How to manage the exponential growth of a startup
Explosive growth summarises the lessons which the author learned during the years that lead to the exponential growth of his startup; increasing its value tenfold, from one day to the next. According to Cliff Lerner, the three magic ingredients that enabled his success were: testing every idea and gathering real time data, constantly improving the product and using viral marketing techniques. The rise of Snap Interactive was full of challenges, slip ups, problems to be solved, and important decisions to be made, all the while, keeping the focus on continuous innovation.
Many useful tips to:
- Realise exactly how much work and planning goes into the success of a startup.
- Understand the importance of selling the benefits of a product, and not its functions.
- Learn to plan for the worst case scenario, to be ready for a crisis and possible hard times.
Making an existing service ten times better
From 2000 to 2005, Cliff Lerner worked as an analyst for Lehman Brothers, one of the most prominent investment banks in the United States. At just 27 years old, he was promoted to a role that launched his career within the company. In spite of this opportunity, driven by a desire to keep complete control over his life, he decided to forgo a promising corporate career and to follow his dream: to become an entrepreneur and to be able to travel.
For his new venture, the young Cliff chose the online dating sector, and his chosen niche was professionals who wanted to find interesting people to go out with, and possibly their soulmate. The new site was to enable users to set a date to go out for coffee or a drink, without having to trawl through the usual ream of emails that other dating sites used, which greatly limited the user experience. Getting a date was a long and drawn out process, and the idea was to simplify, and speed up this process, offering the same service as other sites, but with significant improvements. For the user, the end result was the same, but the process was ten times easier.
Snap Interactive was created from this premise in 2005.
The key ideas of "Explosive Growth"
Try 4books Premium for free!