Facebook Business Plan
Sunday, April 10th, 2011If you are launching a new startup business you have undoubtedly been advised to write a business plan. Most consultants and coaches will convince you to write a business plan before you even think about starting a business. Well we all know that Facebook has been the most successful startup in the world over the past 5 years, so it only makes sense to look at Facebook’s business plan. Wait… did Facebook have a business plan? I think it is clear that Mark Zuckerberg didn’t sit down and write a 50 page document, it probably looked more like this:
1. Be Cool – Facebook wanted to be cool. In fact, according to the movie “The Social Network” Mark Zuckerberg was afraid that advertisements early on in the life of Facebook might squash the cool factor and effectively kill their momentum as one of the world’s fastest growing companies. So for as long as possible Zuckerberg refused to include advertisements on the website in order to keep the cool factor that attracted millions of college and high school students during the early years.
2. Gain Eyeballs – Step number two in the Facebook strategy was simply to gain as many eyeballs for as long as possible. The team focused on building an infrastructure that kept users on the website for minutes even hours at a time. They made the website so addictive in a sly way that users don’t realize that they were playing right into the hands of Facebook. The more time you spend stalking your friends on Facebook the more opportunity for advertisers to catch your attention and get you to click on an ad. So be cool, and gain eyeballs.
3. Innovate – The last piece of the Facebook business plan is simply to innovate. Facebook changed the way that friends and family connected, but they became truly innovative when they changed the way that businesses connected with each other. Mark Zuckerberg has been known to tell his team to Fail Big. You have to fail big if you want to create innovation that can change the world.
That is the Facebook Business Plan in a nutshell. In 2011, many innovative web-based startups have the exact same strategy. If you are a web-based startup and you don’t have a written plan, do not despair, you might be able to simply borrow from Facebook. Good luck in your startup ventures!
I am the Founder and CEO of ExecutivePlan. We help startup entrepreneurs write more powerful business plan executive summaries in order to raise capital. If you think your startup is the next Facebook, make sure to visit us at http://www.businessplanexecutivesummary.com and take our free quiz titled, “Is Your Startup the Next Facebook?”
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