What Mark Zuckerberg said about writing effective business plans
In the world of business, there are individuals you cannot relegate to the background. You are talking about the likes of Bill Gates of Microsoft, Jeff Bezos of Amazon, Mark Zuckerberg of Facebook, and many others time will not permit me to list here. These are people whose success in business is so resounding you can’t claim ignorance of it. When such people are talking or they offer advice, it will do you a world of good to just listen! If you own a business, there are many things you would certainly want to learn from such people, undoubtedly.
Mark Zuckerberg’s success story in business is a template worth studying and adopting, to say the least. What Mark Zuckerberg said about writing effective business plans can help business owners draw from the wealth of knowledge and insight that helped him to produce a world class business that everyone is talking about today. So, if you are planning your business, would you want to learn from Mark Zuckerberg? What did Mark Zuckerberg say about planning successful businesses?
- Focus on solving problems and creating changes
Let your business plan focus on offering real value to people with real problems in the real world, who need real solution. You will build a solid business if your business is solving for people a significant problem that is a point of pain for many. One of the most profound quotes from Mark Zuckerberg about business and entrepreneurship is as follows: “Entrepreneurship Is About Creating Change, Not Just Creating Companies”. That’s a profound statement because it tells you that if you are thinking about going into business, don’t just think of creating a company first. Begin by thinking of creating a solution. What is wrong with your world, and how do you want to fix it – that is how great entrepreneurs think. “The world needs your creativity and your energy and your vision”, says Zuckerberg. He said that when he started Facebook, his mission was to give every person a voice and bring communities together, “and that has been a consistent throughline of the company’s work, especially in its initiative to equip countries and regions that do not have access to the internet with stronger connectivity” he said.
- Build powerful teams that can execute your vision
One of the most important aspects of a business plan that experts emphasize as part of the requirement for success is the Teams Section. The people you work with can determine how much of success you can record in your business. In choosing the people you want to work with, Mark has got some insight to share. As a result of his huge success, Zuckerberg has plenty of insights when it comes to creating a successful business. While he has predominantly worked in one sector, and his company is now huge, there is plenty of advice the Facebook mogul can give that is still relevant to small and medium-sized enterprises (SMEs), and these can be applied right from when you begin to write the plan for your business.
- Test the Market
Today, what we find is that people want to go into businesses and expect things to work out well automatically without any form of prior research, as if it is supposed to be a magic. First, it is a good idea to research your market rather than just jumping into production or selling. Many people want to build skyscraper of a business without foundation – they want to just launch a business and start making money without any form research or testing. To learn from Mark Zuckerberg story again, here is what he did:
Before launching Facebook, Zuckerberg first set up Facemash, a photo rating site which was specifically built for Harvard students. After the success of Facemash, Mark started “The Facebook” in 2004. Facebook is built on Facemash’s features combined with the diverse aspects of social networking sites like Myspace. In the first month of its launch more than 50% undergraduate population of Harvard were registered on Facemash and it was really a huge success.
After “The Facebook” attained some significant level of success in the initial months, Mark planned to expand his service – what every entrepreneur who has the skills and the risk-taking ability does. In March 2004, he expanded Facebook to Stanford, Columbia, and Yale. This expansion of the website was extended as it also unfolded to all Ivy League and Boston area schools. Subsequently, it was open to most of the Canada and U.S. universities. That was how Mark Zuckerberg went about scaling his user base for Facebook.
So, you want to create a product that will serve the whole of West Africa, that’s a great idea, but why not start by targeting one of the cities in Nigeria, say Lagos? Why not give yourself time to grow through mistakes that could have been otherwise costly if you start out too largely than you can handle? While you are not to throw away your dream of reaching the world, you must understand that attempting to start your business at that level will be foolish and unrealistic. So, in your plan, make provision for various levels and stages that will ultimately lead to your desired place, step-by-step.
- Create an innovative product that breaks the status quo.
Most entrepreneurs and business owners end up creating products that get lost in the market and soon lose relevance because they are not innovative. It is not just enough to be creative; it is more important to be innovative. There is really no need creating a solution that already exist in the same space or market that you want to play in, except, of course, there is an added value which makes your product different from existing solutions, and provides your target customers with a “difference” that makes them want to consider your offering. Being innovative requires thinking out of the box. History records and documents facts and figures pointing to the fact that products and businesses that get fabulous results in the market space are those that are innovative – breaking the rules and norms of what has been, and makes striking change in the marketplace, either by making an improvement on existing solutions or by creating something entirely new that people really find usable and solves real problems in the real world.
The importance of following in the footsteps of those who have recorded tremendous successes in the areas where you are just starting out, or areas where you are still struggling cannot be overemphasized. In fact, it is simple and plain wisdom for you to attempt to learn from such people – and seek to duplicate their successes in your own life and business. This article, “What Mark Zuckerberg said about writing effective business plans, is an attempt to bring to you some of the principles preached by the Facebook giant, and those he has personally applied in his business journey. Just imagine for a second, that you are able to duplicate one-third of Mark Zuckerberg’s business success in your own business; what do you think your business will look like, and how much do you think you’d be worth right now?
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