Entrepreneurial Journey Mark Zuckerberg (Other (Not Listed) Sample)
Analyze a prominent entrepreneur by explaining his, background journey and the future suggestions. The sample is about Mark Zuckerberg and his entrepreneurial journey and the future suggestions.source..
Analyzing Mark Zuckerburg’s Entrepreneurial Journey and Future Suggestions
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Analyzing Mark Zuckerberg’s Entrepreneurial Journey and Future Suggestions
Entrepreneurship is a journey whereby the interested persons strive to set up a business by committing their resources and finance to success. Therefore, the party or participants involved bear the risks and benefits acquired by the enterprise. Thus, once the business gains more rewards than losses, the participants find more pleasure in doing and commit themselves more to the operations. Mark Zuckerberg is a successful entrepreneur who runs his errands and continues to be a prominent internet specialist. Also, he is a renowned co-founder of Facebook and acts as the CEO and shareholder. The platform is a social network to connect individuals with common goals and resources (Moran 2020). Facebook is an interesting website and social network that connects people from different origins globally. However, entrepreneurship becomes successful whenever the parties apply involved theories in practice. Theories that accompany the subject include economic, psychological, sociological, anthropological, and opportunity-based theories. Therefore, at this point, it is essential to focus on Zuckerberg in terms of his background, entrepreneurial character, recognition of opportunities and development and ideas, competitive advantages and conclude with recommendations for his future direction.
On May 14, 1984, Zuckerberg was born by Edward Zuckerberg and Karen Zuckerberg in New York and grew up in Dobbs Ferry village. The father worked as a dentist in their home while the mother was a psychiatrist before giving birth to the children. According to B.E. (2018), Zuckerberg applied the psychological theory of entrepreneurship when he was 12 years by showing interest in computers and electronics. During the tender age, he created a messaging program known as Zucknet using Atari BASIC. Significantly, the father used the program to run the dental office where the receptionists would inform him about an incoming patient without shouting. His computer interest determined the parents, and they hired an in-house trainer to come once every week and teach him more about the computer. He first graduated from Mercy College and joined Phillip Exeter, showing how much he was talented in fencing practices. Alongside graduating in literature and acquiring a diploma, he did not change interest in computers, but he continued developing new programs.
Meanwhile, in high school, he developed music software and named it Synapse. Moments later, companies like AOL and Microsoft proposed buying the software and hiring him before graduation; conversely, he did not accept the offers. He graduated from Exeter in 2002 and joined Harvard University, but he dropped two years later to devote more time to the Facebook website. He is a father to two daughters, namely Maxima Chan and August Chan, while the wife is Priscila Chan.
Together with friends like Moskovitz, Hughes, and Saverin, they created Facebook, which would allow the user to create their profile, upload a photo, and communicate with others irrespective of their location. The friends were running the site at Harvard's dorm room until later in June 2004. After school dropout, he relocated the company to California and acquired one million users by December 2004. Zuckerberg applied opportunity-based theory by taking the risk of dropping out of school to develop the website. In addition, this technological innovation intended to change the world by connecting more people and develop more identity (Hom 2019). Next, he applied sociological entrepreneurship theory to make friends more than making money, compensating for the lack of closer social colleagues. Therefore, developing the website would compensate for personal weakness and misery alongside being entrepreneurship. Finally, he had the inner drive pushing him to overcome and succeed in what they were doing and instead fill the void in life by venturing into the idea, as Kanter (2010) discusses. Recently, the growth and evolution of Facebook have created new ways on how people meet and reinforce their relationships through social networking. The internet channel makes networking successful and positively affect people's daily life (Utility 2009). Technology brings more people together, which was the fundamental goal when Zuckerberg was developing the website. Furthermore, the platform has psychological benefits to the user as it enhances their self-esteem and overall well-being because of having a closer online engagement.
He is passionate about making ideas a reality: Zuckerberg has a passion for his work, and just like any other successful entrepreneur, he strives to make it happen. While he was young, he noted a vacuum in society based on how people communicate and connect. Therefore, he started innovating an idea that would fill the gap using technology (B.A. 2017). He applied psychological theory and expertise to make life easier by working on the Facebook site to use technology and connect people. Through his efforts, people internationally can share and connect, which makes the world a global village and successful.
He does business with a purpose: While Zuckerberg started making the website, the main vision was to connect people globally and access one another. Generally, through the platform, the purpose of the product was to connect and later became a social network that unites different people and relatives or long-time friends. In addition, his application of sociological theory opens the world to more opportunities, future generations, and human rights entities.
Zuckerberg is aggressive: Whenever he does not get the results he desires accurately, he demands constant innovation by allocating more time. As a result, he had to stop the Harvard studies and concentrate on completing the Facebook website and make it grow. Also, he encourages people to do the best they can and come up with the most innovative ideas. However, economic entrepreneurship theory led to his innovations and go-getting spirit after coming up with several internet software when he was young (Yang & Anderson 2018). He focuses on a future with more ideas and revolutionized by embracing technology and the internet throughout his decision-making process.
Opportunity Recognition and Idea Development Process
The entrepreneur uses opportunity recognition and economic theory to understand the void in society and how they can fill it. Therefore, Zuckerberg used an economic perspective to recognize the development of Facebook as an opportunity to connect people. Even though people cannot recognize all the available opportunities, they can get the details about the generation of information gap. According to Yu-Lin (2018), the innovator discovered how the site would have social influence and recognize to fill the space in the market. Furthermore, his willingness to go beyond the norms led him to gain more profits once he recognized the existence of the opportunity. However, he did not apply the economic theory initially, but the initial process was about the psychological and sociological framework. In addition, entrepreneurs apply the idea development process to complete and make their aim to be successful. Some of the vital processes to follow throughout the development include evaluating the opportunity, planning, forming a company, and following growth (D.F. n.d). Every successful business starts with generating an idea then deciding to offer the possible solution.
Type of Business and Competitive Advantages
Mark developed Facebook using technology to improve people's social and online life. Therefore, the website would connect long-time friends and family members by improving their lives and reducing loneliness. Globally, most people started to understand the site and explored the platform. The power for everyone to construct their identity and profile makes the users independent and communicate a public language (Hoffman et al., 2018). Apart from connecting people, Facebook acts as a medium where companies market their products and acquire clients. Therefore, apart from connecting people socially, the platform allows the economic theory of entrepreneurship to have its place in marketing. Currently, Facebook is the largest social networking site with more than one billion users.
Facebook continues to compete with Google in the digital market in terms of the products they provide. Significantly, the firm's competitive advantage originates from the multiple products it avails to the user. First, the business grows by acquiring other giant firms like WhatsApp, Instagram, and Oculus. Nevertheless, the ventures allow the firm to generate more revenue and compete with its counterparts. Next, the business develops new products and services which attract more users (Dudovskiy 2017). Recently, Facebook added more features like News Feed, Messenger, Groups, Events,
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