Research report on entrepreneur Mark Zuckerberg
Mark Zuckerberg was born on May 14, 1984. He is an American entrepreneur who co-founded the social networking site Facebook. In this report I will talk about how my chosen entrepreneur came to how they are today and give details of their enterprise.
Marks Story: Zuckerberg started programming when he was in middle school. He enjoyed developing computer programs, especially communication tools and games. He also designed and programmed a computer application system to help the workers in his father’s office communicate. Microsoft and AOL tried to purchase a music player he had built called Synapse and recruit Zuckerberg, but he instead went to Harvard College in September 2002.
Facebook: Facebook is a social network service and website that was launched in February 2004. As of July 2010[update] Facebook has more than 500 million active users, which is about one person for every fourteen in the world.
Founding: The High School that Zuckerberg had attended had published its own student directory called “The Photo Address book”. But students referred to it as “The Facebook”. He decided to make one of these “Facebooks” for students of Harvard College to socialize. Zuckerberg launched this new site from his Harvard dormitory room on February 4, 2004. He then began to spread the website to other schools.
Zuckerberg dropped out of Harvard and moved to Palo Alto, California. He leased a small house that served as an office. Over the summer, he met Peter Thiel who invested in the company. He had already turned down offers by major corporations to buy out Facebook. In an interview in 2007, Zuckerberg explained his reason for this: “It’s not because of the amount of money. For me and my colleagues, the most important thing is that we create an open information flow for people.”
Zuckerberg and some of his colleagues then launched a peer-to-peer file sharing service called Wirehog. Traction was low compared to i2hub a rival file sharing service, and Facebook ultimately shut Wirehog down the following summer.
Characteristics Zuckerberg has used to create a successful business: * A strong predisposition to be your own boss – This is shown as he refused to sell Facebook to other companies. * Ability to inspire and energize others- He claims that the creation of Facebook was purely to give back to the people not for money. * Ability to learn from failures- He shut Wirehog down after he realised it was failing. * Devoting time to the business- He dropped out of school to move to California to work on the business.
Skills Zuckerberg has used to create a successful business: * Goal Orientated- He wanted to reach his goal to create an open information flow for people. * Customer Oriented- He created Facebook purely for people to enjoy. * Flexibility- He knew that he had to shut down Wirehog as it was not succeeding. * Creativity- He used creativity to design the site.
Conclusion: Zuckerberg is now a 24% shareholder of Facebook and at the age of just 26, his net worth is at a staggering $6.9 billion. He regularly donates to charities and schools and in October 2010 Zuckerberg landed a cameo role on hit TV show The Simpsons. He has reached his goal of connecting people through the internet and since founding Facebook has tried his hand at developing other computer software and websites.