Entrepreneurship represents the capacity of a unit to establish and successfully lead a start-up business. In the opinion of Johannisson (2017), entrepreneur definitely needs to have few positive traits to conduct a successful business that includes, optimistic nature, positive body language, transparent communication, leadership, team handling, correct allocation, sales and marketing and finance management. The initial section of the current project deals with the evaluation of entrepreneurial abilities within self through traits and personality analysis examination. The second section highlights a discussion over an individual selection of entrepreneur aspiring life. The third section underscores the company or business run by the entrepreneur and the final part is linked to self-reflection and beneficial aspects gathered from the project.
Weakness
Opportunity
Threat
Mark Elliot Zuckerberg was born on 14th May 1984 in New York into well educated and financially stable family. Zuckerberg developed his interests in computers since he was 12, he used Atari BASIC to establish a messaging program named ‘Zucknet’ (Biography.com Editors., 2018). The program was used by his father in his dental office to maintain a smooth communication between receptionists and patient. Zuckerberg enrolled at Harvard University in 2002 and created a program named CourseMatch, which helped students to select their class on the basis of course selections. He also invented Facemash, which went popular for a short time span (Biography.com Editors., 2018). In 2005, he received a high boost from the venture capital firm, Accel Partners. The firm invested $12.7 million into the new invented network Facebook and granted its access to high schools, international schools and other colleges, which contributed the site with 5.5 million user base by the end of that year.
As per the records of Forbes, Mark Zuckerberg believes in the philosophy of speed. He considers it as the key component, which people needs to have behind their work (Reynolds, 2018). If the sense of urgency is missing, the possibilities of development and growth would slow down. Following this philosophy, he had managed the rise and steady progress of Facebook. Moreover, Zuckerberg also claimed the fact that Facebook has never guessed on any fact, rather it always has undergone all possible tests to measure the security, web access programs and every innovation (Huspeni, 2018). During the creation of Facebook, he had the vision of creating a site that his peer would find useful. He along with his friends had created a side that allowed users to create their individual profile, upload pictures and communicate with one another. However, the financial support and interest received from the venture capital firm have boosted the rapid expansion of Facebook all over the world. Although Zuckerberg has also come across several philanthropic challenges and legal accusations from the very onset, yet his determination and zeal have been his strength, which helped him to overcome all hurdles (Mosakowski, 2017). As per my observation, all aspects of Zuckerberg’s including his personal and professional life is truly aspiring. This has been the reason why I chose him under poster entrepreneur, the enthusiasm and creativity he brings within Facebook has no doubt in turning it into the most iconic and accessible brand.
The company Mark Zuckerberg has invented was named as TheFacebook, which was established in the year 2004 as a messenger application by him along with other friends in Harvard University named Dustin Moskovitz, Eduardo Saverin and Chris Hughes (Hall, 2018). At the very onset, he was only opened to the members of Harvard through their college email address and within the very first month 50% of the students had signed up the site. From the very initial stage, TheFacebook has been an instant hit that grew at a rapid pace with the passage of time. The membership was opened to all most every university of Canada and US, where users were clamouring to sing up. In 2005, the brand receives the further financial support of $ 12.7 million from Accel and $1 million from Jim Breyer, the personal venture capitalist (Boyd, 2018).
In August 2005, ‘The’ was dropped and the brand was officially named as Facebook, which encouraged it to move beyond the student base. The mission and vision statement of the brand was to allow people with the power of building community and bring the world more closely (Smithson, 2018). Zuckerberg usually emphasised on the term “empowering people”, which signifies his goals of making it online social networking service as the means of making people more digitally capable. At present, Facebook is not only used for the communication purpose but also to stay connected to family, friends, discovering the world’s social affairs and sharing the news to other channels. It shows that Mark Zuckerberg has not only restricted Facebook as a small basic online social site. Instead, the business models are improvised on a constant basis to facilitate knowledge acquisitions and valuable communications of every user (Birley & Stockley, 2017).
The reason that led me to choose the company is its strong brand image and the impact it has created all over the globe. The tremendous innovation and user-friendly access Zuckerberg and his team had framed are just highly aspiring. The tremendous innovation and user-friendly access to Facebook have been the most appealing factor for me. The simple steps to create a profile interest in every segment of the world ranging from urban to rural users to access the social networking site. Hence, I believe that Zuckerberg is truly a charismatic personality, who is standing by his ideology of “empowering people”. I believe his focus, determination and innovation had been his driving factor towards his success. This would definitely a learning factor for me to evolve in my career aspects.
Internet users, advertisers, marketers and developers are the usual customer’s segment of Facebook. However, Kumar & Reinartz (2018) argued that nowadays the brand is constantly changing its business model to successfully gain a global access, which covers the teenagers of 13 years to elderly people.
Connecting with friends, discovering, learning and getting a platform to express oneself have been the major value proposition of the selected brand (Lin, 2017). Reach, relevance, engagement and social context have also been its proposition factor.
Channels
Facebook specifically rely on channels like websites, mobile applications, Facebook adverts, Facebook pages, developer tools and APIs.
From the very initial phase, Facebook has managed to form a strong engagement with its customers, whether through negative allegations or positive appealing (Muhammad et al. 2018). The brand has always managed a strong relationship with its users. It enabled the brand to generate a monthly active user base of 2.23 billion by the second quarter of 2018 since the time of 2008 (Statista., 2018).
