The Maturation of Mark Zuckerberg
nymag.com
nymag.com
For someone of that age with so little experience to guide something that started from his dorm room into a (potentially) $100B company in ~10 years while still maintaining effective control of it is a truly remarkable accomplishment. There would have many, many opportunities (and traps!) to exit, get ousted by investors or whatever.
The fact that he didn't cash out and maintained his singular vision is (agree with it or not) a remarkable trait.
He does seem like he has come a long way since his virtual meltdown at the All Things D conference 2 years ago.
He can buy/hire people who are good at that.
It seems crazy that just for 2 examples of youngster having been promoted on the front page of magazines suddenly everyone seem to think only young people can do that.
As far as I can tell, and in fact I don;t care that much, Steve Jobs was not very young, neither is Jeff Bezos. The founder on the web company where I work is look young, but not that young, I'd guess over his forties.
Zack bypassed requirement #1 simply because it received enough funding to not worry about the first problem you have when starting a business (having revenue). He's also smart and probably picked up the required experience on his way.
On the other hand there are plenty of youngsters that fail because of a lack of experience, once confronted with the harsh realities of running a business, and there are also plenty of seniors that fail simply because they are not hungry enough, which limits their creativity.
To me this stuff is fairly simple - but I don't use Facebook anymore fwiw.
There were a bunch of prior attempts at large scale social networking like this and they pretty much all ran into issues with scaling. Facebook handled this adeptly, plus they didn't allow their user-base to turn into a total cesspool through ridiculous customizations + features that made it act like a hookup service ala MySpace, which is why they ate their lunch.
Now the network effects are extreme with nearly a billion served - so it's not exactly hard to keep users' attention when most of their friends and family use the service as well. And I haven't seen any viable competitors come across except Google+ which doesn't seem to be a real threat. So I'm not sure who exactly is nipping at their heels unless we're thinking of a different way of attacking social ala Pinterest (and formerly Instagram :)... which I think is what it will take. You won't outdo them by being a better them. It seems to me most of their innovation has been in a way to set up better ways to monetize or lock in their mass of user data.
There seems to be a plethora of news about hiring, but when was the last time you saw something about firing?
This line is a little disingenuous. It's more money than Wal-Mart "earned" last year, not "made". Wal-Mart earned ~$15B on revenues of $447B in 2011.
Still, sort of surprising given the company has annual revenues higher than many countries' GDPs...
I would also question the rest of the analysis as well.
>>Henry Blodget (born 1966) is an American former equity research analyst, currently banned from the securities industry, who was senior Internet analyst for CIBC Oppenheimer during the dot-com bubble and the head of the global Internet research team at Merrill Lynch. Blodget is now the editor and CEO of The Business Insider, a business news and analysis site, and a host of Yahoo Daily Ticker, a finance show on Yahoo.
>>Blodget received a Bachelor of Arts degree from Yale University and began his career as a freelance journalist and was a proofreader for Harper's Magazine. In 1994, Blodget joined the corporate finance training program at Prudential Securities, and, two years later, moved to Oppenheimer & Co. in equity research. In October 1998, he predicted that Amazon.com's stock price would hit a pre-split price of $400 (which it did a month later, gaining 128%).
>>This call received significant media attention, and, two months later, he accepted a position at Merrill Lynch. In early 2000, days before the dot-com bubble burst, Blodget personally invested $700,000 in tech stocks, only to lose most of it in the years that followed. In 2001, he accepted a buyout offer from Merrill Lynch and left the firm.
>>In 2002, then New York State Attorney General Eliot Spitzer, published Merrill Lynch e-mails in which Blodget gave assessments about stocks which conflicted with what was publicly published. In 2003, he was charged with civil securities fraud by the U.S. Securities and Exchange Commission. He agreed to a permanent ban from the securities industry and paid a $2 million fine plus a $2 million disgorgement."
But that crash was a product of investors’ and analysts’ overexuberance (sorry!),
not evidence of a fundamental flaw in the tech industry’s start-up ecosystem.For example, if revenues were less than costs I don't think anyone would say that they made any money at all.
/2cents
Smoke and mirrors are always in stock.
Wall Street, meet the wall.
Did he really stop coding? How can one give up coding and focus on managing? I really find it difficult.
http://www.justin.tv/startupschool/b/298808358
Seek at 9:30.
On an anecdotal note, I recall reading a story recently about how the FB Engineers gave Zuck a canned 5-minute bugfix which ended up taking him close to an hour. He's clearly rusty, and with good cause.
I think there must be many others here who must have faced difficulty in making a transition from developer to manager.
"In a market where speed is critical, venture-capital funding allows young companies to move faster than they could if they had to rely only on revenues to fund product development. Entrepreneurs who understand that tend to stick around to make plenty of money later"
really? do they really stick around to make plenty of money? sentence 1 may be true, but that doesn't make sentence 2 true.
i couldn't finish the article. here are a few more choice phrases:
"Many promising tech companies place too much emphasis too soon on the business rather than the product"
"Most entrepreneurs are creative and impatient, an often fatal combination—trying to do too many things, they spread their tiny companies too thin"
it's just not my style of writing. at all.
A deep, petty, and deeply petty disrespect seems sort of strange, given Facebook's ubiquity and general good decision making.
I'm still not sure it is a company. What exactly does FB produce? It's main asset is your personal information. Which of course it does not own.
FB users produce everything, and hand it over for free to the "funethical" crew of FB "engineers" to play with. As Zuckerberg would say, "Dumb fucks."
that's unduly cynical. if you read the rest of the article, they explain their reasoning - mainly that, when zuckerberg might have fired people ruthlessly in his rise to the top, they did not feel that any of those firings were actually unfair.
I think you mean protecting his position at the top from "executives". Some of who may have little skill to offer the company (as someone above said, age is a factor) but are who are quite adept at maneuvering their way into higher salaries and greater powers of decision-making.
If you are so pissed off at Facebook's privacy stance, don't use them (Yes it really is as simple as that).
If you cry foul and say this is unfair because you won't be able to keep in touch as well with all of your family/friends just remember this. YOU are not entitled make your own rules when using someone elses' company services.
All the whining does nothing - only votes matter. You have your vote (your free choice to use or not use Facebook). if enough people agree with you and decide that it is not worth it to use Facebook - then they will be forced to make changes. All the whining in the world will not make a bit of difference if they still know that THEY HAVE YOU and you along with everyone else will continue to use their service (meaning no significant amount of people are leaving and growth is still good).
While I agree with you in general I think that the matter is not so simple. Of course, it is in fact true that when you don't like something, you simply won't buy/use it.
However, many people have had similar view with regards to Microsoft and Google (and other big companies). But when a big company does something it affects so many people/companies that it's not just an issue of voting with your wallet.
Delete your account and go on with life. Some people might not forward you an invite to some event, but they are really not friends if they choose to do this. Writing a short email is not a big time investment. Hell, you can write one email to all your non-Facebook using friends!
Zuck has had the best "learning by experience"opportunity ever. Whatever happens he has done something totally unique.
Looking forward to the IPO. Should be a wild ride.