✔Pivoting as a startup, The importance of listening Ep 9 7/8

0:00

Has anyone been in that situation where maybe the company you're thinking, maybe we need to pivot when reality just need to replace someone on the team?

0:10

Yeah,

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what happened there? Well,

0:15

a guy

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hypothetically speaking in Paul,

0:21

let's say, for argument's sake,

0:24

in a team of three or four people

will realize that certain position, we have a person that for certain amount of time, in in certain path of growth will work. And it's going to, like, fit that path in that very moment. But in certain moment, when the company like have like a quantum leap, we need to jump for that guy maybe wasn't the right fit there, because he wasn't able to catch up because of the needs of the company. So great opportunity. This came up and he's like, Okay, this guy, john paul is like, Okay, how can you handle this? Can you do that, in this amount of time, we have a, an amazing opportunity, huge situation, okay, let's take advantage of it, that he couldn't catch up. So

as a company as the people who wants to move forward, and maybe need to, like less sleeping hours, like, sacrificing like, yeah, entertainment, because this is what you do. When you go for a startup, you spend your own, like entertainment rest. So if somebody is not, like, open to do that. And when you realize that you have, like, amazing chances to, like, actually succeed. And at least like small successes, you need to find a way to move forward and bring somebody who can actually be dad level for this next stage of the company.

2:03

Interesting. And actually, both of you, Jason, can you talk about currently the project you're working on? And then Sergio, could you tell everyone a little bit what you're currently working on?

2:13

Yes. Um, one of the projects that I'm working on is definitely a travel hospitality type of application that to help people to understand what are those type of resources within dear when they travel. So they can actually utilize those resources as if they were a local in the actually Taylor's within the restaurant to the hospitality industry to a lot more events and kind of festivities so they know where to go within also their own language

2:48

interest in Sergio. So cool,

2:52

well then work in its startup. And what we are doing is trying to move the network and process into the 21st century trying to connect people but based on artificial intelligence, so you can start getting like connection based on real interest and backgrounds and everything starts from we're changing the way people like shake hands and introduce themselves since the very moment when you exchange a business card, like something that's going on from the last like 400 years.

So we are changing this like human behavior and it's going to take some time for sure. But we are moving this interaction from a paper business card it printed one to a phone and mobile phone like everybody has a phone so from there you are exchanging your contact info and from there we start building a network that you can like, get like real benefits of it.

✔Pivoting as a startup, Replacing team members Ep 9 6/8

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Okay, we've talked about pivoting, we've talked about your team, what is it a team meeting look like, kind of the planning of a pivot. Are there step guidelines that you follow? Do you normally plan, you know, CTO? Does this CFO does this I do this for the next week, what does it look like for someone that's that's not in that room?

0:23

Well, it kind of looks more of course, which I'm making more fun

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and you know, not too serious you know, of course but everybody first of course realize the vision and knows what to do but is very important to have a strategic plan and then we kind of outline it before any meeting is very crucial to also have an agenda what we're going to you know discuss we're going to talk about and we will have all the team formerly in the same room Dan most importantly is to write everything down and outline it once you write things down in outline it it becomes more tangible everybody likes to see more more instead of intangible things LSE tangible things. So you, you see things guide it within the outline. So what my task would be what, you know, the CEO tasks will be the CFO tasks would be the CMO tasks will be then if you spread it out to do a specific task and what doing be targeting to achieve and execute to the given vision and given path that we're going to go for,

1:32

as a startup? Would you say you have to be kind of self managing for being micromanaged. I mean, there's no one on the team to really manage even though there is that CEO structure you know, he's at the top with just three or four people

1:48

everyone more or less as equals correct

1:51

right. So who manages who and who really can can push your drive the team I believe is more having the discipline for each other to trust each other as a team to know what are the task and what are each person duties are and if they don't do it then we all of us all three of us will have to be accountable for each other's so like oh you can do it like what's going on how come and then you have to definitely have to have a transparent kind of discussion and once you have that then you can actually flow towards the right direction I don't believe that it should be just one individual I believe because everybody is have their own talent or experience in expertise so then we once we formulate and all work all together and not micromanage other like that Dan, he actually become much more successful and we can proceed to the next level.

✔Pivoting as a startup, What does a team meeting look like Ep9 5/8

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surgery? Have you heard any stories of

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a team that didn't want to pivot or pivoted in the wrong direction? I guess

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in the wrong one? I'm not sure I remember a good one. Okay. Tell a story. Yeah, well I don't know if you're familiar with that. It's like when Facebook's are growing its many people know about it. It's like soccer Berg get the entire university under Facebook and he wants to add new universities to the network. But everything nobody wants to add somebody from outside because they believe that that university was like an elite thing. So I he said What, what? Where? When did you make the decision to actually listen to like investors customers when so sometimes you have to follow your God or don't. So this guy Mark took the decision to bring more comp more universities in besides what all the people in the network said against that. But more people he brought in the network grow better and stronger. So going back to what he said about Okay, we need to hear everybody. But if you have the long term vision, what do you want for in the long term, I would say it's the kind of people that this network startup get small thing for one college, one university, and then they start like, changing and adapting to make it like bigger, so they change what a let's go for more people how we can make it happen. So they grow

based on exactly that bringing all of these people against what the people they already have in the network didn't want to. So it's, it's a weird thing is, well, I need to listen, I don't need to listen. But if you have like a strong point of view, and you'll have like to fight against like 2.5,

