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Lesson #4: Timing is Everything to the Entrepreneur
Article Overview: YouTube was not just about watching and sharing videos online. What made YouTube so successful was Hurley and Chen’s ability to take advantage of the changing environmental factors in which they found themselves. They understood that timing was everything, and that if they did not take advantage of the changing times, somebody else would.
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Free Download - Chad Hurley and Steve Chen Quotes By Chad Hurley Steve Chen |
Lesson #4: Timing is Everything to the Entrepreneur
YouTube was not just about watching and sharing videos online. What made YouTube so successful was Hurley and Chen’s ability to take advantage of the changing environmental factors in which they found themselves. They understood that timing was everything, and that if they did not take advantage of the changing times, somebody else would.
When Hurley and Chen were first trying to come up with the idea for a business, they took into account a number of external factors that could potentially have an effect. First, for instance, was the fact that bandwidth was becoming both cheaper and faster. Just a few years ago, it would nave been next to impossible to achieve YouTube’s success in terms of its capacity to host videos and the size of its audience. There simply would not have been the bandwidth to support it. But, Hurley and Chen realized that bandwidth would soon not be an issue, and decided to use that to their advantage.
Hurley and Chen also realized that technology for the individual and amateur video producers was become much more accessible, both in terms of cost and ease of use. Not only were digital cameras becoming less expensive, but they could also now be directly connected to personal computers thanks to USB. As more and more cell phones became equipped with their own mini video cameras, so too were there more and more people able to take videos out there. Hurley and Chen wanted to capitalize on this trend.
The growth of online social networks was also an important trend that Hurley and Chen wanted to be a part of. They witnessed the massive growth of such sites as MySpace and wondered how they could leverage that growth to their advantage. Instead of building their own social networking site, Hurley and Chen wanted to take advantage of those that were already out there. To that end, they made it easy for members of those sites to embed YouTube videos on their pages. They worked with those companies that were already out there, instead of trying to go against them.
As an increasing number of people were buying personal computers, so too were those personal computers being pre-installed with Macromedia Flash 7, with video playback capabilities. Hurley and Chen realized the advantages of this; no longer would people have to sit and wait to download an external media player. There was already one installed on their computer, and they were going to exploit that.
Hurley and Chen also noticed a change in the demographics of those who were using the Internet. Particularly, they thought that the current online generation wanted an experience that was fun and entertaining.
It was not so much the technology that Hurley and Chen introduced through YouTube that enabled its success so much as it was the duo’s ability to look around them and take account of the changing trends. They created a business that could perfectly ride the changing tides.
Lesson #2: “You can’t cut grass when it’s covered with snow”
Always Do A Timing Check Before You Begin A New Venture
Lesson #4: What Stage Entrepreneur Are You?
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- We haven't sent out the physical letter yet as the person owning the list wanted to make modifications to the letter that we knew would work well but the List owner had a point - it didn't reflect her personality so her clients would know it didn't come from her.
Lesson learned for me. We're back to the drawing board with the list owner more involved in the development of the letter and emails.
I should have known better being a Business Analyst in my day job that you never leave the end-user out.
So Evan we haven't had the opportunity to test any of it yet but it's been a fun process for me to stand back and look at.
Young Entrepreneur Organization - All You Need To Know
- The Young Entrepreneur Organization (YEO) is a global community of entrepreneurs. This non-profit organization aims to make its members successful in their business through networking and training programs. This article tells you all you need to know about the Young Entrepreneur Organization, and the opportunities it makes available to young entrepreneurs from across the world.
Young Entrepreneur Organization: Facts.
1) The Young Entrepreneur Organization has 5,000 members in 35 countries across the world. 2) The organization was founded in 1987. Since then, it has helped many aspiring entrepreneurs with training facilities and getting in touch with the right people.
3) The average age of the members of Young Entrepreneur Organization is 34 years.
4) In order to be eligible for the membership of Young Entrepreneur Organization, you need to be under the age of 40; and be the founder or partner in a business that has annual sales of more than $1 million.
World Entrepreneurs Organization: A part of the Young Entrepreneur Organization, the World Entrepreneur Organization and takes the message of Young Entrepreneur Organization to many additional places around the world. This organization is especially active in the area of education and training for entrepreneurs.
Young Entrepreneur Organization: Objectives.
1) To foster entrepreneurship.
2) To support Young Entrepreneur Organization members by providing them the chance to network and grow.
3) To provide resources to its members so that they can benefit the economy through innovative business ideas.
4) According to Young Entrepreneur Organization, you get to share your story with those who have had similar experiences, and thus gain insight into the best principles of entrepreneurship.
Young Entrepreneur Organization: Facilities.
At the Young Entrepreneur Organization, you get to meet and share views with like-minded people and fellow entrepreneurs. In order to facilitate a free exchange of ideas and growth for its member, the Young Entrepreneur Organization provides the following facilities to members.
1) Forum: Join the forum of the Young Entrepreneur Organization and start networking with entrepreneurs from across the world. Each forum group has 12 members who come together regularly to share their experiences and discuss issues related to entrepreneurship.
2) Mentor: In conjunction with the World Presidents’ Organization, the Young Entrepreneur Organization guides and counsels young entrepreneurs through a mentor program by the best business leaders.
3) Social Innovation: The Social Innovators Program involves Young Entrepreneur Organization member who wish to do something for about social issues. It helps members become socially aware citizens and gives them the opportunity to do something for their community.
4) Marketplace: The marketplace allows members to post business offers and receive replies from other members.
These are just some of the facilities you will get if you become part of the Young Entrepreneur Organization. Others, like meeting prospective clients through trade shows, and special tools to network and meet with the right people are also part of the YEO facilities.
How to create BUZZ?
- As a small startup we need to be able to create Buzz around our product, but we haven't had tons of success. Despite being written up in the Toronto Sun, Metro News, Entrepreneur Start Ups Magazine and listed as a resource in Entrepreneur Magazine people in Toronto still don't know about us.
Any ideas on what I can do to get people talking? Preferable ones that don't have a large price tag attached? Any ideas would be appreciated. Our URL is included in my signature.
Re: Top 50 Lists
- Hi Evan,
How about "Top 50":
-Inventor Blogs To Watch
-Franchising Blogs To Watch
-Business Book Review Blogs
-Women Entrepreneur Blogs
-Young Entrepreneur Blogs
Re: EC Forum Badge?
- [quote="Evan":3r7km12d]I'm not sure I understand your point about the caps - you're saying everything should be capitalized except for Entrepreneur Forums?[/quote:3r7km12d]
This is exactly how I think it should be as far as capitalization...
[quote:3r7km12d]I'm a moderator for the Entrepreneur Forums, a friendly community of entrepreneurs.
Click here to learn more![/quote:3r7km12d]
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