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This is what happened when I cofounded LinkedIn. The key business model innovations for LinkedIn, including the two-way nature of the relationships and filling professionals’ need for a business-oriented online identity, didn’t just happen organically. They were the result of much thought and reflection, and I drew on the experiences I had when founding SocialNet, one of the first online social networks, nearly a decade before the creation of LinkedIn. But life isn’t always so neat. Many companies, even famous and successful ones, have to develop their business model innovation after they have already commenced operations. PayPal didn’t have a business model when it began operations (I was a key member of the PayPal executive team). We were growing exponentially, at 5 percent per day, and we were losing money on every single transaction we processed. The funny thing is that some of our critics called us insane for paying customers bonuses to refer their friends. Those referral bonuses were actually brilliant, because their cost was so much lower than the standard cost of acquiring new financial services customers via advertising. (We’ll discuss the power and importance of this kind of viral marketing later on.) The insanity, in fact, was that we were allowing our users to accept credit card payments, sticking PayPal with the cost of paying 3 percent of each transaction to the credit card processors, while charging our users nothing. I remember once telling my old college friend and PayPal cofounder/ CEO Peter Thiel, “Peter, if you and I were standing on the roof of our office and throwing stacks of hundred-dollar bills off the edge as fast as our arms could go, we still wouldn’t be losing money as quickly as we are right now.” We ended up solving the problem by charging businesses to accept payments, much as the credit card processors did, but funding those payments using automated clearinghouse (ACH) bank transactions, which cost a fraction of the charges associated with the credit card networks. But if we had waited until we had solved this problem before blitzscaling, I suspect we wouldn’t have become the market leader.

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1. REFERRALS FROM YOUR PROFESSIONAL AND PERSONAL NETWORKS. Create a list of the ten most talented people you know and commit to speaking with at least one of them per week for the next ten weeks. At the end of each conversation, ask, “Who are the most talented people you know?” Continue to build your list and continue to talk with at least one person per week. 2. REFERRALS FROM YOUR EMPLOYEES. Add sourcing as an outcome on every scorecard for your team. For example, “Source five A Players per year who pass our phone screen.” Encourage your employees to ask people in their networks, “Who are the most talented people you know whom we should hire?” Offer a referral bonus. 3. DEPUTIZING FRIENDS OF THE FIRM. Consider offering a referral bounty to select friends of the firm. It could be as inexpensive as a gift certificate or as expensive as a significant cash bonus.

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To make these loops actionable for product teams, you can break them down into more granular steps, and A/B test them. For example, Uber’s viral loop for drivers involved a referral program that was exposed during the onboarding process. There were a dozen or so screens on the app that a driver moved through during the sign-up process—entering their phone number creating a password, uploading their driver’s license, etc. Each of these steps could be optimized so that more users would pass through. Then, drivers would be presented with an explanation on how to refer their friends, and what type of bonus they’d get for doing so. This could be improved as well—should the message offer $100 to sign up, or $300? If you invite five people should you get a bonus? Should an invite mention the name of the inviter, or just focus on Uber, as an app? On the sign-up page, should you ask for a driver’s email or their phone number, or both? A product team can brainstorm hundreds of these ideas and systematically try them, measuring for conversion rates and the number of invites sent. Optimizing each of these steps with A/B tests might only boost each step’s conversion by 5 percent here or 10 percent there, but it’s a compounding effect. Hundreds of A/B tests later, the millions of dollars you might be spending on acquiring customers is made substantially more efficient.

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Relocating internationally can be a thrilling adventure, but it’s not without its challenges. The logistics involved in international moving are more complex than domestic moves, requiring careful planning and execution. To ensure a smooth transition to your new home, here are ten essential tips for international moving. 1. Start Early Begin the planning process well in advance. International moves involve extensive paperwork, visa applications, and scheduling with international moving companies. Start at least six months before your intended move date. 2. Declutter and Organize Before packing, declutter your belongings. Dispose of items you no longer need or use. This not only reduces the cost of moving but also helps you start fresh in your new home. 3. Research International Moving Companies Select a reputable international moving company with experience in your destination country. Read reviews, ask for referrals, and obtain quotes from multiple companies. Choose one that offers comprehensive services and competitive rates. 4. Understand Customs Regulations Familiarize yourself with the customs regulations of your destination country. Different countries have varying rules about what you can bring with you. Be prepared to fill out detailed customs forms. 5. Documentation Ensure all your important documents are in order. This includes passports, visas, medical records, and any necessary permits. Keep physical copies as well as digital backups. 6. Packing Strategy Use sturdy, high-quality packing materials to protect your belongings during transit. Label boxes clearly and create an inventory list. Pack essential items separately for easy access upon arrival. 7. Insurance Consider purchasing international moving insurance to protect your possessions during the move. Verify what is covered and ensure it meets your needs. 8. Currency and Banking Set up a bank account in your new country before you move. Also, consider having some local currency on hand for immediate expenses upon arrival. 9. Learn About Your New Home Research your destination thoroughly. Understand the local culture, language, and basic laws. Knowing what to expect can ease the transition. 10. Stay Organized Keep all your moving-related paperwork, receipts, and contact information in one place. This will be invaluable if any issues arise during your international move. Bonus Tip: Stay Positive! Moving internationally can be stressful, but maintaining a positive attitude can make a world of difference. Embrace the adventure and view it as an opportunity for personal growth and exploration. Conclusion International moving is a significant undertaking that requires careful planning and thorough research.

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