extensive expertise and a proven track record in delivering best-in-class products/solutions with tier one global companies (e.g. Microsoft, MediaTek, HTC, Motorola, BenQ, etc.), across many critical disciplines (e.g. Hardware, Software, Design, Marketing & Sales, etc.). I believe if I stay true to my vision, cultivate my team, and keep people at the core of Lubn’s business, we will be capable of anything.