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Today’s guests first started to build their company as a new social network in 2006 and now have the biggest Facebook alternative app. You will discover the difficulties of building a social network, how almost running out of money led to their breakthrough and what kind of entrepreneurs they like to invest in.
The Difficulties of Building a Social Network
They realized that it was very hard to build a social network as you can get people engaged quickly but you they also get disengaged rapidly as well so you have to be mindful of this. When disengagement creeps in, your user base will begin to disappear as well so you have to keep pushing for ideas to continually get people excited for the news to spread via word of mouth. Give the users something unique and they will talk about it.
What kind of entrepreneurs they like to invest in
If they were investors, they shared that they will look at the team and how people-centric their founders are to be able to decide to invest. They need to see if the founder is passionate about being an entrepreneur and is willing to share his experiences. It can also be how he reacts if you quiz him on why his product is necessary and how he rationalizing the way he does a certain process. Additionally, they would also want to see how the person takes advice from others and the initiative to move forward and look for other options even if you decline to invest.
Take Aways on Entrepreneurship
Don’t write a business plan before starting a business. If you want to learn how to surf, you can’t learn it in the beach, you need to go to the water. Start developing apps, give yourself tools and find friends to work with. Having a co-founder that you can trust is also invaluable because your entrepreneurship journey will have lots of ups and downs. Efficient communication is key especially if you and your partner work virtually.
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