1) Don’t let the vision behind the idea cloud the utility of the product: users will make a decision of your idea in less then 1 second so it better be really useful upfront.

2) Recognise & embrace your constaints: build a simple matrix to explain your ideas. Then Groupon had a problem where they can’t serve businesses so clone businesses popped up. This is definitely not the reality in 2015 because Groupon was a viral business model.

3) Have a growth plan: how are you going to scale? email marketing would be the best way to keep people engaged. The Point did not have the scalability needed. The best tools aren’t always cool: Mason prefered email over twitter. Invest in a sales force. Don’t get your startup A social network for dogs

4) Failure is really really important: it shapes the way you make decisions. Mason assumed that he was going to succeed with The Point. Set yourself up by having a low opinion of your abilities. If you think you are really good at something you are probably over estimating your value. Mason knew that Groupon was not going have a rosie ending…

5) Refuse to quit: The Point was a struggle for a long time. Only after coming up with Groupon so they did started them out.