Post Tagged with: "PayPal"

 
  • Business Ideas – 3 Business Lessons from the YouTube Founders

    Business Ideas – 3 Business Lessons from the YouTube Founders by Evan Carmichael     Today we are going to look at two men, one from a middle-class family, the other an immigrant from Taiwan. After befriending each other on the job, these two men would join forces to build an online business that would eventually sell for $1.65 billion. This is the story of YouTube founders Chad Hurley and Steve Chen and the top 3 lessons you can learn from their success.   “It’s about creating new market opportunities. Giving users new ways to be creative…We see our technology as a platform for other things.” – Chad Hurley and Steve Chen   Steve Shih Chen (born August 1978) and Chad Meredith Hurley (born January 1, 1977) joined forces to build YouTube.com, a social video site that sold to Google for a reported $1.65 billion. These two friends met while working together at PayPal.com. They hit it off and would begin spending a lot of time together discussing their business ideas. However, it was not until eBay purchased PayPal for $1.54 billion that they both would decide to follow their dreams.   Upon the sale of PayPal to eBay, both Chen and Hurley would receive large bonuses. They decided to use their money to create their own venture. With Chen’s engineering skills and Hurley’s creativity, they thought they had the right mix to form a company together. They really had no idea about what type of business to create, but felt that together they could create something monumental.   In January 2005, Hurley and Chen attended a friend’s diner party in San Francisco. They had taken a few digital videos of the event and wanted to share them with each other the next day, but could not find a good way to do it. The files were too big to email and posting them online would take hours. With that, Hurley and Chen had their first idea for a sustainable business. Using the money they had received from the PayPal buyout, Chen and Hurley decided to create YouTube, to make uploading and sharing videos online as easy as anyone could want.   Action Item #1: Build an Experience    Action Item #2: Make the Business Unique   Action Item #3: Focus on the Customer    If you focus on your customer they’ll take care of your business success. Get close to them, understand what they really need, and get their feedback on what you can do to be better. Businesses that form around customer problems are more likely to succeed and are more likely to adapt to changes when the economy dips.   From day one of YouTube, Hurley and Chen have reaffirmed their commitment to creating the best possible service for their customers, even where that came at the expense of their revenues. They are not simply compassionate businessmen, out to make people happy instead of making a dollar. Instead, they see user satisfaction as necessary for long-term success. […]

     
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  • It does not matter where you start. Spread your wings and fly – Sue Krebs

    It does not matter where you start. Spread your wings and fly – Sue Krebs

     
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Center for Family Conversations

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