Facebook's story: From dorm room to Nasdaq

Source :indiaTimes , posted ON 12 Feb 2012 AT 12:53:42 


SAN FRANCISCO: Facebook filed to raise $5 billion in an initial public offering. Here are a few highlights of its meteoric rise, several of which were chronicled in David Fincher's seminal Oscar-winning 2010 movie, "The Social Network":


October 28, 2003
Mark Zuckerberg, a Harvard psychology sophomore, writes "Facemash," a website that asked users to judge students' attractiveness based on their dorm-directory photos. The authorities -- and many students -- were not amused.

February 4, 2004
Zuckerberg launches Thefacebook.com, a social network that allows users to create basic profiles including personal information and photos.

February 10, 2004
Harvard students Cameron Winklevoss, Tyler Winklevoss and Divya Narenya send Zuckerberg a cease-and-desist letter, accusing Zuckerberg of independently developing thefacebook.com while he was hired to work on their social networking project, HarvardConnection.

June 2004
Peter Thiel, PayPal co-founder and venture capitalist, invests $500,000 in Facebook.

May 26, 2005
Accel Partners, the venture capital firm headed by investor Jim Breyer, invests $12.7 million in Facebook, valuing the company at roughly $100 million.

October 24, 2007
Microsoft Corp announces that it purchased a 1.6 per cent share of Facebook for $240 million, giving the company a total implied value of around $15 billion.


April 7, 2008
Facebook settles with the founders of "ConnectU", the Winklevoss twins and Divya Narendra, for a purported $65 million, according to promotional material later published by ConnectU's lawyers.

May 26, 2009
Russian investor Yuri Milner's Digital Sky Technologies invests $200 million for a 1.96 percent stake, bringing Facebook's value down to $10 billion.

June 3, 2010
Zuckerberg sweats profusely as he takes questions about Facebook's privacy policy while onstage at the All Things Digital conference. The episode, which the Twittering classes dubbed a "Nixon Moment," renewed questions about Zuckerberg's viability as the CEO of a company rumored to go public soon.

June 30, 2010
In one of the more bizarre twists in Facebook's history, New York businessman Paul D. Ceglia files suit against Zuckerberg, claiming he had struck a deal with the founder in 2003 for half of Facebook's revenue and rightfully owned 84 per cent of the company. Three successive lawyers withdrew from his legal team within a period of four months in late 2011. The litigation remains ongoing.

October 10, 2010
Columbia Pictures releases " The Social Network," a film about Facebook's beginning, directed by David Fincher and written by Aaron Sorkin.

January 2, 2011
Facebook raises $500 million from Goldman Sachs and Digital Sky Technologies in a deal that valued the company at $50 billion.

January 2011
Goldman controversially markets as much as $1.5 billion worth of Facebook shares to its private investors, but withdraws the offer from American clients on January 18 following intense media coverage and scrutiny from the US Securities and Exchange Commission. The offer was withdrawn because of accusations that it ran afoul of regulations prohibiting share-placement sponsors from aggressively promoting a deal to potential investors.

November 29, 2011
Facebook agrees to settle Federal Trade Commission charges that it deceived users on what information it would keep private. The incident underscored how user concerns about privacy were spurring top-level government scrutiny of Silicon Valley.

January 25, 2012
Trading of Facebook shares is halted on the secondary market as rumors of an impending IPO gain steam.

February 1, 2012
Facebook files its Form S-1 with the Securities and Exchange Commission seeking to raise $5 billion in a highly anticipated IPO. Reuters

Are Successful People Nice?

Source :HBR:Art markman :9 feb 2012

Since Daniel Goleman's Emotional Intelligence, we've recognized the importance of tuning into social and emotional factors in the workplace. But many popular depictions of the workplace don't show any evidence of that sensitivity. Mad Men, Wall Street, and others impress that in business, only the strong survive.

But emotional intelligence implies that successful leaders should be nice. And while being nice may have social benefits, does it pay?

The key is in how agreeable you are. Timothy Judge, Beth Livingston, and Charlice Hurst examined this trait in a paper[PDF] in the Journal of Personality and Social Psychology this year. By way of background, conventional personality research defines agreeableness as two related qualities: (1) the extent to which you value getting along with others, and (2) the degree to which you are willing to be critical of others.

Using earnings data, the researchers found that men who rank high in agreeableness make substantially less than men who are less agreeable. Across studies, this difference was as high as $10,000 per year. Conversely, women's earnings were less affected. There was only a small earnings difference between women high and low in agreeableness, and it was often not statistically reliable.

So, why do these results differ for men and women? And why do nice guys finish last?

There is a stereotype that when men lead, they make decisions without concern for what other people think. Indeed, a final study in this same paper asked people to evaluate potential leadership candidates. Agreeable men were rated least attractive as potential leaders.

