Young Millionaire Entrepreneurs, How Do They Do It?

The most recent news that literally exploded on social media was Facebook’s purchase of the Instagram company. And it is not for less because Mark Zuckerberg paid no less than a billion dollars for it (1000 MDD), which has made its creators the new young millionaire entrepreneurs.

So is! It happened again

The phenomenon that we have already heard many times about young people who create an innovative product And turn it into a gold mine. It has happened again and the Internet has given birth to a couple more multi millionaires almost overnight.

This is one of the most amazing purchases in recent times and although for many it is a matter of luck. For others – including myself – it is the product of genius, imagination and the desire to achieve something different and to believe that not everything is invented. That there is always something more.

When these phenomena occur in front of our eyes, it is usual to ask ourselves Why didn’t it occur to me before? And the good news in my opinion is that the opportunities are still there. Facebook is in fact another relatively young company that has greatly transformed the way we do business and connect people.

And I am sure that in the near future we will continue to see new ideas, new concepts and amazing products surely created by young people in the garage of their house that will continue to be the new millionaires of this century.

For those who are less familiar with the news, I would like to give you a very brief summary so as not to bore you since the network is full of information about it and my intention is not to repeat all the details but to draw some conclusions that allow us to take valuable lessons about starting a business which is what interests us.

The Instagram Story

Instagram is a company created just 18 months ago by a pair of young enthusiasts Kevin Systrom and Mike Krieger, both 26 years old who founded their company based on a single product– An application for editing and sharing photos on smartphones called Instagram.

his small company startup type had only 13 employees and a modest office, however its product was widely accepted and part of its success is that it is very friendly, easy to use, free of advertising and above all that it is FREE!

In less than 3 months, their application had been welcomed by a million users and in a short time they reached 31 million users. Aspect that powerfully attracted the attention of big investors and that earned it to be recognized with the award for Best Application 2011.

The strategy
For Kevin and Mike the strategy seems to have been to wait and support the growth of users until they have a potentially commercial product. And it worked! Many experts in fact believe that Facebook beyond the business potential He has bought Instagram mainly to prevent them from becoming a competitor in the future that would give them severe headaches.

And well, whatever the reason, the success of these young people is undeniable and we can extract some valuable business lessons (and motivational) that I allow myself to share with you:

In business, not everything is invented. Creativity has no limits. Although the web is full of similar applications and programs for different uses, they thought they could do “something better.” And this should be our way of thinking. An innovative mindset.

Vision. Vision is said to be seeing what others do not see. It is visualizing your purpose in terms of “impossible” to make it possible. The creators of Instagram seem to have handled this concept perfectly.

Trying and failing is better than never trying. The end of this story is a happy ending from any perspective. And it is easy to say now but surely for many months the work must have been hard and the financial reward very little. Surely at some point they thought this would not work and were able to quit (which would have been very easy). However, the merit seems to be, keep going until you get there.

Ideas are worth it! Never despise an idea. There are many people who say that ideas are worth nothing if there is no execution. And I partially agree with it because, put in front of me a great executor without ideas and you won’t have anything either.

So the perfect formula is a great idea with a great execution. Don’t despise your ideas. Work them, shape them, plan, make conscious numbers, ask for advice and finally, act, work tirelessly and do not stop for anything that you could be the next multi-millionaire entrepreneur on the network.

What other lessons do you see in this amazing story? And what about the vision of Facebook when buying Instagram? There is some fabric to cut here …

Other stories from young network millionaires:

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