Once you are ready to hire a developer, what should you do to mitigate execution / build risk?
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Writing a good functional specification is key to getting the build phase of this project right. It's not easy to do but it's mostly just about thinking hard and writing out all the boring details of your desired outcome. The best guide for this is Joel Spolsky (recently sold Trello for $425M). He wrote a 4 part series on this, starting here, and also has an example (real) spec on his website here (the PDF link is broken, this is the real one)
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Before you start on a spec, trim down your functionality to the absolute bare minimum - and be brutal with it! Imagine you had to complete it in one day, or imagine it was only a single feature... take away everything that isn't fundamental