And as for nice guys (and to a lesser extent, nice women) finishing last, let's recall the two related qualities of agreeableness. Concerning a value for getting along, career advancement requires a willingness to ruffle feathers from time to time. Good leaders need to be able to tell people things that they do not want to hear. And honestly, putting yourself forward for a promotion means putting yourself before others.

Career success also involves being critical. While some managers may want to surround themselves with people who obediently agree, most want those who will find the flaws in a plan before it is implemented. Less agreeable people are prone to give this kind of criticism.

Of course, this is not license to be a jerk at work. The data also suggest that people lacking agreeableness are more likely to lose their jobs than agreeable ones. There is a big difference between being disagreeable and being unpleasant.

So, what can you do, whether you're more agreeable or not?

First, get to know yourself. There are plenty of quizzes out there to measure the "Big Five" personality dimensions. Find one, take it, and get an objective sense of how agreeable you are.

If you are more agreeable, go out of your way to find the flaws in plans that you hear. Put aside your personal relationships and think about what can go wrong. It helps to imagine that the idea is going to be implemented by another company, to help separate the people from the ideas. Next, find ways to express your concerns. People can be upset with you for a day if they recognize the long-term value of your advice. Express your concerns with empathy, but directly. Try practicing giving negative feedback with a friend first, before doing it for real.

If you are more disagreeable, balance criticism with empathy. Remember that it is difficult to hear criticism of your ideas and your performance. You can be firm while still recognizing the impact of your message. If you think you're developing a reputation for being unsympathetic, practice giving bad news to a friend. Find out which parts of your delivery are causing people to bristle. A strong leader can guide without being mean.

Nice or not, without a doubt you can still be a great leader — you just have to adjust your strategy.

Quote Gems :Warren Buffett

I always knew I was going to be rich. I don't think I ever doubted it for a minute.


  - Warren Buffett

7 Secrets of Self-Made Multimillionaires

Source :GRANT CARDONE :Entrepreneur: February 2, 2012

First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to Be a Multimillionaire -- You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"

No. 2: Get Rid of Poverty Thinking - There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking. 

No. 3: Treat it Like a Duty - Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities. 

No. 4: Surround Yourself with Multimillionaires - I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited? 

No. 5: Work Like a Millionaire - Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working. 

No. 6: Shift Focus from Spending to Investing - The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income - The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich -- it's American.

How to Build a Fan-Worthy Facebook Page

   





Source : STARR HALL :Entrepreneur: February 6, 2012

As Facebook continues to enhance its fan page options, businesses are not only struggling to keep up with the changes, but they also are still trying to figure out how to brand and market their pages. Because of some of the changes, strategies you used just last month to increase your "likes" and interactions with fans may not be as effective.

Here are a few quick branding fixes that will make it easier for prospects to find you, as well as some tips on getting more fans--or what I prefer to call interested prospects.

No.1 - Brand the URL. If your fan page URL is still set with a bunch of numbers, you are making it harder for prospects to find you and missing out on a branding opportunity. Facebook recently lifted the requirement that you get 25 "likes" before you can name your fan page URL. Now, all you need to do is go to www.facebook.com/username and set your name in the URL, which is great for branding purposes and easy link referrals. For example, instead of www.facebook.com/1283743hreu818, my link is now www.Facebook.com/StarrHalldotcom.

No.2 - Name your page appropriately. Once you reach 100 friends, you cannot change the title of your page, so make sure you choose wisely from the start. Your brand name is the ideal title to make it easy for people to find your page when they search. You still can change the title if you have less than 100 likes by going to edit page, selecting Basic Information from the menu at left, changing the text in the Name field, and saving your edits.

No. 3 - Take prospects to a welcome tab, not your wall. When you send people to your fan page and have them land on your Wall, your posts probably won't be enough to entice them to "like" you. Posts are just you talking. Even if you're giving valuable information, prospects need a reason to be your fan. Instead of having them land on your Wall, set up a welcome tab. A welcome tab can include a greeting and an enticement, such as an e-book or video series, to encourage visitors to become fans. Such sites as woobox.com offer free trials and step-by-step tutorials to help you customize your page, including tabs.

No. 4 - Engage potential fans. You need to offer something that will engage people. For instance, you can use Facebook applications to create a poll or launch a game. These can be located on your welcome tab. Wildfireapp.com, for instance, provides a free trial so you can navigate its engagement applications. If you decide to use its programs, services start at $5 and go up from there, depending on which tools you use. SocialUps, a company that specializes in creating games for fan pages, starts at $300. One of SocialUps' most recent game apps was launched at www.facebook.com/vitalyte, a fan page for Vitalyte Nutrition Products that was started three months ago and now has nearly 100,000 followers. The downside of some gaming applications is that they can gain access to your page and randomly post messages.

