Mark Zuckerberg, CEO, and co-founder of Facebook has achieved what only few could dream of achieving in a short span of time. Just over a decade ago, a 19-year-old launched “thefacebook.com” in the room of Kirkland House at Harvard University. Today, he is 33 years old and listed among the richest people in the world with a net worth of 71 billion dollars, thanks to Facebook’s success.
He did not stop there. Mark Zuckerberg created an AI assistant called Jarvis to convert his home into a smart home after a year of hard work. To inform the world about his achievements, he posted the video on the official Facebook page, which went viral. Young entrepreneurs can learn a thing or two from Mark Zuckerberg and take their startup to the next level as well. Here are some of the lessons that could help young entrepreneurs survive and thrive in the world of entrepreneurship.
1. Be Passionate About What You Do
When you closely scrutinize the lives of some of the most successful entrepreneurs over the globe, you will notice a common trait in all of them. They are passionate about what they do. The same passion has enabled Facebook to innovate continuously and overcome every obstacle that came its way. It is that same passion which helped our Facebook prodigy reject multitudes of buyout offers, even in the face of adversity. Donald Trump sums it up brilliantly when he said, “Without passion, you don’t have energy, and without energy you have nothing.”
2. Set High and Long-Term Goals
Mark Zuckerberg has followed the mantra “Think big, start small” all his life and it worked wonders for him. From humble beginnings to a huge empire, Mark Zuckerberg has always set his sights on long-term goals. His vision was clear from the outset. He rejected many lucrative offers by strongly asserting, “I am here to build something for a long-term”. In addition to his unflinching determination, he sets high standards for himself and his company, and his work ethics reflect that too. He is always aspiring to deliver a better experience to users with innovations and cutting-edge features.
3. Move Fast and Break Things
Facebook has long stuck to the motto of “Move Fast and Break Things”, and it helped them grow into the world’s largest social network. Zuckerberg has always been an advocate of moving fast, even if it breaks a few things. Facebook was in a predicament when they introduced a new NewsFeed. They acted on the spur of the moment and gave users options to see both the new and old NewsFeed, which resolved the issue. They also faced a backlash from users when they introduced their Timeline feature, but their move fast approach helped them iron out issues in an expedient manner without cultivating any mistrust.
4. Explore Before You Commit
One of the most common mistakes that young entrepreneurs make is that they blindly jump on the bandwagon and follow every popular trend. They adopt everything that is making big waves without diligent research. Mark Zuckerberg has a completely different take on this. He suggests that young entrepreneurs should always pick their battles carefully. Explore and do your research before signing a business deal, otherwise you could land into trouble. According to Zuckerburg, “The biggest risk is not taking any risk.” Although, you should be ready to break the glass ceiling and take risks, they should be calculated ones. Making business commitments without proper research is a recipe for disaster.
5. Hire the Right People
When it comes to hiring people for his company, you will not find a person with a firmer hand than him. He elaborated on his hiring criteria by saying, “I would only hire someone to work for me if I would work for them.” His advice for young entrepreneurs is that they should never compromise on hiring the best employees. “Over the long term, you are only going to be better if you get someone really good.”
To choose the best candidates, here is Zuckerberg’s formula: “Be upfront about what you stand for.” Hire the best talent to complement your skills. Sheryl Sandberg from Google is the epitome of a smart hire. She became the COO of Facebook and is responsible for a major chunk of advertisements that Facebook gets, which contribute a big percentage towards its revenues.
6. Focus on Your Product and Make it Better
According to Mark Zuckerberg, you should not expect good results and success without making your product great. No matter what your role is, you need to understand your product like the palm of your hand. Look for loopholes and fix them as soon as possible. Despite being the CEO of the company, he works in coordination with his team to improve Facebook. As a young entrepreneur, you need to focus on what your customers want and tailor your product accordingly.
7. Time is Money
Another characteristic that most successful entrepreneurs share is that they all value time over everything else. Mark Zuckerberg is not an exception to this. For him, age is just a number. He wants to achieve bigger things in life, which is why he values his time. He understands that once gone, you cannot get it back; even if you spend millions of dollars on it. That is where his “Move fast and break things” philosophy originated in the first place.
8. Stay in Learning Mode All the Time
It is the desire to learn new things that led to the creation of Facebook. From an early age, Mark Zuckerberg had a predilection for computers and programming. He even developed a program called ZuckNet to connect his father’s home and office computers at the tender age of 11. He made games out of his friend’s drawings and learned many different languages along the way. The list goes on and on. Despite having touched the upper Echelon in his niche, he still signs up for courses to stay abreast of the latest developments in the world of technology.
If you want to achieve success as a young entrepreneur and touch unprecedented heights, you should think long term and aim high. Give your product due attention and iron out the flaws in the product. Value each minute and always try to learn new things to develop your skills and knowledge. Most importantly, hire the right people to work for you, especially those who complement your skills.