Volunteers teach Startup Methods, Branding, and Cash Flow in North Korea

Four committed Choson Exchange volunteers joined our trip to Pyongyang this month and talked about topics that are among the most pressing for many frontier entrepreneurs in North Korea: How to test business ideas quickly and effectively on a small budget, how to create a brand that resonates with customers in an increasingly competitive market, how to analyze data and understand potential market, and how to use accounting to keep track of money in a company.

Between talks, local participants teamed up with our volunteers in small groups to work on their Business Model Canvas, a great tool for entrepreneurs to think through a startup or product idea. There was much to learn: From deciding on a Minimum Viable Product and finding a fitting brand message to sketching out customer segments and planning cash flow. “This was a great experience”, a workshop leader said after the trip. Our North Korean frontier entrepreneurs agreed.