{"content_id":"rx9ice1wsa","slug":"earn-10-billion-won-one-year-business-growth","locale":"en","schema_type":"Article","category":"case_study","category_name":"Case Study","title":"How to Earn 10 Billion Won: 1-Year Goal and Business Growth","summary":"David Adelman's case does not prove that an individual can earn 10 billion won in a year. It explains how operational results built through hands-on work lead to investment and the conditions that determine individual compensation.","sponsorship_disclosure":null,"affiliate_disclosure":null,"commerce_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["Advice on earning the first $1 million is not proof that 10 billion won was earned in a year.","A business's revenue and assets under management are not the same as an individual's income or net worth.","Operational results achieved in an existing business provide a basis for raising investment and negotiating compensation.","For those results to translate into personal income, the compensation criteria and payment terms must be agreed upon.","Even if a business grows through investment and loans, the risk of losses and responsibility for operations remain."],"content_markdown":"There is no verified, generally applicable way to build a personal net worth of 10 billion won within a year. Adelman’s story is about growing a business and raising capital through operational results. The key lessons to apply are learning on the job, demonstrating results, and agreeing on compensation terms.\n\nThe amounts in this case are based on a BigDeal interview published on August 24, 2026.\n\n## Is this a case of earning 10 billion won within a year?\n\nThe interview does not establish that David Adelman personally earned 10 billion won in one year. The question put to him was how to make his first $1 million. His answer was to learn from an existing business and increase its value.\n\nThe first $1 million and 10 billion won are different amounts. Income earned over a specific period must also be distinguished from accumulated wealth. Before setting a goal, decide what you want to reach 10 billion won.\n\n| Type of goal | Meaning | Records to check |\n| --- | --- | --- |\n| Annual revenue of 10 billion won | Amount a business sold in one year | Revenue records for that period |\n| Annual net profit of 10 billion won | Final profit after deducting costs and other expenses from business revenue | Income statement for that period |\n| Personal net worth of 10 billion won | Personal assets minus liabilities | Asset and liability records as of the same date |\n| Equity valuation of 10 billion won | Value assigned to an ownership stake | Basis for the valuation and equity rights |\n| Personal cash receipts of 10 billion won | Amount actually received by an individual | Payment and deposit records and tax treatment documents |\n\nNet worth is calculated by subtracting liabilities from assets. The U.S. Securities and Exchange Commission’s [Investor.gov guide to assessing your finances](https://www.investor.gov/introduction-investing/investing-basics/save-and-invest/figure-out-your-finances) also explains this measure. An increase in net worth does not mean an equal amount of cash has become available.\n\n## What can be verified about David Adelman’s business\n\nAdelman is an operator who grew a student housing business. His business history appears in his Campus Apartments profile. The assets under management described by the company are not Adelman’s personal wealth.\n\nThe company says he joined the business by investing $2,000. His answer about having no capital or connections is therefore hypothetical advice. His actual starting point should be distinguished from the choices he says he would make if starting over. His business history is described in [Campus Apartments’ David Adelman profile](https://www.campusapartments.com/david-adelman).\n\nThe BigDeal interview discusses an institutional investment deal in 2006. Adelman says he raised $300 million at the time. He then describes a $1 billion deal that used debt. This is his recollection, not a statement of personal income.\n\n| Amount in the interview | What it describes | Important distinction |\n| --- | --- | --- |\n| $1 million | A question about how to make a first substantial sum | Not a deadline or a record of actual earnings |\n| $300 million in 2006 | Capital raised for an institutional investment deal | Not money he personally earned and held |\n| $1 billion | Size of a real estate deal using equity capital and debt | Not personal net worth or profit from a sale |\n\nThe context for these amounts can be checked in the [BigDeal interview transcript](https://podscripts.co/podcasts/bigdeal/the-1-investing-habit-that-made-me-a-billionaire-david-adelman). Converting them to won would require an exchange rate and a reference date. This article keeps the amounts in the dollars used in his account.\n\n## Calculation example: The difference between capital raised and deal size\n\nThe calculation in the interview shows how borrowing increases the size of a deal. Adelman uses an example of 30% equity capital and 70% debt. This ratio is not a lending term that applies to every real estate deal.\n\n- Deal size: $300 million ÷ 30% = $1 billion\n- Equity capital: $1 billion × 30% = $300 million\n- Debt: $1 billion × 70% = $700 million\n\nHere, equity capital is money contributed to the business. It does not mean that Adelman personally provided all of it. His personal share cannot be calculated without knowing his ownership stake and distribution terms, among other things. Deal size alone cannot tell us how much he earned personally.\n\n## How to learn from an existing business when you have little capital\n\nAdelman advises building operational skills in an existing business. He gives examples of industries with established demand, such as heating and cooling and plumbing. His point is to find a role in bringing in more customers or reducing costs.