How to Grow Right by Tao Tao (GetYourGuide)

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This document provides guidance on how to make good decisions to support company growth. It recommends recognizing but ignoring fear related to decisions, ensuring enough but not too much information is available, and trusting intuition. It also advocates for speed in product development, hiring, and strategic planning. The document suggests applying reflection for high-specificity, high-cost decisions, imitation for low-specificity, high-speed decisions, and experience for dynamic, low-cost decisions. It analyzes where the company has made better decisions through imitation, experience, and reflection compared to past mistakes. The overall message is that making many good decisions is key to driving company growth.

Small Business & Entrepreneurship Business Economy & Finance

How to grow right
// How to make decisions
Wayra Prague, 20 May 2014

Small founder toolkit for making decisions
May 20, 2014
GetYourGuide AG
2

“
”Growth is the single defining
characteristic of startups.
-- Fred Wilson

What I won’t be talking about
!   How to operate through the different growth phases
(idea – product/market fit – growth – company building)
!   Book: Steve Blank
!   How to deal with the psychological stress while growing
!   Book: Ben Horowitz
!   How to maintain >100% growth rates
May 20, 2014
GetYourGuide AG
5

May 20, 2014
GetYourGuide AG
6
Growth from the driver’s seat =
Making many good decisions

Making decisions
!   Recognize and ignore any fear related to the decision
!   Make sure you have enough but not too much information
(40-70%)
!   Trust your gut
May 20, 2014
GetYourGuide AG
8

…many…
May 20, 2014
GetYourGuide AG
9
…many…

Speed wins
Bad
Good

Product

Take
8
months
to
release

major
feature

Rapid
A/B
Tes9ng

People
Hire
fast,
ﬁre
slow
Hire
slow,
ﬁre
fast

Company
Annual
strategy
Quarterly
OKRs

May 20, 2014
GetYourGuide AG
10

“
”By three methods, we may learn wisdom:
First, by reflection, which is noblest;
second, by imitation, which is easiest; and
third by experience, which is the bitterest.
-- Confucius

Where to apply which decision type?
Company-‐

Speciﬁcity

Need
for
speed

Dynamic

Eﬃciency

Cost
of
failure

Imita>on
/
Learning

Low
High
Low
High

Reﬂec>on
/
Analyzing

High
Low
High
High

Experience
/
Doing

High
Low
High
Low

May 20, 2014
GetYourGuide AG
13

Where we have made bad decisions
People
Product
Company

Imita>on
Culture

Applying
hotel
UX
to

ac9vi9es
space

Strategy

Reﬂec>on

Organiza9onal

structure

8
months
to
release

one
major
feature

Opera9ons

Experience
Finance

May 20, 2014
GetYourGuide AG
14

Where we have made better decisions
People
Product
Company

Imita>on/Learning

•  Organiza9onal

structure

•  Training

A/B
Tes9ng
ideas

•  Opera9ons

•  Finance

Reﬂec>on
Culture

Give
customers

what
they
want

Strategy

Experience
Hire
&
Fire
A/B
Tes9ng

May 20, 2014
GetYourGuide AG
15

Good luck
Bad decisions make good stories

Five students started a project to connect travelers with local tours, but realized few wanted amateur guides. They pivoted to aggregating activities from suppliers globally. As the engineering team grew from 3-8 people to 20+, they learned that everyone working on everything led to decreased speed. They introduced functional roles and Agile processes but lost focus. Stage III introduced dedicated product teams, daily testing, and data-driven decisions. They emphasized defining values like passion and learning to build a sustainable culture oriented around a mission to enhance customers' trips.

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How to Grow Right by Tao Tao (GetYourGuide)

1. How to grow right // How to make decisions Wayra Prague, 20 May 2014

2. Small founder toolkit for making decisions May 20, 2014 GetYourGuide AG 2

3. “ ”Growth is the single defining characteristic of startups. -- Fred Wilson

5. What I won’t be talking about !   How to operate through the different growth phases (idea – product/market fit – growth – company building) !   Book: Steve Blank !   How to deal with the psychological stress while growing !   Book: Ben Horowitz !   How to maintain >100% growth rates May 20, 2014 GetYourGuide AG 5

6. May 20, 2014 GetYourGuide AG 6 Growth from the driver’s seat = Making many good decisions

7. Making…

8. Making decisions !   Recognize and ignore any fear related to the decision !   Make sure you have enough but not too much information (40-70%) !   Trust your gut May 20, 2014 GetYourGuide AG 8

9. …many… May 20, 2014 GetYourGuide AG 9 …many…

10. Speed wins Bad Good Product Take 8 months to release major feature Rapid A/B Tes9ng People Hire fast, ﬁre slow Hire slow, ﬁre fast Company Annual strategy Quarterly OKRs May 20, 2014 GetYourGuide AG 10

11. …good decisions

12. “ ”By three methods, we may learn wisdom: First, by reflection, which is noblest; second, by imitation, which is easiest; and third by experience, which is the bitterest. -- Confucius

13. Where to apply which decision type? Company-‐ Specificity Need for speed Dynamic Efficiency Cost of failure Imita>on / Learning Low High Low High Reflec>on / Analyzing High Low High High Experience / Doing High Low High Low May 20, 2014 GetYourGuide AG 13

14. Where we have made bad decisions People Product Company Imita>on Culture Applying hotel UX to ac9vi9es space Strategy Reﬂec>on Organiza9onal structure 8 months to release one major feature Opera9ons Experience Finance May 20, 2014 GetYourGuide AG 14

15. Where we have made better decisions People Product Company Imita>on/Learning •  Organiza9onal structure •  Training A/B Tes9ng ideas •  Opera9ons •  Finance Reﬂec>on Culture Give customers what they want Strategy Experience Hire & Fire A/B Tes9ng May 20, 2014 GetYourGuide AG 15

16. Make Many Good Decisions

17. Good luck Bad decisions make good stories

How to Grow Right by Tao Tao (GetYourGuide)

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