At not even 20 years old, Mark Zuckerberg and his buddies founded a company from their Harvard dorm room. Six years, millions of dollars, and hundreds of millions of users later, anyone with an internet connection has heard of Facebook, if they haven’t jumped from their own page to read this. The journalists at “TIME” magazine even named him one of the world’s most influential people in 2008. If that isn’t enough, he was also number 158 on “Forbes” 400 richest Americans in 2009.
Initially thought up of as a way for Harvard students to have their own personalized page, it became something more when Mark and company decided to expand the project. Other improvements such as a news feed and games were added, making Facebook the phenomenon it is today.
But what is his secret? What can he teach you and anyone else with an entrepreneurial spirit? Below we have gathered ten lessons every college student should learn from Mark Zuckerberg.
1. Give The People What They Want : Because there is no supply without demand, this is an essential lesson from Mark Zuckerberg for college students. He saw a need for college students to stay in touch over the web, people to keep track of friends both old and new, and much more. First intended for only Harvard students, the then “The Facebook” grew to 40 universities in just four months. Even now, Facebook is still expanding to stay ahead of the next big thing. In this interview with the prestigious “60 Minutes,” Mark and other experts tell you more. Part two of the interview can be seen here.
2. Follow Your Dreams : When you were a child, what did you want to be when you grow up? Mark began programming computers as early as the sixth grade and it was this passion that drove him. An essential lesson to any college student, whether your major is chosen or not, those who are passionate about what they do will do better, whether its computers, medicine, arts, or anything else.
3. Failure Leads To Success : Who would have thought that someone who found success so young had a failure? However, it happened during Mark’s time at Harvard. He had created a “Facemash” site that was similar to what we now know as Facebook. However, it was a photo rating site that landed him in trouble with the university administration. Learning from this was an essential component to achieving his dreams.
4. Listen With Both Ears : No one responds with more fervor and speed than the users and lovers of technology. With that fully in his mind, Mark is well-known for listening to, addressing, making up for, and even apologizing for decisions. In fact, this open letter is even entitled “Calm Down. Breathe. We Hear You.” Without overwhelming users with drawn out excuses, he simply explains what is and what will be at Facebook.
5. Don’t Think With Your Wallet : Back in 2006, a generous proposal was made to purchase Facebook. With offers from Microsoft and Viacom, the most momumental came from Yahoo! at one billion dollars. With a projected revenue of $969 million for a paltry 48 million users, Mark was able to think clearly in the face of lots and lots of money. Now with over 300 million users, one can more easily make the argument that Facebook is currently worth more than a measly billion.
6. Stay In School. Sometimes : Although no one questions the education that Mark received, he never finished it. Less than a year after launching Facebook, Mark left his home at Harvard to make it big at Silicon Valley and gather up capital for his venture. The lesson for college students here is there is an exception to every rule, such as: stay in school, unless something much better comes along.
7. Focus On The Big Picture : In the face of looming competition and an unsteady economy, was not selling the company a mistake? Not so according to Mark. In a lesson every college student should learn, he discusses building something for the long term. In fact, had he sold out early, he wouldn’t be working with his friends, own several buildings for his company, and employ over 200 people.
8. Speed Bumps Come and Go : With every venture, there are problems. This is especially true in the case of Facebook. Since its inception, several controversies and scandals have arisen threatening Mark. With each new challenge, a press release addressing it follows. A good lesson for showing that speed bumps should be dealt with accordingly rather than flown over or stopped at.
9. Don’t Go There : Ben Mezrich is the author of “The Accidental Billionaires,” in which Mark Zuckerberg is featured. However, many of the tales that are told in the book are not flattering and certainly unproven, including several sexual exploits. The lesson for college students? When someone wants you to join them in the mud: refuse as Mark did.
10. When The Going Gets Deadly, Walk Away : In the spring of 2005, Mark was approached by a man waving a gun. Having just secured venture capital for his new project, he had a lot to live for. The next time you are in a violent situation like he was, do the smart thing like he did: get in your car and drive away.
Although there is no sure formula for becoming the next billionaire, learning the ten lessons every college student should learn from Mark Zuckerberg are a key step. It definitely helped him become the youngest ever billionaire at age 23, in addition to being a self made one.
