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And while this internal iteration has its place, the best form of feedback comes from the people that will actually use the product or service.
Spending too much time without getting your innovation in the hands of customers can result in a product that doesn’t fit the marketplace need.
But as you can see, Hedaya didn’t take the leap without basing his decision on information.
He knew that most startups fail, but he also knew that his company was gaining momentum. Instead, he took a calculated risk based on knowledge of his company’s performance.
Jojo Hedaya likens his process of investing in the right people to the approach of the legendary general manager Billy Beane who emphasizes looking for contributors that are undervalued by the job market.
Young entrepreneurs would do well to follow this model to decision-making as best they can.