Facebook started as a simply dorm room project with a couple of guys, one of which we still hear of everyday; Mark Zuckerberg. Mark admits in a later video that he was never planning for Facebook to become this global phenomenon but instead just wanted to connect university students together, aimed at almost creating a dating website.
At the time that Facebook was being developed there were many other social networks, most popular being Myspace. Myspace was being used by students, adults, and celebrities just to name a few, yet todays generation might have not even heard of Myspace, today its all about Facebook. How did this small college start-up over-take all these massive competitors and become the top social media network in the world?
The 6 rules Facebook followed to succeed:
- Move Fast
Zuckerberg quickly built Facebook from his dorm at Harvard without doing any market analysis, creating any patents, or getting much feedback. Soon enough Facebook, at the time called The Facebook came to existence.
- Execute. Execute. Execute.
Getting things done quick is just one step, you must also execute and bring the ideas to life. Facebook is a great example of that. Zuckerberg originally worked with two brother on a similar project, however quickly left them and created his own website and launched it before they launched their idea. Execute quickly.
- Simplicity is Key
Zuckerberg always focused on creating an easy and simple experience for the users. The first Facebook focused strictly on uploading a profile (images,background info, and sending messages).
- Determine your risk
Before Facebook there were many other social media networks. Analyzing their weak points was a great success point for Facebook. Other networks were either too complex or couldn’t detain the amount of data that was being forced by users. Facebook saw this and made sure to move one school at a time until they were definite they could control and handle all the information, only then would they move to a new school.
- Focus on the product not money
Facebook was always looking at ways to create a better and more engaging experience for their users, it was never about making profit. This is why even today it is free to use Facebook. Facebooks main revenue comes from businesses who pay for advertisement, otherwise no user has ever been charged for using any of Facebooks services.
- Hire & Fire Smart
Hiring talented individuals was the major factor of Facebooks current success. It is important to have the most passionate and best individuals for the job. Hiring is about finding individuals who are better at a certain field then you are and can grow your business and teach you about that role. Same is said about firing. It is important to get rid of any liabilities to the business. If an individual was costing Facebook more then it was benefiting it, then like any disease causing you harm, you must get rid of it.
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