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About the Episode
You know how experts tell you to listen to your users and build features based on their feedback. Well today’s guest did just that and talks about why it was actually a set back in the company’s history. Also, listen to part of the show where he shares some resources on how to properly set up your company.
Between listening to feedback to staying true to your vision
During the initial launch of Refresh last October 2013, Bhavin’s team got a lot of early feedback surrounding building in additional workflow features and all other cool concepts from their users. But upon picking between at the feedback and the thing that inspired them to get started, they decided to stick to their knitting, which was basically to help people find more interesting content and match data more intelligently. It proved to be the better road for them as they continued to win by not building a whole word chest of features in their product.
An example of the feature they have added, which are now barely used by their market is the introduction email feature. It functions by generating introduction emails for the two people you want to introduce to get a mini dossier of one another. You review it and then click and send. It sounds great, it fits the model and the mold but somehow, it just got lost and no one seems to have been using the feature.
Properly setting up your company
A lot of considerations need to be taken into account when you set up your company thereby you should have the tools before entering into one. Venture Hacks is a resource which can provide you information on how to set up capitalization tables, corporate structures and the like. You could also check out incubators such as YCombinator, 500 Start Ups, or Founder’s Institute.
Companies have a way of changing and pivoting so one of the most essential things that you should also consider is the chemistry between you and your cofounders. Other critical things are choosing your board members, picking your investors, thinking about how you will pitch your company, and thinking big but acting small.
To be a successful entrepreneur, you have to love the process of building a company more than you love the idea yourself.
What is the #1 thing you’d like the listener to walk away with from this interview?
Keep your ideas simple and build against them. Iterate but stay true to your original vision and inspiration because that tends to lead to lots of good things.
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