The $100 MBA Show MBA1820 Q&A Wednesday: Is it better to promote within or make an outside hire?
Jun 30, 2021
Think starting small is a setback? Think again! Discover how taking baby steps can lead to long-term success, with lessons from a failed startup and personal experiences. Focus on minimal viable products to gauge market interest and build credibility. Learn the importance of customer loyalty and providing exceptional service. Plus, explore tools like Rockin' Money to smartly manage finances. Embrace gradual growth, refine your processes, and let your business flourish at its own pace!
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FanDuel's Downfall
- FanDuel sold for $559 million, but its founders and employees got nothing.
- They prioritized rapid growth and raised $416 million at a $1.3 billion valuation, ultimately leading to their downfall.
WebinarNinja's Success
- Omar and his partner built WebinarNinja slowly and self-funded.
- After 10 years, they sold it to ProProfs for life-changing money.
Minimize Risk, Start Small
- Starting small minimizes financial and operational risks.
- Launch a minimal viable product (MVP) to test demand before heavy investment.