As the Zuck is just over 30, it’s time to look at how his Leadership style has contributed to his phenomenal success as an entrepreneur.
integrated by Peter/CXO Wiz4biz from 14 May 14 Inc.com Zine & other minor sources
Who is this Mark Zuckerberg? – who just turned 30 on this date. He’s the CEO & Founder of Facebook, the $155 billion company,.Over the past 10 years, as he was building the largest global social network in the world, Zuck has had a lot of supporters, as well as critics. Whether you love him or you hate him, the fact remains that this “college dropout” has built something that, brings family & friends (& others) together and has one of the largest following in the world.
Lessons Learned. What’s most fascinating is how he did it. Here are just some of the lessons that Zuckerberg can teach us about building and growing a strong and vibrant business.
L1. Passion fuels Perseverance – mandatory for success.
L2. Changing our behavior & needs is what great companies do.
L3. Building a Team. Get the right people on board and wrong people off the bus. And where possible hire for attitude, not skills. Skills can be taught, passion can’t.
L4. Establish a Culture that welcomes innovation. And have courage to stick to your vision and be dedicated to proliferating the culture that helps execute on that vision in the most effective way.
L5 The right Partnership of imagination & execution is at the heart & soul of a successful company
The most important components of building a successful business (the 5 Pz) are:
1. Passion. The most successful entrepreneurs share the same trait: They are passionate about what they do. Zuckerberg has always been fascinated by building systems that connect people. His passion was always to make the world more open, sometimes radically so. If you look at Facebook’s mission statement, its core hasn’t changed since inception. It states . . . “Facebook’s mission is to give people the power to share and make the world more open and connected.”
Passion Principles. Zuckerberg has always been passionate about using technology to connect people: 1) put in the hard work to achieve it. 2) Having passion for something means that you don’t give up. 3) It gives you energy to work thru difficulties. 4) Where some people see failure, a passionate entrepreneur sees only a “learning experience”, 5) a stepping stone to keep moving forward.
Passion is what turns an entrepreneur into a successful business leader: If you are driven by passion you won’t give up, no matter how long the journey, and you keep learning constantly. ”
2. Purpose. The really great companies have a sense of purpose at the root of all that they do, from hiring employees, to attracting the right investors, to their marketing and their customer service. That sense of purpose breeds the sense of belonging, it sparks intense employee and customer loyalty. Great leaders (and great companies) create movements, not just products. Facebook isn’t just a social networking site, it is a way of staying on touch with people around the world, a place to bring people together and build communities, and a tool for sharing information.
By always keeping his purpose in mind, Zuckerberg has been able to focus on creating the best product for achieving this.
3. People. The most innovative companies allow their employees the freedom to develop their interests & take risks. Facebook has an Interview process that only selects employees who are the right fit for the company’s culture. Once they are in, they take part in intensive training that teaches them the “hacker way” of fast, creative coding that Zuckerberg prizes.They are also allowed to work on the projects that they are most interested in (20%) vs. those that are assigned to them. Companies like Facebook, Apple & Zappos have created a culture that empowers courage of conviction, freedom of speech, and action. This comes from strong leadership that leads by example.
4. Product. Facebook is utterly committed to its product. Every innovation is to further its goal of “connecting people in the simplest way possible.” Facebook’s philosophy is to “move fast & break things”. This has ensured the rapid growth that has allowed the company to lead. Zuckerberg’s complete belief in his product has also given him the strength to persevere with some of the most unpopular changes in the face of huge opposition, even within his own company. When the News Feed was introduced, it was initially disliked by users (mostly for privacy reasons), yet the feature fuelled massive expansion and set Facebook apart from other social media sites. When Zuckerberg announced Facebook as a platform, people thought he was crazy. But expansion into a platform has thrust the company into the next stage of successful growth.
5. Partnerships. No business leader can run a company all by themselves. Success is a team sport. Great leaders recognize their own weaknesses as much as their strengths and bring in the right people in to form partnerships that drive success. Whether it is investors, a management team, suppliers, distributors or retail partnerships, partnering with the right people is vital. At Facebook, Zuckerberg provides the “imagination” CIO [better than the CIA, LoL], while Sheryl Sandberg, Facebook’s Chief Operating Officer COO, provides the execution to follow his vision. Like Warner Bros., Steve Jobs & Steve Wozniak, Ben Cohen & Jerry Greenfield, or any other successful business partnerships, Zuckerberg & Sandberg share the same values, complementary strengths, commitment, mutual trust & the mutual respect needed to continue to drive the company forwards. Find your Partner and show them how you appreciate them.
Comments: Is there anything you can add to Zucks’ 5 Pz of starting a Business?