\n\nTo apply this advice, first identify work you can learn to do. Look at both how the business generates revenue and where it incurs costs. The following steps are a practical checklist drawn from this case.\n\n1. Find out why customers pay. Determine whether the demand is recurring.\n2. Choose an improvement you can take responsibility for. Start with work you have the authority to handle, such as customer service or job scheduling.\n3. Record the starting point. Keep the comparison period and calculation method with it.\n4. Check the results. Distinguish changes in revenue from additional costs.\n5. Negotiate compensation based on verified results. Put the payment terms in writing.\n\nYou can understand the business as a whole while working as an employee. Taking on more responsibility, however, does not automatically give you an ownership stake. It is better to agree on your authority and performance measures first.\n\n## The opportunity Adelman found in student housing and the work of operating it\n\nAdelman focused on recurring demand for student housing. He says he paid attention to cases in which parents covered the rent. Improved cash flow from existing buildings also helped him persuade investors.\n\nHis account should not be treated as a set of investment conditions that applies near every university. Student numbers and housing supply must be checked for each area. The fact that someone is paying the rent does not guarantee a profit.\n\n| Opportunity seen in the case | Conditions to check in an actual business |\n| --- | --- |\n| Housing demand from incoming students | Student numbers at the university and patterns of commuting and residence |\n| Parents’ support with rent | How rent is actually paid and how late payments are managed |\n| Better operation of existing buildings | Repair costs and property management staffing costs |\n| Expansion into other areas | On-site managers and service quality control |\n\nStudent housing is an operating business that requires responding to residents. Maintenance, repairs, and rental management continue after a building is acquired. Adelman emphasizes managing people and the organization when expanding into other areas.\n\n## Comparing starting a business, participating in one as an employee, and investing\n\nThe skills and risks involved differ according to how income is generated. No path guarantees reaching 10 billion won within a year. Compare them based on your current experience and the responsibilities you can take on.\n\n| Path | How income or assets grow | Conditions to check first |\n| --- | --- | --- |\n| Improving a business as an employee | Salary, performance bonuses, or agreed equity compensation | Performance measures and compensation rights |\n| Starting a new business | Business profits and an increase in the value of an ownership stake | Customer demand and operating funds |\n| Acquiring an existing business | Profits and an increase in the value of the acquired business | Debt, contracts, and actual cash flow |\n| Selling an ownership stake | Receiving payment for a stake you own | Buyer, payment terms, and sale terms |\n| Investing in stocks or crypto assets | Price increases, dividends, or other returns | Potential losses and transaction structure |\n\nRecognizing a growing industry and realizing a return are different skills. Technical expertise does not replace acquiring customers or selling an ownership stake. Business investors must also consider their responsibility for direct operations, in addition to price fluctuations.\n\nInvesting with borrowed money can magnify losses. With securities margin trading, losses can exceed the amount invested. This risk is described in [Investor.gov’s investor alert on short-term trading](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term).\n\n## The terms needed to turn results into personal compensation\n\nFor business results to become personal income, a compensation agreement is needed. An increase in company profits is separate from an increase in an employee’s assets. Even if you receive equity, you may not be able to turn it into cash right away.\n\nThis distinction creates another task when putting Adelman’s advice into practice. You need to decide both how you will contribute to the business and how you will be paid. The following items provide a basis for reviewing what has been agreed.\n\n| Form of compensation | Items to check |\n| --- | --- |\n| Performance bonus | How performance is measured and when payment is made |\n| Profit sharing | Which profits are shared and which costs are deducted |\n| Equity compensation | Conditions for acquiring equity and how additional investment changes ownership percentages |\n| Sale of equity | Conditions for selling and the payment schedule |\n\nCosts may also rise as revenue grows. It would therefore be inaccurate to count the entire increase in revenue as your personal contribution. Check that the performance records and compensation agreement use the same measures.\n\n## Records that demonstrate trust and the flow of money\n\nExplaining trust requires records that let others verify results. The trust Adelman describes is closer to a history of repeatedly keeping promises. It should not be interpreted as a return that grows at a steady rate like interest on a deposit.\n\nRecords of business results and records of the source of funds serve different purposes. The former show what was improved. The latter explain where money came from and how it was used.