Interview With Super Awesome Gen Y Entrepreneur – Jun Loayza

This is another great interview on MegaBizFlakes. Our interviewee is a Gen Y entrepreneur named Jun Loayza.

Jun Loazya co-founded RewardMe and Viralogy with Yu-Kai Chou and Stephen Johnson. Jun is a great entrepreneur, a guy who knows what he’s doing. If you need tips on how to build a great team and advice on startups you should try to hang out with Jun.

Jun has launched several Internet companies, when it comes to launching of Internet Company, he’s a fast executor. Yeah, you can call him “The Launcher”  I am sure you would love the interview, read on and feel free to share your opinion.

1. Hi Jun, Am glad to have you as our next interviewee on MegaBizFLakes. Can you please tell us about yourself?

I’m Jun Loayza, Co-Founder of RewardMe.  I grew up in Southern California and graduated from UCLA with a major in Economics and Philosophy.

I have a beautiful girlfriend, Kim Ear, and a supportive family who encourage me and allow me to focus on a career that I love.  I eat healthy, exercise almost everyday, and would like nothing better than to challenge you to a game of basketball.

2. Why do you choose to be an entrepreneur?

I was brought up to get good grades, graduate from a good school, get a good job, get my MBA, and retire rich.  Money was the focus of most of my family discussion and is the reason why my parents divorced.  Money remains a central focus of my family and the friends that I grew up with.

I still plan on hitting $1 million in the bank by 30.

3 months into my corporate job after UCLA, I decided to quit my job to focus full-time on my startup with Yu-kai Chou.  Looking back, it was a rushed decision that I would not do again.  If I could do it all over, I would stay at my corporate job for at least a year, pay of my student loans, and grow a solid network in corporate America.

I chose to be an entrepreneur because I want to create a product that positively impacts people or businesses.  I want to create the product, sell the product, and have the personal satisfaction that “I did that.”  I made an impact in this world that others have not.

I’d also like to sell for millions  :D

3. For how long have you been in the entrepreneurship world and how has the game been like so far?

I’ve been in the game for 3 years.

It’s been a rollercoaster: battled with team members, lost clients, secured funding, closed corporate clients, opened an office, hired new team members, and so many other things.

We haven’t built a startup and had a successful exit, so I’m no where near satisfied with my experience yet.

4.  Do you think an entrepreneur must learn how to team work or work independently? Give reasons for your answer.

Neither.  An entrepreneur needs to be able to lead a team.  It’s not about working with them as much as leading them to your vision.

You need to be able to assemble a team of highly skilled individuals who share your passion, share your vision, and will do whatever it takes to succeed.

An entrepreneur is only as good as the team that he or she has assembled.

5. I guess you are the co-founder of viralogy? And you are also working on another company which is Rewardme; can you please tell us what Rewardme is all about and how people can benefit from it?

Viralogy Inc is the holding company and RewardMe is our product.

RewardMe is the easiest way for a local business to create a loyalty program.  Users gain points for eating at restaurants or cafes, and can redeem these points for appetizers, drinks, or desserts.

Users benefit because you get free stuff.

Businesses benefit because they get more repeat business and more referred customers.

6. I’m sure you could have come across so many ideas before looking into Rewardme? How do you know that Rewardme is the best idea you need to look into?

Because of the customer development process.

I went out there and interviewed business owner after business owner until I found something that they need, want, and will pay for.  I interviewed at least 50 business owners.

I didn’t choose the product; the business owners who I spoke with chose the product and we’re building a solution for their needs.

7. Do you think that it’s hygienic for an entrepreneur to spend most of his or her time with non- entrepreneurs? Give reasons to your answer

I spend most of my time with non-entrepreneurs.  My friends from college and UCLA are not entrepreneurs; they’re all Investment Bankers, Management Consultants, and a majority of them are getting their MBA right now.

I grew up around people who got excellent grades and who got jobs that others just can’t get.  I’m pretty much the black sheep among my friends.

Is it healthy?  Not sure if it’s healthy or not, but these are my friends and I would never change them.

8. For an entrepreneur to become successful is it true that he or she must follow his or her passion? Give reasons for your answer.

You have to be passionate about the process: passionate about the team; passionate about helping people; passionate about creating a product.

Am I passionate about local businesses? No.

Am I passionate about building a company and seeing others use my product? Yes.

You don’t have to love the industry, but you do have to love what you do.

9. Why is it advisable for an entrepreneur to get in love with the team and not with the business idea?

Ideas always change; the product will always change.

The team is the most important part of the process.  If you have a dysfunctional team, then you’re going to fail.

10. Can you please give us tips on how an entrepreneur can get angel investors to fund his or her business startup?

This advice is for Internet or mobile entpreneurs:

1. Get a technical co-founder
2. Apply to the following
   1. http://ycombinator.com/
   2. http://www.techstars.org/
   3. http://angelpad.org/
   4. http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=startup+incubators
   5. Get accepted
   6. Graduate from the program
   7. Raise capital

Easy as pie

11. What advice can you give to an aspiring entrepreneur so as to keep the spirit going.

This shit is hard. Let’s stick together and succeed – hit me up anytime: me [at] junloayza.com or jun.loayza on Skype

Thanks so much Jun.

Visit Jun’s Blog

Share Your Thoughts!

I hope you enjoyed the interview? Feel free to share your opinion by using the comment section. Thanks so much.