When it comes to social networking, I don’t think anyone would argue with me calling Facebook the largest and most impressive social media platform currently available.  What started out as a simple college project has turned into a international phenomenon.  It might come as a surprise though to some to hear the the creator and owner of Facebook is only 25 and has already made the Forbes 500 Richest People list.  This week in our spotlight we take a look at entrepreneur Mark Zuckerberg.

Summary:

Name: Mark Zuckerberg
Age: 25
Location: California, USA
Claim to fame: Facebook.com (social networking site)
Initial cost: < $1000

How He Did It:

Mark Zuckerberg grew up and went to school in New York.  Mark developed the facebook platform while attending school at Harvard.  He developed it as a way to improve the existing student directory, which consisted of only a picture of the student and some contact information as many student directories often do.  As facebook grew in popularity around his school, Mark decided to launch the site on the internet.  Mark launched the site to the public from his dorm room in February of 2004.  Facebook was at first limited to a select group of college, but has since grown to include everybody and anyone regardless of education or age.  In 2007, Microsoft bought 1.6% stake in the company at $240 million.  Facebook continues to evolve with new development platforms and continues to offer new features to its users all under the continuing guidance of Mark and his team.

Lessons Learned:

• Look at existing products, processes, ideas and ask yourself if there is a better way to do it?  (Mark took a simple boring concept and turned into something completely new)
• Use your spare time to take on side projects and experiments.  You never know where they might take you.
• Develop your idea and get it out there.  Peer feedback is one of the best way to shape your idea and make it better
• Don’t let competition discourage you (Myspace was number 1 until Facebook came along)
• If you don’t try, you can’t succeed.

Did you miss last weeks spotlight? Check it out here: The Entrepreneur Spotlight: Tim Ferriss


Be on the lookout for our next entrepreneur spotlight article in this ongoing series. In the meantime, be sure to leave a comment and let me know what you think about the success of this week’s entrepreneur. Did you like this post? Useful example? User of the product? Take a minute and let us know!


Sources:
Forbes
Microsoft invests $240 million in facebook
Facebook Opens