Facebook usually uses three types of revenue streams that include free posting and access, revenues earned through ads and also the payment forms. Users are also given the change to post or promote their website content at a minimal rate and get wider visibility of the digital traffic.
The online portal and the social media platform of Facebook has been its most efficient resource. And on the other side, its technological infrastructure has been it’s another key resource. The brand entirely thrives on the mode of innovation and creativity (Tuten & Solomon,).
Platform developmental actions and data centre operation management had been its key activities. The brand usually allows its users with the online space, where they have uploaded their data to utilise the space to get digital advantages.
The content partners have been the key partners of Facebook. It includes all kinds of TV shows, movies, music, new based articles, social campaigns, recent event and community-based events, etc (Gerbaudo, 2018).
The cost structure involves ever possible costs associated with the running of the online business (Thirumalai et al. 2017). The brand specifically counts on the factors like data centre costs, sales and marketing, general and administrative and research and developmental activities.
Strength
Andreassen et al. (2017) determined that Facebook’s social networking popularity comes alongside its sturdy brand image. The brand has enabled to establish its business as the trustable social media service provider. It also simultaneously contributed it with the large numbers of active members who readily accept every innovation of Facebook and access the profile.
Weakness
The company suffers from numerous weaknesses due to the nature of its business. The social media and digital advertising technologies are imposing weakness on the brand to enable steady competition (Yousef, 2018). It also exerts a considerate force on the brand’s industrial position. In addition, Facebook also suffers from a lower degree of diversification, which is maximising the risk of its exposure.
Opportunities
Facebook has the opportunity of diversifying its business beyond its core social media and digital advertising business. The brand has taken the steps of utilising the external factor like acquiring Oculus VR, which is one of the leading virtual reality business that steadily complements its networking business.
Threats
Imitation, cybercrime and market saturation can be its biggest threats. Imitation can be its primary threat, where the other subsequent firm can develop a social networking website and mobile applications following Facebook’s business model (Brooks et al. 2014). Moreover, with the increasing degree of membership, the brand is becoming an attractive cybercrime target.
The Blue Ocean Strategy permitted Mark Zuckerberg to enhance the scope of success following the idea of innovation and improvising its existing business models to fit the market trends. As per the consideration of Kim & Mauborgne (2014), it might also re-improvise both the mission and vision statement of Zuckerberg to form a reorientation of its online service lines. The method used in the transformation of the Red Ocean to Blue Ocean includes stages of service offering, the value of innovation and evaluating competitive aspects of social media platforms (Kim & Mauborgne, 2017). The next stage of the framework involves evaluation of the elements that can amplify, reduce and eliminate. Herein, Zuckerberg has undergone the factors that can enhance its business prospects in the competitive market by eliminating the unwanted elements that have the future possibilities of imposing challenges or threats.
As per my observation, entrepreneurship has become one of the highest concerns in the recent time. The intensity of competition is getting fierce with the passage o time, which is also bringing several vulnerabilities and challenges to the operating firms. In addition to the latter context, the degree of market fluctuations is rising over time, which is somewhat encouraging every brand to alter its business models and experiment with new strategies that fit the ongoing trends. This particular subject has definitely helped to understand the different aspects of the current market considering its competitive rate, user fluctuations, accessibilities, driving forces, threat, scopes, vulnerabilities, etc.
My viewpoint is the subject to entrepreneurship was restricted to limited aspects like leadership and strategic management. However, after conducting this project, I have explored the fact that entrepreneurship is all about capital management, resources handling, diversity, operation, stress handling, training, supply chain, marketing factors, etc. The above-stated factors are the driving components that can deliver an entrepreneur to have a successful goal attainment. In the case of Facebook, the management merely has any claim of the gigantic shape it would take after getting launched in the public forum. The most appealing factor for me had been the determination and focus Zuckerberg has paid to retain the steady rise and demand of the brand.
The brand had come across several allegations, philanthropic challenges and legal impositions. However, despite the negative accusations, Zuckerberg has still enabled to generate 2.23 billion of monthly active user bases by the second quarter of 2018. The figure claims the determination, smart work and hard effort Zuckerberg has paid towards the company to retain its goodwill and stood by its vision statement, which is “empowering people”. Today, Facebook has definitely represented a brand icon that user seeks to get, express and share any community-related information. The philosophy followed by Mark Zuckerberg has really motivated me to gather more information of digital platform and identify its scope in the future prospects. I personally gain several benefits from the subject. Initially, I had laid back approach towards my future prospects. However, after coming across the biography of Zuckerberg and his business sense, I have become sincere in life. I would definitely like to work on my weaker points and get more focus and determined with my works. I am looking forward to polishing my both professional and personal skills so that I can definitely see myself as a successful entrepreneur in few years down the line.
Conclusion
An inference drawn from the above discussion is that suitable entrepreneurship represents the accomplishments of noteworthy business efficacies through the combination of clubbed opportunity seeking elements. Evaluation of my individual personality and analysis of Mark Zuckerberg has helped me to better identify the expertise an skills on needs to develop within selves. The project has definitely been a learning experience for me, which would relatively add-on to my personality traits and help me to evolve both personalities and professionally in the near future.
References:
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