“That’s not the real problem!”
Ben Horowitz, co-founder of a16z and Silicon Valley guru, explains everything you need to know about business strategy.

There is a CEO who is the co-founder of Andreessen Horowitz (a16z), the company that led the investment in 'Clubhouse', a hot topic in 2021, and sold the company to Hewlett-Packard for an astronomical sum of $1.6 billion.
That's Ben Horowitz.
The glamorous image of a successful entrepreneur and famous investor is highlighted, but behind it are unimaginable 'blood, sweat, and tears' and roller coaster-like twists and turns.
In "Hard Thing," he vividly describes the struggles he overcame, from starting a business, to the brink of bankruptcy, to a brilliant comeback, to a successful sale, and finally to starting a new business.
“There are no formulas in this book,” he says firmly.
You may wonder what he's talking about, but if you follow what he's saying, you'll soon find yourself nodding along.
When you need to lay off a long-time employee, when office politics become serious, when you desperately need investment to prevent bankruptcy, when you're wondering whether to sell the company...
There is no way there is a right answer here.
There is nothing that can be solved with the success formulas commonly mentioned in economics and management books.
The author argues that these are truly difficult "management challenges," and that any leader will inevitably face such challenges at some point.
And based on his own experience, he suggests the 'best move' to solve a problem without an answer.


First published in Korea in 2014, it received an explosive response in the US and other English-speaking countries, but it failed to gain traction in Korea and went out of print. However, it has been consistently referred to as a hidden masterpiece, considered a textbook for both entrepreneurs and managers of organizations.
It has received rave reviews from numerous executives, including Peter Thiel, Mark Zuckerberg, and Larry Page, and in Korea, Publy CEO Park So-ryeong has recommended it several times, and former National Assembly member Hong Jeong-wook recently recommended it on his social media.

In business, the 'challenge' isn't setting big, bold goals.
It is precisely when such goals fail that employees are fired.
It's not about recruiting great talent, it's about dealing with their excessive demands and developing a sense of entitlement.
It's not about creating an organizational chart for a company, it's about making sure people within that structure communicate with each other.
It's not about having grand dreams, it's about waking up in a cold sweat when those dreams turn into nightmares and searching for answers.
--- From the "Prologue"

So there are no formulas in this book.
Instead, I would like to introduce various difficulties I personally experienced in the business field and how I overcame them.
I've worked in a corporate setting, been a businessman, and even been a CEO.
He is currently working as a venture capitalist.
The lessons learned through firsthand experience throughout this entire process are invaluable and useful assets that cannot be replaced by anything else.

I believe these lessons will be especially useful to the new generation of founders and CEOs.
Establishing and growing a company inevitably involves difficult times.
I too have been involved in that process and have gone through difficult and harsh times.
The circumstances may be different, but the fundamental challenges and the lessons learned will be the same.
--- From the "Prologue"

I also learned the lesson of not judging something by its appearance.
Whether it's a person, a situation, or a thing, you don't know anything about it until you first make an effort to know it.
There are no shortcuts to this knowledge.
This is especially true of knowledge gained through direct experience.
Following conventions and relying on shortcuts can be worse than not knowing anything at all.

--- From "Chapter 1"

Then one day, I asked myself another question.
“What should I do if the company goes bankrupt?” Then, an answer that surprised even me came out of my mouth.
“I want to buy our software Opsware, which runs on LoudCloud, and start a software company.”
--- From Chapter 2

I called Bill Campbell and told him the good news.
He said the deal has been signed and that it will be announced in New York on Monday.
But he gave some unexpected advice.
“It’s a shame, but you absolutely must not go to New York and be the main character of that announcement.
“Send Mark instead,” I asked, puzzled.
“What do you mean?” he explained.
“You are saying that you should stay at the company and inform all employees of the current situation.
You can't delay even a day.
No, this is something that cannot be delayed even for a minute.
We need to allow our employees to clarify their positions as quickly as possible.
“Should I work for you, move to EDS, or look for another job?”
--- From Chapter 2

Developers seeking innovation can consider every possible factor, but often have to go against what is perceived as 'customer-friendly'.
Ultimately, innovation requires both knowledge, skill, and courage.
And sometimes, only the founders of a company have the courage to ignore the data.
We didn't have much time, so I had to step up.
I said this.
“There is no need to worry about the needs of existing customers.
“It is more important to innovate and reinvent our products so that we can win the competition.”
--- From Chapter 3

Remember, at some point you will have to ask yourself this question.
“What are we not doing now?”
--- From Chapter 3

When building a business, you should always believe that there is a solution, not worry about the probability of finding it.
The point is, you just have to find it.
Whether it's 90 percent or 0.1 percent, the probability doesn't matter. The CEO's job remains the same.
--- From Chapter 4

