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Mark Zuckerberg often reflects on why Facebook succeeded when so many large companies didn’t. After all, Facebook wasn’t a completely new idea—social networking had been around with platforms like Friendster, MySpace, and even offerings from giants like Google, Microsoft, and Yahoo. Yet, none of those companies managed to dominate the space like Facebook. So, what made the difference?
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Why Big Companies Fumble New Ideas
According to Zuckerberg, large companies often fumble because they’re slow to act and lack conviction. It’s not that they don’t have the talent—far from it. In fact, these companies had seasoned engineers and strong infrastructures, while Facebook was built by a "ragtag group of children" in its early days. The real issue, he explains, is that people doubt new ideas before they reach fruition. Social networking was dismissed as a fad, something only college kids cared about. Even as Facebook started gaining momentum, skeptics insisted it wouldn’t make money, or that the shift to mobile would be too difficult.
By the time these companies realized social networking was a lasting and profitable trend, it was too late. Facebook had already gained an insurmountable lead. Zuckerberg believes this happens in many large companies—there’s probably a small team within the company that sees the potential, but higher-ups don’t prioritize the idea. They pour "sand in the gears," slowing down progress and ultimately letting the opportunity slip away.
Big Companies Often Miss Out on Innovation
Zuckerberg thinks that large companies will likely fumble two-thirds of the big opportunities that come their way, even when they have a distribution advantage. These companies are often bogged down by bureaucracy, and their slow decision-making means they lose out on what could have been theirs. And then, there are other opportunities that don’t seem like a big deal at first but end up being game-changers—these, Zuckerberg says, are "free" for smaller, more agile companies to seize.
Conviction and Speed Win the Day
In the end, Zuckerberg’s message is clear: big companies often miss out on massive opportunities because they don’t believe in new ideas fast enough. They have the resources and talent, but their lack of conviction and slowness to act allow smaller, nimbler startups to take the lead. It’s a reminder that even in a world dominated by corporate giants, startups that move quickly and believe in their vision can still win big.
Listen to Mark Zuckerberg:
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