Interesting article. Some tidbits:
- Democracy is the worst way to manage a crisis, but democracy runs in the veins of these new-age startups.
- In times of crisis, lack of clarity and focus on decisions kill organizations faster than the external world can.
- Wonder what prompted the decision to go app-only when neither the company nor the market was ready for it.
- Call in a team of sharp youngsters, give them a few hundred million dollars and tell them that GMV is your holy grail. Every other metric is irrelevant. And what do you get? Decisions that drive GMV.
- As one of Amazon’s 14 Leadership Principles states, “We try not to spend money on things that don’t matter to customers. Frugality breeds resourcefulness, self-sufficiency, and invention. There are no extra points for headcount, budget size, or fixed expense.”
- The internal conflicts and uneasy tugs of war over decisions led to a point where the company hasn’t shipped out any innovation for the past two years.
- Take deep cuts… Free up those resources.
- Reward the loyalists – 80% purchases come from 20% customers.