Most management books focus on how to do things right so as not to make mistakes.
But I want to talk about the steps you should take after a situation goes wrong.
The good news is that I have a lot of experience in that area, and so do most other CEOs.
--- From Chapter 4

Struggle is not failure, but it causes failure.
Especially when you are weak.
It's always like that when you're weak.
Most people are not strong enough.
Even great entrepreneurs like Steve Jobs and Mark Zuckerberg have struggled, and they truly struggled in those situations.
So don't worry.
You're not alone.
Of course, that doesn't guarantee you'll win.
I might not be able to overcome it.
If it were that easy, would it be considered a struggle?
Ultimately, a fierce struggle is a situation in which greatness is revealed.
--- From Chapter 4

Bill Campbell, former CEO of Intuit, once said to me:
I hope you too will keep this in mind.
“The CEO’s message about layoffs is for the remaining employees.”
--- From Chapter 4

Bill Campbell once gave me some very important advice when I was preparing to fire an executive.
“Ben, you can’t save his job, but you can save his face.”
--- From Chapter 4

Every CEO says his company will be great.
You won't know if that's truly true until you see how the company or its CEO handles something truly difficult.
Firing executives is a great way to gauge that.

--- From Chapter 4

There comes a time when any company must fight for its very existence.
If you feel like running away when you have to fight, ask yourself this:
“If our company is so bad that it can’t win this fight, is it even worth existing?”
--- From Chapter 4

If you have the mental energy to scrutinize your misfortune, pour it all into finding a way out of your current predicament.
Even if it seems impossible on the surface.
Don't waste a single second on unproductive regrets like, "If only I had done this or that, how would things have turned out differently?"
Spend all your time wondering, 'What should I do now?'
In the end, no one cares, so just run the company.

--- From Chapter 4

If you're not sure where to focus, focus on building a great company to work for, like Bill did.
--- From Chapter 5

The experienced and great CEOs I know all have one important thing in common.
When faced with management-related problems, we often choose the difficult path that others would not readily choose.
--- From Chapter 5

Organizations sometimes need clarity, not solutions.

--- From Chapter 6

As a CEO, you must always consider the impact your words and actions have on the entire organization.
Acting as an open leader, a responsive leader, or an action-oriented leader may make you feel good in the short term.
But we must always keep in mind that doing so may have the unintended consequence of encouraging all sorts of bad things.

--- From Chapter 6

You might think that pouring so much time and effort into promotions and titles is an overemphasis on foolish formalism.
It's the exact opposite.
Without a carefully planned, rigorous process for promotions and promotions, employees will become fixated on the resulting inequities.
--- From Chapter 6

A company is a place where people work together as a team.
No matter how great an employee's potential is, it is impossible to bring out their true potential unless they perform their work in a trustworthy manner.

--- From Chapter 6

But if you want to create something out of nothing, you have to take risks and win the race against time.
This means that you must acquire the best talent, knowledge, and experience.
--- From Chapter 6

The most important lesson I've learned as an entrepreneur is to focus on what needs to be fixed and stop worrying about what you did or might do wrong.
--- From Chapter 7

The secret to getting the right outcome is not to be biased towards either the positive or the negative scenario.
--- From Chapter 7

Whenever I meet a successful CEO, I ask them how they got to where they are today.
Average CEOs often tout their brilliant strategic moves, their intuitive business sense, or any number of other self-satisfying explanations.
But great CEOs are surprisingly consistent in their answers.
They all say this.
“I just didn’t quit.”
--- From Chapter 7

Every time we make a difficult, right decision, we become a little braver, and every time we make an easy, wrong decision, we become a little cowardly.
--- From Chapter 7

When setting standards, you shouldn't look too far ahead.
It is neither unnecessary nor a good idea to judge executives based on what tasks they will be assigned in two years.
That's something to think about when the time comes.
Evaluate executives based on their current performance in their current position.
--- From Chapter 8

The answer is, “Your loyalty should be directed towards your employees.”
That is, employees working under executives, employees in charge of engineering, marketing, sales, finance, human resources, etc.
You have a duty to ensure that they work under top-notch management.
That comes first.
--- From Chapter 8

Also I realized.
Acknowledging and embracing the unique aspects of my background is the key to overcoming them and achieving my goals.
It ultimately gives me a unique perspective and approach to business.
A perspective and approach that no one else but me can have.
--- From Chapter 9

Of course, even if you take all the advice in the world and the wisdom of those who have experienced it as your guide, difficult problems will always be difficult.
So, I will leave you with just this last word.
May all those struggling to achieve their dreams find peace soon!

--- From Chapter 9