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About the Episode
Do you constantly create apps that have too many features? Well today’s guest breaks down his simple process for determining which features to build and which features to save for future releases. Also, listen to how he was able to sell his first company at the age of 24.
What Features to Build Now and to Add Later
The process employed by Phil to decide what features go in an app now and what features to add later requires only pen and paper … and a lot of logic. He basically makes a Venn diagram with a circle at the center of the page and in it are the primary functions of the app. Then draw 3 periphery circles near the central circle. Circle 1 is the “must haves” and will be the list of features the app one cannot do without. In other words, this is not an app without these features. Circle 2 is the “want to have” and is the list of features you can add to the apps later; when the app is making money and the budget is bigger. Circle 3 is the “nice to have” and is the list of enhancements that you can add. These are not necessary but they add glitter and the oomph factor to user experience. Circle 3 has the lowest priority. In building an app, cost is the biggest consideration. Add-ons should be in the future because the app should be making money by then.
Selling a Company at Age 24
The company Phil first worked for was a startup, a company at the forefront of outsourcing at that time. When Phil had a chance to test his ideas in the brave new world of apps development, he went into outsourcing (something that he knew best) and worked that knowledge into what he loved best – video games. So he outsourced and built a team of really great talents to make – video games.He built this platform to get these designers together and their first game actually found its way into being one of the original Nintendo games. Seven months into this business, Phil got bought by a bigger studio. It was not by design, but Phil has this to say about selling one’s company, “When you want to plan an exit strategy, keep in mind that acquisition companies may not be actually looking at revenues. Look at your company and see why they want it.”
What advice can you give to anyone looking to build an app?
“You want to build something no one else has built but in the apps world you want to build what everyone else is building because chances are that is what everyone is downloading.”