I would say, well, that's why you said like a CEO would certain kind of like stocks and and wherever the founders in certain point, you need to like vote to pivot or not to pivot in well, straightforward. But going back to your previous question, one say, Okay, these guys need to go move out, split the company or don't I believe you should have like a strong team. That's the more basic thing and if we all agree, let's say we are a team, we all agree okay. That's the vision and sometimes maybe

you need to people to get their evenly know in that that is not going to be your real life business. So we get there changing here, but still knowing that we want to get there and we're going to change again. Okay. Yeah. So it is is something that the LinkedIn founders said many times is you you do things that doesn't grow to get there. So it's like

3:10

interesting. Yeah, very interesting. And if you want more information, you can visit our website Silicon Valley successes. com. Once again, that's Silicon Valley success is calm. We have all our episodes information and a lot more resources for you at home. So back to Jason. Question for you.

✔Pivoting as a startup, Facebook growing Ep9 4/8

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About that, for startups, early stage companies, the teams are very small. Who's making the decision to pivot? Is it the founder, the team, potential investors, feedback from customers who's kind of guide in this?

0:15

Well, I believe it will be more on all or so sorts of factors that you will make a decision because it shouldn't be solely yourself as a start up, because I previously my ex

0:31

was my real life stories, but then alter the

0:35

Okay, is a business partner,

0:41

he or she may have

0:45

made most of the decisions. And even when we already got a lot of information, feedback from the market, and what the decision should be, which would make more sense. He didn't listen to any of us, and he's made the decision then after he made this decision. He's he finally realized that, Oh, you guys were right. So that actually cost us a lot, you know, time money and so forth. So if best way to put it is to actually have everybody could easily be within the team. And we all make the decision together and see who you know, to make a correct. So

1:26

in a situation like that. So you had a team of three, two people wanted to move forward in one direction. And one guy overpowered the other two and was making all the decisions.

1:39

Yes? What happens is that I mean, it's such a small team, I mean, everyone's doing everything.

1:45

In some cases, do you think you would get rid of that one person from the team or replace that one person or separate the company or just go hey, you know, he wants this we're even though we don't believe it's the right way. We're still you're gonna fall like, how, how's the decision process there? Why did he get more power than the two of you guys? Did he put more money in? Did he just yell more like what happened?

2:10

So we're having was that he actually burned a lot of money

to be exact, about 2.5 million. So that's where it becomes more real. And then we had to pivot probably like twice quickly to get him out of the equation and tried to catch up on everything that we have, you know, kind of put for fallen into the company. So that's this a huge huge learning curve that not to do

2:45

or so what did the investors say during this whole time when they saw the money being burned?

2:49

Oh, so we'll talk about that

2:53

they actually Well, of course, they were upset and we just had to learn from our mistakes, kind of made sure and talk to investors, we should that we want to, you know, kind of make it right, and this is our strategy and plan moving forward and what would be a strategy plan and that's how we kind of pivot on the right direction to move forward so then it will be much more successful.

Pivoting as a startup, Who decides on pivoting Ep9 3/8

0:00

About that, for startups, early stage companies, the teams are very small. Who's making the decision to pivot? Is it the founder, the team, potential investors, feedback from customers who's kind of guide in this?

0:15

Well, I believe it will be more on all or so sorts of factors that you will make a decision because it shouldn't be solely yourself as a start up, because I previously my ex

0:31

was my real life stories, but then alter the

0:35

Okay, is a business partner,

0:41

he or she may have

0:45

made most of the decisions. And even when we already got a lot of information, feedback from the market, and what the decision should be, which would make more sense. He didn't listen to any of us, and he's made the decision then after he made this decision. He's he finally realized that, Oh, you guys were right. So that actually cost us a lot, you know, time money and so forth. So if best way to put it is to actually have everybody could easily be within the team. And we all make the decision together and see who you know, to make a correct. So

1:26

in a situation like that. So you had a team of three, two people wanted to move forward in one direction. And one guy overpowered the other two and was making all the decisions.

1:39

Yes? What happens is that I mean, it's such a small team, I mean, everyone's doing everything.

1:45

In some cases, do you think you would get rid of that one person from the team or replace that one person or separate the company or just go hey, you know, he wants this we're even though we don't believe it's the right way. We're still you're gonna fall like, how, how's the decision process there? Why did he get more power than the two of you guys? Did he put more money in? Did he just yell more like what happened?

