Entrepreneur Profile
Company/Brand | : | Facebook, Inc. |
Co-Founder | : | Mark Elliot Zuckerberg |
D.O.B | : | 14th May 1984 |
Residence | : | Palo Alto, California |
Ethnicity | : | Jewish |
Education | : | Harvard University (Dropped Out) |
Occupation | : | CEO/President of Facebook |
Net Worth | : | USD$17.5B (2011) |
Awards | : | TIME Person of the Year 2010 |
Business Profile
Type | : | Private |
Founded | : | Cambridge, Massachusetts |
Headquarters | : | Palo Alto, California, U.S. Menlo Park, California, U.S |
Area Served | : | Worldwide |
Key People | : | Mark Zuckerberg (CEO) Chris Cox (Vice president of product) Sheryl Sandberg (COO) Donald E.Graham (Chairman) |
Employees | : | 2000+ (as in 2010) |
Website | : | http://facebook.com |
Service Concept Description
Facebook is a social networking service and Web site launched in February 2004, operated and privately owned by Facebook, Inc. Facebook has more than 800 million active users as in July 2011. Users must register before using the site, they can create personal profile, add other users as friends, exchange messages, and also automatic notifications when there is updates on their profile.
Users may join common-interest user groups, organized by workplace, school or college, or other characteristics, and categorized their friends into list such as “Close frineds” or “Acquaintances”. User can also get reminded on friend birthdays, get invited to events, bug friends and play games.
Picture of Service
Business History
Mark Zuckerberg wrote Facemash, the predecessor to Facebook, on October 28, 2003, while attending Harvard as a sophomore. Facemash attracted 450 visitors and 22,000 photo-views in its first four hours online.
The site was quickly forwarded to several campus group list-servers, but was shut down a few days later by the Harvard administration. Zuckerberg expanded on this initial project that semester by creating a social study tool ahead of an art history final, by uploading 500 Augustan images to a Web site, with one image per page along with a comment section. He opened the site up to his classmates, and people started sharing their notes.
The following semester, Zuckerberg began writing code for a new Web site in January 2004. He was inspired, he said, by an editorial in The Harvard Crimson about the Facemash incident. On February 4, 2004, Zuckerberg launched "The Facebook", originally located at thefacebook.com.
Facebook was founded by Mark Zuckerberg with his college roommates and fellow computer science students Eduardo Saverin, Dustin Moskovitz and Chris Hughes. The Web site's membership was initially limited by the founders to Harvard students, but was expanded to other colleges in the Boston area, the Ivy League, and Stanford University. It gradually added support for students at various other universities before opening to high school students, and eventually to anyone aged 13 and over.
Facebook incorporated in the summer of 2004, and the entrepreneur Sean Parker, who had been informally advising Zuckerberg, became the company's president. In June 2004, Facebook moved its base of operations to Palo Alto, California. It received its first investment later that month from PayPal co-founder Peter Thiel. The company dropped The from its name after purchasing the domain namefacebook.com in 2005 for $200,000.
Business Success
Facebook is freaking amazing because you can talk with friends without having to make crazy plans and stuff. Plus, you can find old friends, make new ones, and here what some people have to say about your pictures.
Business Philosophy and Strategies
Most revenue comes from advertising. Microsoft is Facebook’s exclusive partner for serving banner advertising, and therefore Facebook serves only advertisements that exist in Microsoft’s advertisement inventory. Facebook takes your private information and markets it to companies that will manipulate their ads to relate to your likes and interests.
For example, user from Kuala Lumpur will only able to see ads from advertiser that only target Kuala Lumpur market.
For example, user from Kuala Lumpur will only able to see ads from advertiser that only target Kuala Lumpur market.
Facebook’s strategy is to build a huge user base, attract big brands and provide the platform for buying meaningful engagement with that user base. Everything else, like Facebook Connect, Beacon, Titan and mobile, just feeds into this strategy.
Business Achievement
- Most used social networking service by worldwide monthly active users (800 million users – on September 2011)
- Revenue USD$4.27B, 2011
Company’s Name Origin
“Facebook” was changed from “The Facebook” and it name originally come from the colloquial name for the book given to students at the start of the academic year by some university administrations in United States to help students get to know each other.
Service Unique Features
- Block friends on chat
- Make friends aware of your location
- Choose friends to display update (friend priority)
- Tag friends in status updates
Service Success Key Factors
- Huge market
- Experience was designed for college students by college students
- Privacy
- Socioeconomic motives
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