\n\n| Record | What it helps verify |\n| --- | --- |\n| Operational records from before and after an improvement | Changes measured on the same basis |\n| Revenue, cost, and deposit records | The connection between results in the books and actual cash |\n| Investment and loan agreements | The nature of money received and repayment or distribution terms |\n| Equity and compensation agreements | Rights belonging to the individual |\n| Equity sale and payment receipt records | The difference between a valuation and the amount realized |\n\nKeep other people’s investment funds separate from personal living expenses. If you receive proceeds from a sale, keep the contract and deposit records together. Check tax and reporting obligations with the tax authority that has jurisdiction where you live.\n\n## Terms to check beyond price in a negotiation\n\nAdelman advises looking at deal terms as well as price. The timing of payments and who bears the risk can change the outcome of a deal. He says he writes down the terms he is willing to accept before negotiating.\n\n| Negotiation item | Basis for assessment |\n| --- | --- |\n| Price | Expected return and losses you can bear |\n| Payment timing | Cash needed when payment is due |\n| Contract period | How long responsibilities and costs continue |\n| Risk allocation | Who bears the burden if problems arise |\n| Ongoing relationship | Whether the other party keeps promises and discloses information |\n\nHe also describes missing out on a building deal he needed because of his emotions. His advice is to distinguish rude behavior from the economics of a deal. It does not mean accepting signs of fraud or contractual risks.\n\n## Common mistakes when reading success stories\n\nIt is easy to read the size of a business and a person’s wealth as the same number. Focusing only on a successful person’s results can also obscure their starting conditions. These distinctions help you read success stories more accurately.\n\n- Mistaking capital raised for earnings: Investment funds come with distribution terms.\n- Mistaking a loan for an increase in wealth: Borrowed money must be repaid.\n- Mistaking a valuation for cash: Before a sale, it is not sale proceeds.\n- Mistaking a success story for the probability of success: One case cannot establish a probability.\n- Mistaking long hours for a formula for earnings: Time worked alone does not determine compensation.\n\nAdelman also talks about explaining his business goals to his family. He says he had family members gain experience elsewhere before working with him. Teaching them about saving, investing, and giving is also part of his approach to family education.\n\nThese choices are his personal operating principles. They are not required qualifications for starting a business or universal standards for working hours. Before applying them, consider both living expenses and the time needed to care for family.\n\n## What to check when setting a one-year goal\n\nSet a one-year goal that distinguishes the amount you want from the results you can verify. Adelman’s case shows the connection between learning on the job and achieving small results. The conditions under which each step leads to personal income must be checked separately.\n\n1. Define the type of goal. Write down whether you mean revenue, personal income, or net worth.\n2. Record your starting position. List your current assets and liabilities as of the same date.\n3. Choose work to improve. Identify the records you will use to check the results.\n4. Agree on compensation and responsibilities. Put payment terms and the scope of your obligations in writing.\n5. Decide whether to expand. Check whether the results can be repeated and what funding is needed.","content_html":"\u003cp\u003eThere is no verified, generally applicable way to build a personal net worth of 10 billion won within a year. Adelman’s story is about growing a business and raising capital through operational results. The key lessons to apply are learning on the job, demonstrating results, and agreeing on compensation terms.\u003c/p\u003e\n\u003cp\u003eThe amounts in this case are based on a BigDeal interview published on August 24, 2026.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#is-this-a-case-of-earning-10-billion-won-within-a-year\" class=\"anchor\" id=\"is-this-a-case-of-earning-10-billion-won-within-a-year\"\u003e\u003c/a\u003eIs this a case of earning 10 billion won within a year?\u003c/h2\u003e\n\u003cp\u003eThe interview does not establish that David Adelman personally earned 10 billion won in one year. The question put to him was how to make his first $1 million. His answer was to learn from an existing business and increase its value.\u003c/p\u003e\n\u003cp\u003eThe first $1 million and 10 billion won are different amounts. Income earned over a specific period must also be distinguished from accumulated wealth. Before setting a goal, decide what you want to reach 10 billion won.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eType of goal\u003c/th\u003e\n\u003cth\u003eMeaning\u003c/th\u003e\n\u003cth\u003eRecords to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of goal\"\u003eAnnual revenue of 10 billion won\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eAmount a business sold in one year\u003c/td\u003e\n\u003ctd data-label=\"Records to check\"\u003eRevenue records for that period\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of goal\"\u003eAnnual net profit of 10 billion won\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eFinal profit after deducting costs and other expenses from business revenue\u003c/td\u003e\n\u003ctd data-label=\"Records to check\"\u003eIncome statement for that period\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of goal\"\u003ePersonal net worth of 10 billion won\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePersonal assets minus liabilities\u003c/td\u003e\n\u003ctd data-label=\"Records to check\"\u003eAsset and liability records as of the same date\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of goal\"\u003eEquity valuation of 10 billion won\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eValue assigned to an ownership stake\u003c/td\u003e\n\u003ctd data-label=\"Records to check\"\u003eBasis for the valuation and equity rights\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of goal\"\u003ePersonal cash receipts of 10 billion won\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eAmount actually received by an individual\u003c/td\u003e\n\u003ctd data-label=\"Records to check\"\u003ePayment and deposit records and tax treatment documents\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eNet worth is calculated by subtracting liabilities from assets. The U.S. Securities and Exchange Commission’s \u003ca href=\"https://www.investor.gov/introduction-investing/investing-basics/save-and-invest/figure-out-your-finances\"\u003eInvestor.gov guide to assessing your finances\u003c/a\u003e also explains this measure. An increase in net worth does not mean an equal amount of cash has become available.