Lesson #4: Timing is Everything to the Entrepreneur
Lesson #4: Timing is Everything to the Entrepreneur
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 4 Timing is Everything to the Entrepreneur
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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 4 Timing is Everything to the Entrepreneur
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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