Key Elements of Successful Entrepreneurs: A Study of Facebook and Tumblr

Business strategy
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Introduction
Entrepreneurship is an approach in business that involves setting up a new business or businesses
taking the financial risks that are associated with the business in order to gain a competitive
advantage. Entrepreneurship can therefore involve designing, launching and operating a new
business from square one and putting through to success. In order to be a good entrepreneur
individuals must have the ambition to achieve success, should have the wisdom to understand
best approaches, achieve them, should have the willingness to learn and constantly grow, should

have creativity and innovation to creates more suitable solutions, should have the courage to take
risks should have perseverance to set backs and resilience to failures (Alemany et.al., 2016)
The aim of the study is to understand some of the key elements of successful entrepreneurs that
have allowed them to achieve growth of their businesses in the market.
Background
Entrepreneurship is a multifaceted and diverse approach of management that involves various
aptitudes, competencies and resources to be successful. For the purpose of this study, two of the
most successful entrepreneurs in our modern market have been selected for an interview to
understand the strategies, processes, influences, performance evaluation approaches and
continuous improvement strategies utilized within these two organizations. The two companies
selected for the purpose and their entrepreneurs are Mark Zukerberg, the CEO of Facebook and
David Karp, CEO of Tumblr (Cakmak and Like, 2017)
Facebook is a social media networking company based in USA and is sling the big four
technology businesses in the world along with Google, Apple and Amazon. The organization
was founded in 2004 and since then it has grown it's use base to 2.3 billion monthly users in the
the platform and generates a revenue of 55.9 billion USD. This makes Facebook one if the
biggest market players and the most successful in entrepreneurship venture in the world (Ciruela-
Lorenzo and Padilla-Melendez, 2016)
Tumblr is a micro blogging as will as social networking site that was founded in 2007. The
company is owned by Verizon Media and provides a platform for users to post multi media
content as well as other media content on the blogs. The platform has a dashboard interface and
can be used to host individual and independent pages of the users who can use it for their
business and professional purposes. The company hosts more than 465 million blogs and has
more than 500 million monthly visitors. The blogs provides additional features apart from the
dashboard such as HTML editing, tags and queue. Additionally, it Laos has mobile interface
along with messaging and inbox services. Tumblr is one of the fastest growing micro blogging
platform that has gained significant success since it’s foundation thereby making it in of the
leading entrepreneurial businesses in the world (Esen and Iscioglu, 2017).
Both these companies have achieved great success in the market in their entrepreneurship ideas
with Facebook being the first of it’s kind to provide social media platform for it’s users to share
their personal thoughts, opinion, pictures etc.on a common platform and Tumblr being the first
company to develop the micro blogging platform where uses can create independent pages for
their personal, professional or business use (Gonzalez et.al., 2016).
Interview content
From the interview with Mark Zukerberg it could be understood that the performance if
Facebook as an entrepreneur venture was made successful through the joint effort of the people
who started and planned the business for it’s future. This was significantly influenced by the
important strategies that were the foundations of Facebook’s strategic decision. These strategies
included an approach of direct marketing towards it’s users and business partners through which