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-can-be-verified-about-david-adelmans-business\" class=\"anchor\" id=\"what-can-be-verified-about-david-adelmans-business\"\u003e\u003c/a\u003eWhat can be verified about David Adelman’s business\u003c/h2\u003e\n\u003cp\u003eAdelman is an operator who grew a student housing business. His business history appears in his Campus Apartments profile. The assets under management described by the company are not Adelman’s personal wealth.\u003c/p\u003e\n\u003cp\u003eThe company says he joined the business by investing $2,000. His answer about having no capital or connections is therefore hypothetical advice. His actual starting point should be distinguished from the choices he says he would make if starting over. His business history is described in \u003ca href=\"https://www.campusapartments.com/david-adelman\"\u003eCampus Apartments’ David Adelman profile\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThe BigDeal interview discusses an institutional investment deal in 2006. Adelman says he raised $300 million at the time. He then describes a $1 billion deal that used debt. This is his recollection, not a statement of personal income.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAmount in the interview\u003c/th\u003e\n\u003cth\u003eWhat it describes\u003c/th\u003e\n\u003cth\u003eImportant distinction\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Amount in the interview\"\u003e$1 million\u003c/td\u003e\n\u003ctd data-label=\"What it describes\"\u003eA question about how to make a first substantial sum\u003c/td\u003e\n\u003ctd data-label=\"Important distinction\"\u003eNot a deadline or a record of actual earnings\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Amount in the interview\"\u003e$300 million in 2006\u003c/td\u003e\n\u003ctd data-label=\"What it describes\"\u003eCapital raised for an institutional investment deal\u003c/td\u003e\n\u003ctd data-label=\"Important distinction\"\u003eNot money he personally earned and held\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Amount in the interview\"\u003e$1 billion\u003c/td\u003e\n\u003ctd data-label=\"What it describes\"\u003eSize of a real estate deal using equity capital and debt\u003c/td\u003e\n\u003ctd data-label=\"Important distinction\"\u003eNot personal net worth or profit from a sale\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe context for these amounts can be checked in the \u003ca href=\"https://podscripts.co/podcasts/bigdeal/the-1-investing-habit-that-made-me-a-billionaire-david-adelman\"\u003eBigDeal interview transcript\u003c/a\u003e. Converting them to won would require an exchange rate and a reference date. This article keeps the amounts in the dollars used in his account.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#calculation-example-the-difference-between-capital-raised-and-deal-size\" class=\"anchor\" id=\"calculation-example-the-difference-between-capital-raised-and-deal-size\"\u003e\u003c/a\u003eCalculation example: The difference between capital raised and deal size\u003c/h2\u003e\n\u003cp\u003eThe calculation in the interview shows how borrowing increases the size of a deal. Adelman uses an example of 30% equity capital and 70% debt. This ratio is not a lending term that applies to every real estate deal.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eDeal size: $300 million ÷ 30% = $1 billion\u003c/li\u003e\n\u003cli\u003eEquity capital: $1 billion × 30% = $300 million\u003c/li\u003e\n\u003cli\u003eDebt: $1 billion × 70% = $700 million\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eHere, equity capital is money contributed to the business. It does not mean that Adelman personally provided all of it. His personal share cannot be calculated without knowing his ownership stake and distribution terms, among other things. Deal size alone cannot tell us how much he earned personally.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-learn-from-an-existing-business-when-you-have-little-capital\" class=\"anchor\" id=\"how-to-learn-from-an-existing-business-when-you-have-little-capital\"\u003e\u003c/a\u003eHow to learn from an existing business when you have little capital\u003c/h2\u003e\n\u003cp\u003eAdelman advises building operational skills in an existing business. He gives examples of industries with established demand, such as heating and cooling and plumbing. His point is to find a role in bringing in more customers or reducing costs.\u003c/p\u003e\n\u003cp\u003eTo apply this advice, first identify work you can learn to do. Look at both how the business generates revenue and where it incurs costs. The following steps are a practical checklist drawn from this case.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eFind out why customers pay. Determine whether the demand is recurring.\u003c/li\u003e\n\u003cli\u003eChoose an improvement you can take responsibility for. Start with work you have the authority to handle, such as customer service or job scheduling.