SHORT REPORT: FACEBOOK
Facebook was founded on February 4, 2004, by Mark Zuckerberg with his college roommates and fellow Harvard University students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. The founders had initially limited the website's membership to Harvard students, but later expanded it to colleges in the Boston area, the Ivy League, and Stanford University. It gradually added support for students at various other universities and later to their high-school students. Facemash, the Facebook’s predecessor, opened on October 28, 2003. Initially, the website was invented by Zuckerberg and his fellow tech buddies. Zuckerberg wrote the software for the Facemash website when he was in his second year of college. The website was set up as a type of “hot or not” game for Harvard students. The website allowed visitors to compare two student pictures side-by-side and let them ...view middle of the document...
Facebook is designed to allow easy, fast communication with a single post; you can reach your entire network in an instant. For businesses or individuals with a personal brand, Facebook pages are an easy, free marketing tool. Pages are free to create, which is a benefit for people and organizations with limited budgets.
Facebook has grown exponentially since it was founded in 2004; in December of 2012, it reported over one billion active monthly users. The initial purpose of the site was to allow college students to connect with their friends. Since then, it has evolved to include promotional pages, a marketplace, and applications and advanced advertising options. Whether you're using Facebook as an individual or as a representative of an organization, the site offers a range of communication, networking and promotional benefits.
Facebook’s net worth is now around $190 billion. Mark Zuckerberg current net worth is around 33.1 billion. Facebook’s model of two worlds, product development and operational excellence, integrated together and led by two people who complement each other offers an outstanding example of a company that is succeeding through strategic partnership. This partnership model is commonly called “The Visionary and The Builder.” The Visionary is the partner who is a “dream architect”--he has a clear understanding of the company’s purpose and shapes its long-term strategic outlook based on that purpose; he leads the company through inspiration and blue-sky vision. The Builder is the partner who is a “value architect”--she leads the functions that support the mission of The Visionary and ensures that this mission is executed operationally. This is not to say that the two don’t ever overlap, or that the two partners don’t share a common vision, interests, or skills. But for this model to work successfully, as it has for Facebook, the two partners each need to have distinguished skill sets that the other doesn’t possess. In the case of Facebook, Zuckerberg focuses on product development and the platform’s global expansion, because that is what he is great at, and Sheryl Sandberg brings operational skills that ensure stability and discipline within the company as it executes on Zuckerberg vision.