If there is one social media giant virtually everyone has an account on, that would be Facebook. Facebook made headlines during the last week of October after CEO Mark Zuckerberg announced they would change their corporate name. Despite the backlash received by the company, no one can deny just how successful Facebook has been for the past several years.
This is not to say that Facebook did not face major challenges from the beginning. But despite all the issues the company face, it remains successful in many ways. If you are an entrepreneur or are aspiring to be one, here are five business management lessons you can take from Facebook.
Consider Offering Equity to Select Partners or Employees
Not many people know that David Choe, a graffiti artist, offered his exceptional skills to Facebook executives in 2004. He painted the Facebook headquarters and was offered $60,000 cash or stock options. Thankfully, Facebook president Sean Parker managed to convince him to accept the shares and his net worth is now over $200 million thanks to his wise decision.
This can be seen as a desperate move made by the company to gain the assistance they required back in the day. But because they chose to offer equity as compensation to select partners and employees, the company managed and is now thriving. This goes to show that you can use this tactic to your brand’s advantage.
Offering equity can be a great way to entice and retain top talents into your brand. Remember that this form of compensation will not necessarily replace their regular salary.
Offering equity to your partners and employees can help keep them motivated. There are many types of equity you can use for your business. Knowing each one and weighing your options will give you a better idea of what opportunity you can leverage in your business.
Be Willing to Improve Your Weaknesses
Many of us would consider our weakness to be a disadvantage. What we focus on is leveraging our strengths, so we can use this to improve ourselves and our company. In reality, it takes more than just realizing your weaknesses and focusing on your strengths to truly make the necessary improvements.
In 2005, the situation in the company became tense as multiple buyers made the intention to buy Facebook. Even the existing internal politics are breaking the company down. This is when on recruiter for Facebook stepped up and told Mark Zuckerberg to take CEO lessons.
Zuckerberg may be a genius, but he is new to the CEO life. Thankfully, he made the right decision by listening to his employees and agreeing to make the change. He admitted his inexperience leading a company, publicly owning up to his errors, and even started seeing an executive coach and changed his leadership ways.
Thanks to Zuckerberg’s willingness to change, he managed to bring the company to even greater heights. He used his weaknesses and turned these into strengths, ultimately making his employees and other people admire him more. This shows that sometimes, one’s willingness to improve will make you into a better leader.
Be Willing to Fill a Need
Mark created Facebook to fill a need. He found that during his college days, the internet lacked one thing: the ability to connect people.
Therefore, what he did was he made it his mission to connect people online. He managed to tickle consumers’ minds by providing them with an easy means of connecting on the internet. His genius idea paid off exceptionally well after Facebook managed to acquire a considerable number of users even during its first year.
Like in any other business, it is crucial that your brand gets to fill a current need. There is no point in managing a business that no one needs their products and services for. You can figure out what needs to be filled and set your business up for greater success by thinking outside the box.
Believe in Your Talents Despite Their Previous Experiences
Mark Zuckerberg himself had little-to-no experience running a company when he started Facebook. He did not even plan for Facebook to be as big as it is today. But because he believes in his abilities and continues to do so when hiring talents, his company continues to be a success.
Change your thinking that only experienced talents are the best fit for your brand. Sometimes, providing candidates with the training and experience they need is the best way to fill vacant positions. This shows that even inexperienced peeps and fresh graduates can turn out to be the perfect fit for a job.
These are but three lessons we all ought to learn from Facebook. How the company hires its people, treats its people, and manages the business can all make a difference. If you are after building a successful brand, be sure to keep these business lessons in mind.