\u003c/li\u003e\n\u003cli\u003eRecord the starting point. Keep the comparison period and calculation method with it.\u003c/li\u003e\n\u003cli\u003eCheck the results. Distinguish changes in revenue from additional costs.\u003c/li\u003e\n\u003cli\u003eNegotiate compensation based on verified results. Put the payment terms in writing.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eYou can understand the business as a whole while working as an employee. Taking on more responsibility, however, does not automatically give you an ownership stake. It is better to agree on your authority and performance measures first.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#the-opportunity-adelman-found-in-student-housing-and-the-work-of-operating-it\" class=\"anchor\" id=\"the-opportunity-adelman-found-in-student-housing-and-the-work-of-operating-it\"\u003e\u003c/a\u003eThe opportunity Adelman found in student housing and the work of operating it\u003c/h2\u003e\n\u003cp\u003eAdelman focused on recurring demand for student housing. He says he paid attention to cases in which parents covered the rent. Improved cash flow from existing buildings also helped him persuade investors.\u003c/p\u003e\n\u003cp\u003eHis account should not be treated as a set of investment conditions that applies near every university. Student numbers and housing supply must be checked for each area. The fact that someone is paying the rent does not guarantee a profit.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eOpportunity seen in the case\u003c/th\u003e\n\u003cth\u003eConditions to check in an actual business\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Opportunity seen in the case\"\u003eHousing demand from incoming students\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check in an actual business\"\u003eStudent numbers at the university and patterns of commuting and residence\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Opportunity seen in the case\"\u003eParents’ support with rent\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check in an actual business\"\u003eHow rent is actually paid and how late payments are managed\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Opportunity seen in the case\"\u003eBetter operation of existing buildings\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check in an actual business\"\u003eRepair costs and property management staffing costs\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Opportunity seen in the case\"\u003eExpansion into other areas\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check in an actual business\"\u003eOn-site managers and service quality control\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eStudent housing is an operating business that requires responding to residents. Maintenance, repairs, and rental management continue after a building is acquired. Adelman emphasizes managing people and the organization when expanding into other areas.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#comparing-starting-a-business-participating-in-one-as-an-employee-and-investing\" class=\"anchor\" id=\"comparing-starting-a-business-participating-in-one-as-an-employee-and-investing\"\u003e\u003c/a\u003eComparing starting a business, participating in one as an employee, and investing\u003c/h2\u003e\n\u003cp\u003eThe skills and risks involved differ according to how income is generated. No path guarantees reaching 10 billion won within a year. Compare them based on your current experience and the responsibilities you can take on.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePath\u003c/th\u003e\n\u003cth\u003eHow income or assets grow\u003c/th\u003e\n\u003cth\u003eConditions to check first\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Path\"\u003eImproving a business as an employee\u003c/td\u003e\n\u003ctd data-label=\"How income or assets grow\"\u003eSalary, performance bonuses, or agreed equity compensation\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check first\"\u003ePerformance measures and compensation rights\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Path\"\u003eStarting a new business\u003c/td\u003e\n\u003ctd data-label=\"How income or assets grow\"\u003eBusiness profits and an increase in the value of an ownership stake\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check first\"\u003eCustomer demand and operating funds\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Path\"\u003eAcquiring an existing business\u003c/td\u003e\n\u003ctd data-label=\"How income or assets grow\"\u003eProfits and an increase in the value of the acquired business\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check first\"\u003eDebt, contracts, and actual cash flow\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Path\"\u003eSelling an ownership stake\u003c/td\u003e\n\u003ctd data-label=\"How income or assets grow\"\u003eReceiving payment for a stake you own\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check first\"\u003eBuyer, payment terms, and sale terms\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Path\"\u003eInvesting in stocks or crypto assets\u003c/td\u003e\n\u003ctd data-label=\"How income or assets grow\"\u003ePrice increases, dividends, or other returns\u003c/td\u003e\n\u003ctd data-label=\"Conditions to check first\"\u003ePotential losses and transaction structure\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eRecognizing a growing industry and realizing a return are different skills. Technical expertise does not replace acquiring customers or selling an ownership stake. Business investors must also consider their responsibility for direct operations, in addition to price fluctuations.\u003c/p\u003e\n\u003cp\u003eInvesting with borrowed money can magnify losses. With securities margin trading, losses can exceed the amount invested. This risk is described in \u003ca href=\"https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term\"\u003eInvestor.gov’s investor alert on short-term trading\u003c/a\u003e.