No. 5 - Check market insights. Is Facebook Advertising for You? Recent enhancements to fan page analytics make it easier to know your prospects, including their sex, age and where they live. Also, you can see which posts they like best and follow a viral report showing if they did something on your page that their friends could see. Such viral activity extends your reach to friends of friends. However, this option only allows you to see that your fans are talking about you to other people; it doesn't share information about whom they're sharing with.

Facebook fan pages are quickly turning into Facebook websites and interactive business tools. With access to millions of prospects, it's important to brand your page well, make it easy to find and keep the content up-to-date and engaging.

The Top 10 Business Plan Mistakes

Source :Tim Berry :Entrepreneur:Jan 2012

1. Misunderstanding the purpose: It’s the planning that matters, not just the document. You engage in planning your business because planning becomes management. Planning is a process of setting goals and establishing specific measures of progress, then tracking your progress and following up with course corrections. The plan itself is just the first step; it is reviewed and revised often. Don’t even print it unless you absolutely have to. Leave it on a digital network instead.

2. Doing it in one big push; do it in pieces and steps. The plan is a set of connected modules, like blocks. Start anywhere and get going. Do the part that interests you most, or the part that provides the most immediate benefit. That might be strategy, concepts, target markets, business offerings, projections, mantra, vision, whatever. . . just get going.

3. Finishing your plan. If your plan is done, then your business is done. That most recent version is just a snapshot of what the plan was then. It should always be alive and changing to reflect changing assumptions.

4. Hiding your plan from your team. It’s a management tool. Use common sense about what you share with everybody on your team, keeping some information, such as individual salaries, confidential. But do share the goals and measurements, using the planning to build team spirit and peer collaboration. That doesn’t mean sharing the plan with outsiders, except when you have to, such as when you’re seeking capital.

5. Confusing cash with profits. There's a huge difference between the two. Waiting for customers to pay can cripple your financial situation without affecting your profits. Loading your inventory absorbs money without changing profits. Profits are an accounting concept; cash is money in the bank. You don't pay your bills with profits.

6. Diluting your priorities. A plan that stresses three or four priorities is a plan with focus and power. People can understand three or four main points. A plan that lists 20 priorities doesn't really have any.

7. Overvaluing the business idea. What gives an idea value isn’t the idea itself but the business that's built on it. It takes employees showing up every morning, phone calls being answered, products being built, ordered and shipped, services being rendered, and customers paying their bills to make an idea a business. Either write a business plan that shows you building a business around that great idea, or forget it. An idea alone does not a great business make.

8. Fudging the details in the first 12 months. By details, I mean your financials, milestones, responsibilities and deadlines. Cash flow is most important, but you also need lots of details when it comes to assigning tasks to people, setting dates, and specifying what's supposed to happen and who's supposed to make it happen. These details really matter. A business plan is wasted without them.

9. Sweating the details for the later years. This is about planning, not accounting. As important as monthly details are in the beginning, they become a waste of time later on. How can you project monthly cash flow three years from now when your sales forecast is so uncertain? Sure, you can plan in five, 10 or even 20-year horizons in the major conceptual text, but you can't plan in monthly detail past the first year. Nobody expects it, and nobody believes it.

10. Making absurd forecasts. Nobody believes absurdly high “hockey stick” sales projections. And forecasting unusually high profitability usually means you don’t have a realistic understanding of expenses.

RBI asks banks to refund unclaimed deposits of Rs 1,700 cr

Source  :Sangita Mehta, ET Bureau Feb 7, 2012, 07.36PM IST


MUMBAI: The Reserve Bank of India (RBI) has directed banks to disclose the list of unclaimed and inoperative deposit account holders, in a bid to help some claimant trace their deposits. 


The RBI has told banks to disclose on its website names of the account holders and their address. In case the accounts are not in the name of individuals, 


RBI has said that the bank should provide the names of individuals authorised to operate the accounts.

Over the last few decades, the unclaimed amount spread over 1.03 crore bank accounts, has risen to Rs 1,700 crore with India's largest bank, SBI and its associates topping the list with unclaimed deposits of 279.7 crore


The list should provide a 'find' option which would enable public to search the list of accounts by name of the account holder. The list will includes names of depositors who have not operated their account for the last ten years.


 At the same time RBI has said that banks should not disclose details about the account number, its type and the name of the branch on its website.


It may be recalled that finance ministry, in September 2011 had directed PSU banks to disclose names of inoperative account holders on their website in an attempt to bring about great transparency. however bank management resisted this move. Indian Banks' Association had written to the finance ministry that the move could be violation to Banking Regulations Act whereby they are not allowed to disclose the details of customers.


In this case RBI has put the onus on banks to ensure that the claimants of the deposits are genuine. Banks are also required to inform public on its website about the process that they will have to follow to make a claim on deposit. RBI has said that banks will be required to complete the process by the end June 2012.