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Mark Zuckerberg, co-founder and CEO of Facebook, shares an insightful story about the early days of the company, highlighting the importance of learning from mistakes and moving forward.
Photo: techinasia.com
Zuckerberg recalls how little he knew when starting Facebook. One of the pivotal moments was when Peter Thiel, the first major investor in Facebook, insisted that all founders be on vesting schedules. "I didn't even know what a vesting schedule was," Zuckerberg admits. This lack of knowledge led to significant early conflicts, particularly with Eduardo Saverin, one of Facebook's original founders.
When Zuckerberg and Saverin started Facebook, they decided on an equity split without understanding the concept of vesting schedules. Saverin, who stayed behind at Harvard while Zuckerberg and the team moved to California, didn't contribute as much to the company afterward. Thiel's demand for vesting schedules meant that equity would be earned over time, which was a new concept for Zuckerberg and his team.
Reflecting on the situation, Zuckerberg acknowledges that this mistake likely cost him billions of dollars.
"But it's fine," he says. "You just move forward, and it doesn't matter. You just keep pushing forward, and that's how it goes."
This attitude of resilience and continuous learning has been a cornerstone of Zuckerberg's success.
Zuckerberg's experience underscores a vital lesson for entrepreneurs: mistakes are inevitable, but what matters is how you respond to them. His story aligns with a famous saying by another tech giant, Steve Jobs: "Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations." Both Zuckerberg and Jobs emphasize the importance of learning from errors and not letting them hinder progress.
In conclusion, Mark Zuckerberg's story about early mistakes at Facebook teaches us that lack of knowledge can lead to costly errors, but resilience and a willingness to learn are crucial for success. Mistakes are part of the journey, and the key is to keep pushing forward and improving. This mindset, shared by other successful entrepreneurs like Steve Jobs and demonstrated by companies like Airbnb, highlights the importance of embracing challenges and learning from them to achieve long-term success.
Listen to Mark: