It has been reported that Facebook overtook Google in the number of hits it received this month. This is the first time since the search engine became renown that it has been overtaken. So Facebook is THE MOST VISITED WEBSITE IN THE WORLD. The co-founders Mark Zuckerberg and Chris Hughes, who met and created Facebook whilst studying at Harvard, must be ecstatic. They are both fantastically rich with Zuckerberg being named the youngest self-made businessman worth over a billion dollars. A billion dollars from a website which costs nothing to access. They provided a free space for people to communicate and then just watched the money roll in as the numbers increased. Facebook is probably one of the most desired advertising spaces and rightly so since millions if not billions log into the website and with the clever profiling advertising is directed in relation to the individuals profile.
So what can we learn from Facebook. That sometimes you have to “speculate to accumulate”. They could have charged for Facebook in the beginning to cover their costs, however, by spending money on their product but keeping the service free the numbers of users rapidly increased. This is turn has allowed Facebook to tap into the major business of advertising with companies and their million pound budgets.
Also, create something you genuinely are passionate about. When Facebook was first made, they did not have dreams of being a world-dominator they just wanted people in the college to talk to one another. If your business is made for a real purpose to answer a need it is more likely to succeed.
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