Here's a great article at inc.com on why and how Friendster, one of the leaders of the social networking scene, flamed and fizzled out. Lessons on why you need to stop and fix a problem, why coders and programmers should maybe not be PR stars, why big partnerships don't always mean golden eggs, and what happens when too many big cooks get in the kitchen. Oh, and I don't think he (Johnathan Abrams, the founder) started with a business plan.
http://www.inc.com/magazine/20070601/features-how-to-kill-a-great-idea.html?nav=mostpopular
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