Microsoft announced that it was buying LinkedIn for 26.2 Billion dollars which is a big deal anyway you look at it. The romance of it for making billions for Reid Hoffman may sound like any other business deal but there are many things to learn on how to run towards your first billion.
1. If you have an idea, plan and implement
A lot of us have ideas but a few of us plan well enough to implement. Those who plan endlessly end up paralyzing themselves to not doing anything, implementation is important. LinkedIn is a major idea but simple in nature. When you have an idea they will always be that feeling of the world being against you. It is during this time that you are tested to your resolve. Reid took 13 years to make his billions but along the way he got himself into the top 5 of any social media worth talking about. Yes LinkedIn is a Professional site but it’s concept would even make it more difficult for anyone to run with the idea. After starting with only a few thousands of people Linked grew eventually to have 103 million active users at anytime.
You might be discouraged today but think of the billions you might be passing in the future.
2. Only get the best partners
Reid did not just find anyone, he got the best the professional world had to offer such as guys from and SocialNet and PayPal. If you want to build a strong company then don’t compromise on who you want working with you. If you can’t get the best then don’t compromise, go at it alone. The best are good for you in that you implement the best ideas in their optimized form. Most of the time we end up with just about anyone who does not really support you such that in the end you are not only working the vision of the company but the people themselves. You have enough to worry about without spending time trying to work other people. When getting the best get those who understand your vision and what needs to be done.
If you notice that you always have to push your partners then they are the wrong partners.
3. Keep sight of your revenue plan
LinkedIn makes significant revenue now. When it started very few people would have expected LinkedIn to be what it is today. As you develop your business keep sight on your revenue plan. It might be cents today but if developed overtime it can become the millions that you need. Sometimes it’s stressful when all that you see is a few dollars in your account but eventually if you keep your focus your millions will come. It is important that you create the policies, culture, and systems that will help you slip seamlessly into your revenue making mode.
Not everyone is ready for millions when they start coming which is why they fail or get bankrupt.
4. Keep improving
LinkedIn over the years has improved itself to be more valuable than what it was at the beginning. With additions such as groups, address books uploads, recommendations and other business line innovations, LinkedIn’s value kept growing. The same thing applies with any business, you need to keep improving and adding value. The world is always revolving, while you sleep some else is awake and planning. The point is this, competition never stops, we live in a global world in which only the most innovative, consistent and constant businesses will survive. So don’t stop improving keep adding value to your business.
5. Keep your brand
LinkedIn is LinkedIn, there is no mistaking what it stands for. Great professional connections which provide you with content. Whatever the business model is or was LinkedIn stayed focused over the past 13 years to create it’s brand value. Most people start diversifying before their stock has real value such that they never build the brand value. People not only buy a company for the service or products, but they also buy the brand. Microsoft is not just buying a new service but is also buying a brand that everyone recognises and can believe in. LinkedIn is at it’s best and it’s name cannot be mistaken for what it is .
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