2:10

So we're having was that he actually burned a lot of money

2:17

to be exact, about 2.5 million. So that's where it becomes more real. And then we had to pivot probably like twice quickly to get him out of the equation and tried to catch up on everything that we have, you know, kind of put for fallen into the company. So that's this a huge huge learning curve that not to do

2:45

or so what did the investors say during this whole time when they saw the money being burned?

2:49

Oh, so we'll talk about that

2:53

they actually Well, of course, they were upset and we just had to learn from our mistakes, kind of made sure and talk to investors, we should that we want to, you know, kind of make it right, and this is our strategy and plan moving forward and what would be a strategy plan and that's how we kind of pivot on the right direction to move forward so then it will be much more successful.

Pivoting as a Startup, What is Lean Process Ep 9 2/8

Sergio Smirnoff 0:00

Something that just happened because it's an this lean process when you learn some things, the lean process, though, yeah, that labor, it's like, okay, you do something you presented, you show it to your customers, you get feedback, you learn. So from this learning, you need to change to adapt, you presented again, and so on. So it's like a positive circle of like, getting better and better what you're doing to get the right fit for your customer. Because the same time you're looking for a long term vision, not stuck in certain kinds of features. Because I'm stuck in certain feature all I believe that that feature is going to like crush it is going to be amazing. But if I lose the long term, the big vision, as Jason said, I'm focusing in something that the public is may or may not be interested, maybe today, maybe in the future will be. But to get there, I need to learn from them today. That's the lean thing you get. They're learning and changing and adapting. So yes, pivoting somehow.

Jason Nyeh 1:05

So more. So within just to piggyback off of what he was saying, also, to have a strategic plan and strategize as well as pivoting while you're doing it. I'm giving example such as chest once you bought to move a piece right, or make a move within the market or within your business, you always have to see the other component components, you know, in terms of not just competitors, but what's going to happen once you make that move, what are the other things that is going to be in place and then how are you going to take your next move, so, then you kind of for see it already, but once you make that move and such as whatever such and such happens, then you are kind of foresee it. Then you kind of pivoted to make the right move and you learn from it. So that's a really good example.

Pivoting as a Startup, have you done it and why Ep 9 1/8

Shawn Flynn 0:00

Okay, so the companies you've had in the past, you've mentioned you've had several

correct at any time did you have to pivot with any of those companies? And what was the decision to pivot? Why

Jason Nyeh 0:11

definitely pivot is really fundamental in terms of having a startup, especially within the learning curve, and particularly the resources. So in terms of pivoting, it makes sense. Because in terms of team or development, or market research, or even launching your own product into the market, and you have to see how it fits within the users and the clients. And you have to definitely have to pivot to make it work. Sometimes they might be some competitors, or maybe the team might not work. So pivoting is really, really fundamental. And a lot of people don't really realize how important it is

Sergio Smirnoff 0:54

actually, let's go back. So I forgot to really even define what pivot in is Jason, you do you have a good definition of in your mind what it is to pivot? Well, I would say, first of all, it's like, change, adapt. So you learn, you understand what's going on, because you have like, certain kind of like assumptions, and then you realize that the things are not like how you speak, there are going to be, so you need to change. So let's say I go in that direction. That's my long term vision, I'm probably I'm going to keep going in that way. But in that way, that path, maybe I need to change lane. So I pivoted, I like, move myself from the path I was going to, I may might be like, keep going in that way, but in a different way, but not so different. So I'm not changing entirely what I was doing, or that was willing to go but it let's say, change. Yes, it's a good like, so in this change this be okay, what we thought we're going to do for the next month or three months, we're going to do so something completely different? Or could this change be we were going in this direction? Now, we're changing the whole business plan and everything to do this. Are those both possibilities?

Well, I would say that maybe depends on what you learn.

I think that pivot can be like anything, you can change the customer, you can change the target, you can change how you introduce your product, because you realize that the way you are like showing it, you're introducing their product to the customers is not the right way. Maybe you believe you have like a fake a customer field. And it's not. So maybe you just pivot how you say it to a different kind of like people or maybe like a target. That's a very marketing like concept.

So I would say that can be like mostly everything you're in a company from him a big, big point of view, or maybe some small pivots. You're saying maybe the marketing department alone could pivot, but the rest of the company stays the same?

Jason Nyeh 3:05

Well, I believe that, yes, you should have a clear vision of your business. And where is this headed vision is very, very important. Of course, you want to focus within the presence term, but you have to see the future vision. And once you see the future vision, that's why a lot of startups, even companies, they kind of make that mistake and kind of tend to forget about the vision because they're too concentrated within the presence. So you want to make sure that you focus within the future terms of the vision and then while you're pivoting, right, it can be in different perspective of the department. However, division is always clear, you could definitely pivot in terms of the market or even make additions to the product to fit in the niche of the market. So once you pivot in that direction, then makes more sense a lot more clientele or even users will be more entailed to use your product.