With one billion members, Facebook is the world’s most popular social network.
Mark Zuckerberg and his college friends developed the Harvard student network that later became Facebook.
Facebook lets its members connect easily with one another.
Facebook offers an attractive case study to companies who want to emulate its success.
Five basic principles – the “five P’s” – account for much of Facebook’s success.
You can apply these principles to your own business operations:
First, have “passion” for what you do.
Second, define the “purpose” you want to accomplish.
Third, hire the right “people” to help you fulfill your mission.
Fourth, offer an outstanding “product or service.”
And fifth, use “partnerships” that combine imagination with execution.
The seven basic principles to guide such partnerships:
1.“Clear expectations” – Each person needs to understand his or her role in the partnership and what to expect from the other party.
2.“Shared values and vision” – Having a mutual view preserves unity.
3.“Mutual trust” – No partnership can succeed if the partners do not trust one another.
4.“Fair exchange of value” – Each partner must make an individual contribution to the business. That is the essence of partnership.
5.“Complementary strengths” – Zuckerberg has skills that Sandberg lacks, and vice versa. Each partner ideally complements the other.
6.“Commitment” – Accountability thrives when all partners commit to the venture.
7.“Mutual respect” – Honest dialogue, including constructive criticism, depends on respect for the other person.