Super Successful Billionaire-Mark Zuckerberg

Mark Zuckerberg, the founder of Facebook, is arguably one of the world’s most successful entrepreneurs. At just 24 years of age he became the world’s youngest billionaire, and his website has now reached over 900 million active users. Perhaps most impressively of all, he achieved all of his success through a project he started in his college dorm room.

Here is a breakdown with 7 reasons we believe, play a major part in Mark Zuckerberg’s Success.

1) He Truly Believed In What He Was Doing

It takes a lot of dedication to become successful, and not just during office hours. While Mark Zuckerberg‘s friends were out partying, he would stay in his dorm room and work on coding his website until early in the morning. It is very difficult to put in the hours and hours of hard work needed to build a company from the ground up, without truly believing in and enjoying what you are doing.

2) He’s Always Prepared To Take Criticism

In its rise to being the world’s most popular social network, Facebook has suffered its fair share of setbacks. Not only has it been the subject of law suits with former founders and legal battles over information confidentiality, it has even been banned intermittently in several countries. Through sheer determination and by having incredibly thick skin, Mark Zuckerberg and his team have remained strong in the face of adversity, being mindful of the hazards and hopeful of maneuvering around any challenge that comes their way.

3) He Loves To Dream Big

Not too many people would dare to believe that a project they had started in their college dorm room would end up becoming a worldwide phenomenon. While it is unlikely that Mark Zuckerberg was aiming for one billion users from day one, it is clear that he always had big ideas about his company’s success and his overall vision for the future.

4) He Is Not Afraid To Take Great Risks

When raising money for Facebook, Mark Zuckerberg took a series of significant risks. He shunned major investors, cancelled meetings, and ignored important phone calls, just to drive up demand. Eventually, he had twelve large investment companies clamoring to fund his site. While most people would have been too scared of missing out on an opportunity, Zuckerberg and the rest of the Facebook team believed in their product enough to wait it out.

It is often said that in the world of business, not taking risks is the biggest risk to take. Unfortunately, when you have worked incredibly hard on a project, daring to take risks can be a struggle. However, by not letting fear get in the way of a big decision, you can ensure that you are making the best choice for your project.

5) He Learnt To Be Exclusive

When Facebook began it was only available to members of the top American colleges, Harvard, Yale, Dartmouth etc. Students from other colleges all over the country soon wanted to be part of this exclusive club. When major investors first heard about the project, they could not even access the site because registration required a .edu email address. By keeping the site exclusive, Mark Zuckerberg made sure that supply was never larger that demand and that Facebook remained a highly sought after prize.

6) He Was Never Put Off By Competition

When Mark Zuckerberg first launched his project, it had major competition from more than 20 similar sites, and each was in a far better position than Facebook. MySpace could boast over 5 million users, Friendster had raised $13 million in investment, and Orkut was backed by Google.

While many entrepreneurs would have thrown in the towel at the mere thought of such tough competition, the perseverance of Zuckerberg and his team finally paid off.

7) He Was Clear About His Mission & Saw It Through

Zuckerberg once said that his mission was to “make the world more open”. Nowadays Facebook unites long lost family members, reports conflicts in areas where free speech is banned, and has been a useful tool in planning uprisings against oppressive governments. Understanding your main aim, whatever it may be, and not getting distracted by unproductive ventures, is the best way to ensure that you reach your goal.

Mark Zuckerburg’s achievements were not the product of luck. He gained everything he has through a combination of hard work, passion, and the courage to dream big. By not shying away from taking risks and moving forward in the face of major competition, it is possible for any entrepreneur to be just as successful.

Inspired by : Addiction to success

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How Kumar Mangalam Birla convinced Kishore Biyani to sell controlling stake in Pantaloon Retail

At the beginning of 2012, a debtburdened Kishore Biyani roped in Vishal Kampani of investment bank JM Financial to advise him on easing his financial strife. Weighed down by debt of some Rs 5,800 crore, the founder of the Future Group retail enterprise was examining various options to cut operating costs to keep the business humming.

One way of doing this would be to ally with a rival retailer at the back end and exploit synergies in the supply chain. Biyani asked Kampani to examine whether the Aditya Birla group would be interested in such an arrangement.

After all, both were in the fashion apparel business – Biyani with Pantaloon Retail and Birla with Madura Fashion & Lifestyle. Selling his fashion flagship was the last thing on Biyani’s mind.

Kampani wasted little time in fixing up a meeting with Kumar Mangalam Birla, chairman of the Aditya Birla group. In the second week of January, Biyani and Birla met for the first time.

That’s when the latter dropped the bomb by suggesting that Biyani part with a controlling stake in the business that helped him earn pioneer status in organised retail – Biyani had set up Pantaloon Retail way back in 1997. A horrified Biyani rejected the offer outright, says a person who was privy to the proceedings.

Not only was Pantaloon the format closest to his heart – the emotional attachment was considerable – it’s also the business with the best prospects: operating margins in the fashion format are robust, at around 30%, as against single digits for foods retailing. Selling Pantaloon would be akin to kissing the Future Group’s ticket to a turnaround goodbye – or at least that was how Biyani would have seen it.

The retail rajah till then had not considered selling a core business; but if push came to shove – and it was coming to that – Biyani had opened his mind to parting with stakes in formats like Central, Brand Factory and even the fashion arm of Big Bazaar, the hypermarket chain. Letting go of Pantaloon -or even a part of it – was unthinkable, say officials close to Biyani.

That was the cue for Birla to make the unthinkable thinkable for Biyani. During the course of over half-a-dozen one on one-meetings, Birla strengthened his equation and personal rapport with Biyani.

Before attempting to clinch the deal, Birla realised that getting the chemistry right was imperative; that both promoters belong to the close-knit Maheshwari Marwari community helped.

According to officials close to the development, Birla refrained from forcing his suggestions on Biyani. If there was any hint of persuasion, it was couched in humility and tenderness.

“I was totally amazed not only by his excellent understanding of retail but also how humbly he went about convincing Biyani. It was Kumar who closed the deal, not me,” says Kampani.

“The sensitivity and respect he gave Biyani in his meetings with him set the ball rolling,” he adds.

Still, Birla’s challenge was to convince a man who was in no mood to sell his flagship business to do exactly that. The only way to do that would be to reinforce that the transaction would be mutually beneficial.

Source : Economic Times