Mark Zuckerberg: 50 Life and Business Lessons

Previously I had already read the Book on Steve jobs which made me curious to read the 50 lessons from Steve Jobs life, this in turn inspired me to read lessons from Mark’s life. I would prefer to read the complete Biography but due to time crunch I started reading this book to pick the high lights.

I hope you already visited the 50 lessons from Steve Jobs blog, this one is similar but from Mark Zuckerberg’s biography. Like I already said this book is recommended for those who have no time to read the complete Biography. It clearly summarises the biography which is a must read.

5o Lessons are as follows:

1. Childhood  & Education
   1. A commitment to education, from an early age, stands you in good stead in later life. It need not be a formal, academic education, but you should insist in your children, and in yourself, a love of learning as early as possible
   2. Don’t ever be embarrassed about being smart, or about having a diverse range of interests. Bulling the geek is something for the school yard only; in the adult world, you do need to be modest, but not falsely so.
   3. It is never too soon to discover your passion and start developing your ideas. Encourage those around you, whatever their age, and do not dissuade yourself from trying something new because you think you are too young or too old.
   4. The network of people around you has a significant impact on the likelihood that your projects will succeed. If you can connect yourself with intelligent, driven individuals, you will be more motivated to succeed.
   5. A formal education at a university will not suit everyone. Be open to new ways of learning, gaining skills and qualifications.
2. Facebook
   1. Spend time experimenting with your ideas so that you hone your skills. Your first project probably won’t be success, and it may well be that  you have to test out a dozen or more ideas until you find something which is technically workable and commercially viable.
   2. You need to be excited about what you create. If an idea doesn’t thrill you, it won’t thrill anyone else either, so there is little point in pursuing it.
   3. Be aware of security and privacy laws. Ignorance is no defence in court, and you might well find yourself in hot water if you breach such regulations. Zuckerberg got away with it by luck; you are unlikely to be so fortunate.
   4. Be prepared to rework you ideas. If something isn’t working out quite the way that you planned, have a plan B up your sleeve so that your early efforts aren’t wasted.
   5. The very best ideas are simple. you don’t need a great deal of infrastructure or money to develop them, just time and effort.
   6. Poll your friends and other contacts about your ideas. Make use of your collective brain power, and test out your ideas in real-life market research.
   7. Be very careful who you talk to, and who you work with, during the early stage of your projects. Keep a paper trail (email is fine) so that it is clear who the copyright belongs to, and thus who might be entitled to benefit from it in the future.
   8. Launch your products in a market you understand. It will increase your chances of success, and you can always use them as a platform from which to expand into less familiar markets at a later date.
   9. Even if you are the person with the original idea, you don’t have to develop it alone, and should avoid even trying to do so. Identify your own weaknesses or shortcomings, and recruit a team around you who compensates for those gaps in your own capacity.
   10. Exclusivity is a powerful marketing tool as you can create demand for a product before it is even available. Then, once people can finally buy into you idea, or sign up for your product, they will be far more likely to do so.
   11. Even digital business need to have a physical home. Find somewhere where you will have a lot of support, professional and technical as well as financial, and which is accessible to potential investors and clients.
   12. A company cannot grow without money, either from income that it has generated, or from investors. The advantage of seeking funding from venture capitalists is that they bring their expertise and connections to the table, as well as cash, and have a vested interest in seeing your company succeed.
   13. Every company must have an exit strategy – its the way you and your investors recoup your investment – but you do not have to disclose it to others and it is often beneficial to hold that plan close to your chest.
   14. A company has to make a profit: that is its purpose. If you don’t intend to generate a profit, you should look at other models, such as not-for-profit (or charity)
   15. If you are unsure about how to develop your income streams, or even what those streams should be, ask for expert advice.
   16. You do not need to build every aspect of your company from scratch. It is perfectly possible – and often advisable  – to buy in expertise or capacity.
   17. Only buy into other companies which enhance your core offering, or prevent your competitors increasing their share in the marketplace.
   18. If you see a company which has significant growth potential, and is cash generative, think seriously about adding it to your portfolio. It will probably be a sound decision.
   19. Communications are key to everyday life, and any idea which can piggyback on that in an intuitive, but unobtrusive, way is worth exploring.
   20. Even if you think that something you have done, or plan to do, is a good idea, you need to be able to explain it in cohesive, convincing way to other people.
   21. Bide your time. IF you understand what people want, you can whet their appetite, and allow it to build over time, until you are ready to deliver and they will pay the best possible price.
   22. You need to strike a careful balance between being yourself, and doing what investors and customers expect. Investors tend to be naturally conservative, and easily put off by eccentricities.
   23. You can make predictions about how your company will fare based on the performance of other similar companies, though this is by no means a fail-safe strategy.
   24. Even fairly standard financial transactions can appear exciting if marketed in the right way
   25. you can’t control everything, and there will be multiple factors outside of your control which affects how your business fares. Be prepared to be pleasantly surprised on some occasions, and sorely disappointed on others.
   26. You need to be in business for the long haul. Any company can increase or decrease dramatically in value in the short term, but on the whole a well managed company with a steady stream of quality products will grow and make money over time.
   27. Be prepared for people you have worked with in the past to turn against you when you start to taste success. Their jealousy can be your downfall, so protect yourself accordingly.
   28. When you win, be gracious and humble. People will have far more respect for you as a result.
   29. Treaties you work with fairly. Not only is it right thing, morally speaking, to do, but if you breach their trust and abuse them, it might well come back to haunt you in the future.
   30. Legal cases can be expensive, and even if they don’t upset your firm financially, they do no good for your reputation in public eye.
   31. The ethics of research is a mine field. take advice on what you are doing, and if you think that you might be starting into grey waters, take a step back and think carefully what the repercussions might be.
3. Internet.org
   1. If you achieve a position of dominance in any given market, you can leverage that position to bring onboard partners to help you achieve more than you would be capable of doing alone.
   2. No idea is without flaws. Be prepared to take criticism and adapt your idea accordingly.
   3. You need to tread carefully with regulatory bodies, carefully researching their remit, and building relationships with their decision makers. Doing so will increase your chances of survival in what can otherwise be hostile waters.
   4. When you do good, you can also earn benefits for yourself.
4. Awards and Accolades
   1. You will only be considered truly successful if you recognised outside of your specific sector, & gain general acclaim.
   2. Be prepared to laugh at yourself. Popular culture creates heroes and villains, and if you are game for laugh, you are more likely to be considered as one of the former.
5. Philanthropy
   1. Although you shouldn’t boast about your generosity, there is no need to hide it either. By giving in a responsible way, you can inspire others to do likewise.
   2. If you make money, you have a responsibility to give back to the community which has helped you succeed. and to do so in an as effective manner as possible.
   3. Consider the fact that changes in your personal and professional life can significantly alter your outlook on life. Be flexible, and if need be, change the course of your actions accordingly.
   4. Put your money and your influence behind issues you really care about. Be passionate about your giving, and you will be more likely to have a quantifiable, sustainable, and beneficial impact.
6. Political Involvement 
   1. There is no shame in being a pragmatist. As a company director, you are legally obliged to do your best for the company and its shareholders, and this might well involve lobbying, or campaigning for, different political groups.
   2. Be open about the issues which are important to you, and use your platform to advocate change.
7. Personal Life
   1. Find a partner, in life as well in business, who is your equal, intellectually speaking, and shares your values. This will create the richest kind of relationship.
   2. Personal loss can happen to any of us, however much money we have. Be sensitive to those be prepared to ask for help from others when you need it.

This book is really good for new entrepreneurs, and for those planning to start a business.