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#the-terms-needed-to-turn-results-into-personal-compensation\" class=\"anchor\" id=\"the-terms-needed-to-turn-results-into-personal-compensation\"\u003e\u003c/a\u003eThe terms needed to turn results into personal compensation\u003c/h2\u003e\n\u003cp\u003eFor business results to become personal income, a compensation agreement is needed. An increase in company profits is separate from an increase in an employee’s assets. Even if you receive equity, you may not be able to turn it into cash right away.\u003c/p\u003e\n\u003cp\u003eThis distinction creates another task when putting Adelman’s advice into practice. You need to decide both how you will contribute to the business and how you will be paid. The following items provide a basis for reviewing what has been agreed.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eForm of compensation\u003c/th\u003e\n\u003cth\u003eItems to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Form of compensation\"\u003ePerformance bonus\u003c/td\u003e\n\u003ctd data-label=\"Items to check\"\u003eHow performance is measured and when payment is made\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Form of compensation\"\u003eProfit sharing\u003c/td\u003e\n\u003ctd data-label=\"Items to check\"\u003eWhich profits are shared and which costs are deducted\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Form of compensation\"\u003eEquity compensation\u003c/td\u003e\n\u003ctd data-label=\"Items to check\"\u003eConditions for acquiring equity and how additional investment changes ownership percentages\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Form of compensation\"\u003eSale of equity\u003c/td\u003e\n\u003ctd data-label=\"Items to check\"\u003eConditions for selling and the payment schedule\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eCosts may also rise as revenue grows. It would therefore be inaccurate to count the entire increase in revenue as your personal contribution. Check that the performance records and compensation agreement use the same measures.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#records-that-demonstrate-trust-and-the-flow-of-money\" class=\"anchor\" id=\"records-that-demonstrate-trust-and-the-flow-of-money\"\u003e\u003c/a\u003eRecords that demonstrate trust and the flow of money\u003c/h2\u003e\n\u003cp\u003eExplaining trust requires records that let others verify results. The trust Adelman describes is closer to a history of repeatedly keeping promises. It should not be interpreted as a return that grows at a steady rate like interest on a deposit.\u003c/p\u003e\n\u003cp\u003eRecords of business results and records of the source of funds serve different purposes. The former show what was improved. The latter explain where money came from and how it was used.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eRecord\u003c/th\u003e\n\u003cth\u003eWhat it helps verify\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Record\"\u003eOperational records from before and after an improvement\u003c/td\u003e\n\u003ctd data-label=\"What it helps verify\"\u003eChanges measured on the same basis\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Record\"\u003eRevenue, cost, and deposit records\u003c/td\u003e\n\u003ctd data-label=\"What it helps verify\"\u003eThe connection between results in the books and actual cash\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Record\"\u003eInvestment and loan agreements\u003c/td\u003e\n\u003ctd data-label=\"What it helps verify\"\u003eThe nature of money received and repayment or distribution terms\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Record\"\u003eEquity and compensation agreements\u003c/td\u003e\n\u003ctd data-label=\"What it helps verify\"\u003eRights belonging to the individual\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Record\"\u003eEquity sale and payment receipt records\u003c/td\u003e\n\u003ctd data-label=\"What it helps verify\"\u003eThe difference between a valuation and the amount realized\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eKeep other people’s investment funds separate from personal living expenses. If you receive proceeds from a sale, keep the contract and deposit records together. Check tax and reporting obligations with the tax authority that has jurisdiction where you live.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#terms-to-check-beyond-price-in-a-negotiation\" class=\"anchor\" id=\"terms-to-check-beyond-price-in-a-negotiation\"\u003e\u003c/a\u003eTerms to check beyond price in a negotiation\u003c/h2\u003e\n\u003cp\u003eAdelman advises looking at deal terms as well as price. The timing of payments and who bears the risk can change the outcome of a deal. He says he writes down the terms he is willing to accept before negotiating.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eNegotiation item\u003c/th\u003e\n\u003cth\u003eBasis for assessment\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Negotiation item\"\u003ePrice\u003c/td\u003e\n\u003ctd data-label=\"Basis for assessment\"\u003eExpected return and losses you can bear\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Negotiation item\"\u003ePayment timing\u003c/td\u003e\n\u003ctd data-label=\"Basis for assessment\"\u003eCash needed when payment is due\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Negotiation item\"\u003eContract period\u003c/td\u003e\n\u003ctd data-label=\"Basis for assessment\"\u003eHow long responsibilities and costs continue\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Negotiation item\"\u003eRisk allocation\u003c/td\u003e\n\u003ctd data-label=\"Basis for assessment\"\u003eWho bears the burden if problems arise\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Negotiation item\"\u003eOngoing relationship\u003c/td\u003e\n\u003ctd data-label=\"Basis for assessment\"\u003eWhether the other party keeps promises and discloses information\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eHe also describes missing out on a building deal he needed because of his emotions. His advice is to distinguish rude behavior from the economics of a deal. It does not mean accepting signs of fraud or contractual risks.