I originally wrote this post in 2012 because many entrepreneurs asked me about my experience at Friendster. Although a few years old now, the lessons still remain true today. The abridged version is shown below but to see the full text, be sure to read the original post.
- Focus. It’s critical for a startup to have a clear focus, especially early on! Focus comes in many flavors. One key area of focus is product-focus.
- Product (ship new product fast & often). A start-up must balance the need and desire to constantly innovate to stay interesting, fresh and ahead of the competition with the critical need to stay focused!
- Performance. The site must be fast! Friendster made some early ‘bet the company’ issues on the product side that proved to be very costly.
- Technology (& Good Luck). Don’t experiment with the newest technologies when you have a fast growing startup!
- Viral. If the goal is to grow fast without spending a fortune, one must focus on viral features!
- Customers. Know Thy Customer!
- Hiring. You must hire A+ players! There was a lot of pressure early on at Friendster to hire quickly, especially on the engineering team. Friendster tried to hire too many people too quickly.
- Leadership. A start-up needs to have steady leadership, especially at the top! Great leadership is required for companies’ success at any level.
- Politics. There’s no place for politics in a fast-moving startup.
- Revenue. Focus on the Product First, Revenue later! This is a tough one for many start-ups and frankly not always the right call.