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Facebook’s 5 business Secrets and 7 Partnership Guides To Success.

Harvard student Mark Zuckerberg and three friends began “Thefacebook” in 2004.

It started as a social networking website for Harvard students, then Ivy League students, then U.S. college students, then everyone.

In its first few months, Zuckerberg moved the operation to Silicon Valley.

That September, three Harvard students sued Zuckerberg for intellectual property theft. He settled with them.

With one billion members, Facebook is the world’s most popular social network.

Its popular networking service operates in 75 languages and 180 countries.

Because of its tremendous popularity, Facebook has never lacked investors.

The company has always been focused on growth, not just on making money.

Google and Microsoft are just two of the firms that wanted to buy Facebook.

Because Facebook stores comprehensive personal data on hundreds of millions of people, many worry about its impact on privacy.

 

Five basic principles – the “five P’s” – account for much of Facebook’s success.

You can apply these principles to your own business operations:

  1. First, have “passion” for what you do.
  2. Second, define the “purpose” you want to accomplish.
  3. Third, hire the right “people” to help you fulfill your mission.
  4. Fourth, offer an outstanding “product or service.”
  5. And fifth, use “partnerships” that combine imagination with execution.

 

The seven basic principles to guide such partnerships:

1.“Clear expectations” – Each person needs to understand his or her role in the partnership and what to expect from the other party.

2.“Shared values and vision” – Having a mutual view preserves unity.

3.“Mutual trust” – No partnership can succeed if the partners do not trust one another.

4.“Fair exchange of value” – Each partner must make an individual contribution to the business. That is the essence of partnership.

5.“Complementary strengths” – Zuckerberg has skills that Sandberg lacks, and vice versa. Each partner ideally complements the other.

6.“Commitment” – Accountability thrives when all partners commit to the venture.

7.“Mutual respect” – Honest dialogue, including constructive criticism, depends on respect for the other person.

 

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Source(s)

  • The Facebook Effect.  The Inside Story of the Company That Is Connecting the World.  David Kirkpatrick.  Simon & Schuster, 2010 .  Pages: 384
  • Image by iStock

 

Summary
Facebook's 5 business Secrets and 7 Partnership Guides To Success.
Title
Facebook's 5 business Secrets and 7 Partnership Guides To Success.
Description
Why Facebook is such a successful and dominant business. What five business principles and partnership guides helped Mark Zuckerberg build his company.
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