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-mistakes-when-reading-success-stories\" class=\"anchor\" id=\"common-mistakes-when-reading-success-stories\"\u003e\u003c/a\u003eCommon mistakes when reading success stories\u003c/h2\u003e\n\u003cp\u003eIt is easy to read the size of a business and a person’s wealth as the same number. Focusing only on a successful person’s results can also obscure their starting conditions. These distinctions help you read success stories more accurately.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eMistaking capital raised for earnings: Investment funds come with distribution terms.\u003c/li\u003e\n\u003cli\u003eMistaking a loan for an increase in wealth: Borrowed money must be repaid.\u003c/li\u003e\n\u003cli\u003eMistaking a valuation for cash: Before a sale, it is not sale proceeds.\u003c/li\u003e\n\u003cli\u003eMistaking a success story for the probability of success: One case cannot establish a probability.\u003c/li\u003e\n\u003cli\u003eMistaking long hours for a formula for earnings: Time worked alone does not determine compensation.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAdelman also talks about explaining his business goals to his family. He says he had family members gain experience elsewhere before working with him. Teaching them about saving, investing, and giving is also part of his approach to family education.\u003c/p\u003e\n\u003cp\u003eThese choices are his personal operating principles. They are not required qualifications for starting a business or universal standards for working hours. Before applying them, consider both living expenses and the time needed to care for family.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-to-check-when-setting-a-one-year-goal\" class=\"anchor\" id=\"what-to-check-when-setting-a-one-year-goal\"\u003e\u003c/a\u003eWhat to check when setting a one-year goal\u003c/h2\u003e\n\u003cp\u003eSet a one-year goal that distinguishes the amount you want from the results you can verify. Adelman’s case shows the connection between learning on the job and achieving small results. The conditions under which each step leads to personal income must be checked separately.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eDefine the type of goal. Write down whether you mean revenue, personal income, or net worth.\u003c/li\u003e\n\u003cli\u003eRecord your starting position. List your current assets and liabilities as of the same date.\u003c/li\u003e\n\u003cli\u003eChoose work to improve. Identify the records you will use to check the results.\u003c/li\u003e\n\u003cli\u003eAgree on compensation and responsibilities. Put payment terms and the scope of your obligations in writing.\u003c/li\u003e\n\u003cli\u003eDecide whether to expand. Check whether the results can be repeated and what funding is needed.\u003c/li\u003e\n\u003c/ol\u003e\n","tags":["Startup","Investment","Follow through","Decision Making","Goal Achievement"],"faqs":[{"question":"Did David Adelman earn 10 billion won in one year?","answer":"The interview reviewed does not establish that he earned 10 billion won personally in one year. It covers advice on how to make your first million dollars and his experience growing a business."},{"question":"What is the main advice for making your first million dollars?","answer":"Learn how a business operates by working at an existing company and increase its value. Use your results to negotiate compensation or build a foundation for going independent."},{"question":"If a business has 10 billion won in revenue, does that mean an individual earned 10 billion won?","answer":"Revenue is the amount a business earns from sales. You need to subtract business costs to determine its profit. How much an individual is paid must be checked separately."},{"question":"How do you calculate a net worth of 10 billion won?","answer":"Subtract the individual's liabilities from their assets as of the same date. If you include the value of an ownership stake, you should also check how it was valued. Not all net worth is cash that can be used immediately."},{"question":"Is the $300 million Adelman raised his personal wealth?","answer":"The interview describes it as funds raised for an institutional investment deal in 2006. It does not mean personal income or assets he owned solely."},{"question":"Do you have to start a business first to grow one?","answer":"You can also gain operational experience at an existing company. You can learn about the business by helping acquire customers and manage costs. Compensation must be agreed on separately with the company."},{"question":"Can employees receive an ownership stake for their work?","answer":"An ownership stake is not granted automatically based on performance alone. You need to agree with the company on the terms for acquiring it and the rights it provides. Also check the terms for selling it after you receive it."},{"question":"Is rental income from student housing guaranteed?","answer":"Student demand alone does not guarantee income. You need to check the number of students and the housing supply in the area. You should also review maintenance, repair, and management costs."},{"question":"Does the compounding of trust refer to a financial return?","answer":"It is a metaphor for how a record of keeping promises builds trust for future deals. It does not refer to a fixed interest rate or rate of return."