SUMMARY:

Andrew finally reveals the key to success: rubber duckies, Purple Cows, and The Game.

LESSONS LEARNED:

  • Why reinvent the wheel? Look at guys who are successful and steal their template when designing your MVP.

  • Advice isn’t the same as hand-holding. Early advisors said here’s what you should tackle next, but we’re not going to help you do it.

  • Recruiting: build an MVP and start asking for feedback and referrals from experts, developers, etc…

  • Recruiting: Use Linkedin to find engineers who have been at larger co’s for 2 years and odds are they’re a bit burned out and looking for a new challenge.

  • Recruiting: You need to make sure that the person next to you can do their job way better than you ever could.

  • Give A players the chance to be challenged and suffer serious brain drain on interesting problems. Huge motivator.

  • Every member of the team needs to have their own personal goal they’re working towards.

  • If you feel any tension with co-founders early on, stop what you’re doing. Trust your gut because you’ll be with these guys for the next 5 years.

  • Honesty matters. Don’t be paralyzed by your fear that people will hate you if you tell them the truth. They might not like to hear it, but they’ll respect you.

  • Test your MVP in sales meetings. Demo product and ask questions. Purpose is to gain market feedback not sell. Watch prospects facial reaction to each feature in the room.

  • Your memory is not as good as you think. Take notes in meetings.

  • When going to a conference: set up a booth near the bathroom and grab people’s attention. Guaranteed foot traffic.

  • Recruiting: Sell the vision. This is where we want to head. We think there’s X problems, hav you been seeing that as well? People who want to solve problems are ideal candidates.

About Andrew:

Andrew Ferenci is Director of Product Development at Buddy Media, a proud Midwesterner, and two time entrepreneur.

Andrew’s last venutre, Spinback was acquired by Buddy in 2011 after only a year in business. Spinback was the first social commerce platform for tracking sales and conversions from sharing. His first startup, The CollegeShack was acquired by Carolina Beach Apparel in 2010.

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