https://www.youtube.com/watch?v=8166JC1wUbA
Targets to aim for sequentially
- growing engagement
figure out why they would want to use a product over and over again
- build a product that people would want to use twice a day
- Next door has an average 40% daily engagement rate in their user base
- do things that don't scale
manually try to find suppliers before moving on to find buyers
- scale up quality of engagement
- be skeptical until proven beyond a doubt across all spectrum that hypothesis is valid
- Set a high bar on what engagement means
allows a neighborhood to only continue if more than 10 people use it
- growth
figure out how to drive user acquisition
- fifure how to maintain the high quality of engagement
- pick a target segment and overserve them before moving on to expanding to more segments
- monetization
figure out how to capture value after achieving critical mass
- Google Ads - demand fulfillment since people already want the stuff n are searching for it
- Facebook Stream injection - demand generation since people might not know they want the stuff but would want it if they know it exist
Scaling in order
- Scale engagement
- scale user base
- scale monetization
- scale technology
- scale people
Coaching / Leaderships
- Bill Campbell
Situational awareness
can identify pattern very fast and provide the advice
- been on the board of Apple, Google, Amazon
- Great leader himself
people want to follow him
- Seeing each player's strength clearly and hanging advice based on the player's profile
Key points
- things that work well during a downturn will work well during an upturn
- cost structure commitments
be wary of fixed cost long term commitments - Rent
- employing another full time staff
- ok to take risk where costs are Capped n one off
- to do things sequentially because only have a small team and cannot pursue all goals simultaneously
References
- Poem : If, Rudyard Kipling - https://www.poetryfoundation.org/poems-and-poets/poems/detail/46473