},{"question":"Can taking out more loans help you reach your goal faster?","answer":"Loans can increase the scale of your investments or operations. They also create interest and repayment obligations. Increasing scale is different from increasing personal net worth."},{"question":"What records do you need to have your business results recognized?","answer":"You need data from before and after the improvements, measured using the same criteria. Distinguish increased revenue from additional costs. Keep compensation agreements and records of actual payments as well."},{"question":"Can you make 10 billion won in one year through stocks or cryptoassets?","answer":"This case does not establish any such investment method or the likelihood of reaching that goal. One person's success does not guarantee the same result for another investor. Investing with borrowed money can also increase potential losses."}],"sources":[{"url":"https://podfollow.com/bigdeal/episode/34579ebb21d8844b516129351c057fdbfc09f66b/view","title":"BigDeal: The #1 Investing Habit That Made Me a Billionaire | David Adelman, August 24, 2026 episode details","type":"source"},{"url":"https://podscripts.co/podcasts/bigdeal/the-1-investing-habit-that-made-me-a-billionaire-david-adelman","title":"BigDeal David Adelman interview transcript, PodScripts","type":"source"},{"url":"https://www.campusapartments.com/david-adelman","title":"Campus Apartments: David Adelman profile","type":"source"},{"url":"https://www.investor.gov/introduction-investing/investing-basics/save-and-invest/figure-out-your-finances","title":"Investor.gov: Figure Out Your Finances","type":"source"},{"url":"https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term","title":"Investor.gov: Information on the risks of social media-based short-term trading and margin trading","type":"source"}],"images":[{"id":1541,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjI3OTAsInB1ciI6ImJsb2JfaWQifX0=--74eab09741066680a3742995576aae3e5a138314/ai-06e28b16.webp","is_representative":true,"generation_method":"ai_photo","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"로비 카운터에서 여성이 서류를 살펴보고, 맞은편에 동료가 앉아 있으며 뒤에서는 작업자가 문을 점검한다.","caption":"사업 성과가 개인 수입으로 이어지려면 보상 기준과 지급 조건을 합의해야 합니다.","description":null},"en":{"alt":"A woman studies a document at a lobby counter while a colleague waits opposite and a worker checks a door behind them.","caption":"Business results become personal income only when compensation criteria and payment terms are agreed.","description":null},"ja":{"alt":"ロビーのカウンターで女性が書類を確認し、向かいに同僚が座る。奥では作業員がドアを点検している。","caption":"事業の成果を個人の収入につなげるには、報酬の基準と支払い条件の合意が必要です。","description":null},"es":{"alt":"Una mujer examina un documento en el mostrador de un vestíbulo; frente a ella espera una colega y, al fondo, un operario revisa una puerta.","caption":"Para que los resultados del negocio se conviertan en ingresos personales, hay que acordar los criterios y las condiciones de pago.","description":null},"id":{"alt":"Seorang perempuan meneliti dokumen di meja lobi, sementara rekan menunggu di hadapannya dan petugas memeriksa pintu di belakang.","caption":"Hasil usaha menjadi penghasilan pribadi jika kriteria imbalan dan syarat pembayarannya disepakati.","description":null},"pt":{"alt":"Uma mulher analisa um documento no balcão de um saguão, enquanto uma colega espera à frente e um funcionário verifica uma porta ao fundo.","caption":"Para que os resultados do negócio se tornem renda pessoal, é preciso acordar os critérios de remuneração e as condições de pagamento.","description":null},"zh-hant":{"alt":"一名女子在大廳櫃檯查看文件，對面坐著同事，後方有維修人員檢查門。","caption":"事業成果要轉化為個人收入，必須先談妥報酬標準與支付條件。","description":null},"de":{"alt":"Eine Frau prüft ein Dokument am Tresen einer Lobby; ihr gegenüber wartet eine Kollegin, während hinten ein Arbeiter eine Tür kontrolliert.","caption":"Damit Geschäftsergebnisse zu persönlichem Einkommen werden, müssen Vergütungsmaßstäbe und Zahlungsbedingungen vereinbart sein.","description":null}}},{"id":1542,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjI3OTYsInB1ciI6ImJsb2JfaWQifX0=--07200ba014ddfef4392cc776976d9ff699b30270/ai-b39f0d4e.webp","is_representative":false,"generation_method":"ai_semi","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"주방 싱크대 아래 열린 수납장 앞에 쪼그려 앉아 물이 새는 배관의 밸브를 잡은 수리 기사","caption":"투자금과 대출로 사업을 키워도 운영 책임은 남습니다.","description":null},"en":{"alt":"A maintenance technician crouches by an open sink cabinet, holding a valve as water drips from a pipe.","caption":"Growing a business with investment and loans does not remove operational responsibility.","description":null},"ja":{"alt":"キッチンのシンク下で、配管から水が漏れる中、開いた収納扉の前にしゃがんでバルブに手をかける修理担当者","caption":"投資や融資で事業を拡大しても、運営上の責任は残ります。","description":null},"es":{"alt":"Un técnico agachado ante el armario abierto bajo el fregadero toca una válvula mientras gotea una tubería.","caption":"Crecer con inversiones y préstamos no elimina la responsabilidad de gestionar el negocio.","description":null},"id":{"alt":"Teknisi berjongkok di depan kabinet bawah wastafel yang terbuka, memegang katup saat air menetes dari pipa.","caption":"Membesarkan usaha dengan investasi dan pinjaman tidak menghapus tanggung jawab operasional.","description":null},"pt":{"alt":"Um técnico agachado diante do armário aberto sob a pia segura uma válvula enquanto a água pinga de um cano.","caption":"Expandir o negócio com investimentos e empréstimos não elimina a responsabilidade operacional.","description":null},"zh-hant":{"alt":"維修技師蹲在打開的廚房水槽下方櫥櫃前，握著閥門，水從管線滴落。","caption":"即使靠投資與貸款擴大事業，營運責任仍然存在。","description":null},"de":{"alt":"Ein Techniker hockt vor dem offenen Spülenschrank und hält ein Ventil, während Wasser aus einem Rohr tropft.","caption":"Auch bei Wachstum durch Investitionen und Kredite bleibt die Verantwortung für den Betrieb bestehen.","description":null}}}],"published_at":"2026-09-28T15:31:18+09:00","updated_at":"2026-09-28T15:31:18+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/earn-10-billion-won-one-year-business-growth"}