Tag Archives: success

Success

How A Site That Streams People Playing Video Games Became A Billion Dollar Business

The genesis of Twitch, one of the most popular gaming-related Websites and applications in the world, can be traced to a few informal meetings in the fall of 2010, including one with Gideon Yu.

The former chief financial officer of YouTube, who negotiated that site’s $1.65 billion sale to Google and parlayed some of his windfall into a 5% ownership stake in the San Francisco 49ers, came by Justin.tv’s offices — which by then had raised $8 million in venture capital and had begun to generate revenue by morphing from a site originally conceived to stream the life of co-founder Justin Kan into a platform where anyone can stream video.

According to Michael Seibel, another Justin.tv co-founder, Yu came in and gave the company the kick in the pants it needed.

“He came by and basically said, ‘You guys have got something, it’s making some money, but you haven’t really made anything of significant impact, so you can sit on your ass and make a salary and not run this like a startup, or you can build something real out,” Seibel said.

That meeting, coupled with other conversations like one Kan had with SAY Media’s Matt Sanchez, convinced the team to start a few skunkworks projects internally. Taken together, the discussions with Yu and Sanchez marked the start of a process that would eventually morph Justin.tv into two companies with two different missions — Twitch, a site consisting of video streams of people playing video games, and Socialcam, a mobile app for sharing video.

It also marked the beginning of Justin.tv co-founder Emmett Shear’s evolution from engineer to executive, an unlikely ascent that transformed Twitch into one of the most valuable video-streaming companies in the world. Now Twitch is among the companies on Google’s shopping list, being eyed for a reported price of around one billion dollars. (The company announced Tuesday that it would wind down Justin.tv’s operations in order to devote all of its resources to Twitch.)

http://www.buzzfeed.com/mattlynley/how-a-site-that-streams-people-playing-video-games-became-a

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  • AMAZON: NOT AN E-COMMERCE COMPANY
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Success

How Do You Solve A Problem Like Marissa?

There’s been a sharp response to the post I wrote last Wednesday in Forbes outlining the rationale for either Alibaba or SoftBank buying Yahoo at current levels.

The stock is up 6.5% since that story first was published on heavy volume.

To me, the strong response by investors to the story suggests one thing to me loud and clear: investors would rather get all of the cash coming back to Yahoo from the pending Alibaba IPO as well as what’s already on the balance sheet, rather than see CEO Marissa Mayer and her management team spend it on value-destroying acquisitions.

Mayer has been CEO at Yahoo for two years now.  She was absolutely dealt a tough hand, which I think any other CEO, whether Ross Levinsohn or anyone else, would have been challenged to turn around.  In fact, I spoke out in her defense early on after her hiring, asking several critics to give her more time to work at her turnaround.  Two years after her hiring, however, I think it’s fair to point out that she has made a number of costly and largely self-inflicted errors since taking over.

These include:

http://www.forbes.com/sites/ericjackson/2014/07/29/how-do-you-solve-a-problem-like-marissa/

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Success

Richard Branson :: My illustrated top 10 tips for success

Delighted to see so many people sharing my top 10 tips article on the BBC. One of the most rewarding parts of success is being able to share what you have learned to try to help others. 

Like many people, I learn better through experience than theory. Also, if presented with huge reams of text, I tend to lose interest quite quickly. Lots of us are more visual learners, so I wanted to expand my 10 tips with some imagery to illustrate the points. Hope you enjoy them, and let me know your own top tips for success.

http://www.virgin.com/richard-branson/my-illustrated-top-10-tips-for-success

and on BBC

http://www.bbc.com/news/entertainment-arts-26575792

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  • CEOs Gave Up Fortunes To Turn Half Their Employees Into Millionaires
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Economy, Startup, Success

Uber’s Brilliant Strategy to Make Itself Too Big to Ban

The question of how Uber would spend its billion-dollar investment was never really much of a riddle. More rides in more places has always been the plan.

But with its ten-figure cushion, the San Francisco-based ride-hailing startup can be more cunning about how it tries to get huge. Uber wants to grow as quickly it can, and right now, it’s chasing that goal by undercutting the competition on price—even if it loses money in the process. This isn’t a novel approach among tech startups, for which profits aren’t valued nearly as much as popularity. But for Uber, playing in the new realm of the so-called sharing economy, the stakes are higher, since so many entrenched interests are trying to regulate it out of existence. With not just success but survival on the line, Uber has even more incentive to expand as rapidly as possible. If it gets big enough quickly enough, the political price could become too high for any elected official who tries to pull Uber to the curb.

Yesterday, Uber announced it was lowering UberX fares by 20 percent in New York City, claiming the cuts would make its cheapest service cheaper than a regular yellow taxi. That follows a 25 percent decrease in the San Francisco Bay Areaannounced last week, and a similar drop in Los Angeles UberX prices revealed earlier last month. The company says UberX drivers in California (though apparently not in New York) will still get paid their standard 80 percent portion of what the fare would have been before the discount. As Forbes‘ Ellen Huet points out, the arrangement means a San Francisco ride that once cost $15 will now cost passengers $11.25, but the driver still gets paid $12.

http://www.wired.com/2014/07/ubers-brilliant-strategy-to-make-itself-too-big-to-ban

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NoTrading, Success

The Inside Story of How PayPal Ousted an Early Rival

In the early days of PayPal, its most important rival was Billpoint, a rival payment system that was a joint venture between eBay–PayPal’s most important partner–and Wells Fargo Bank. Consider the situation PayPal faced: the vast majority of its business at the time consisted of handling payments for eBay auctions, yet eBay itself owned a competitive payments business (Billpoint) that it was promoting to every single eBay user. To outside observers, the circumstances must have looked grim.

Yet as we know, PayPal triumphed over Billpoint, leading eBay to purchase PayPal for over $1.5 billion. One of the key factors was PayPal’s superior use of network intelligence. Reid led this intelligence-gathering effort for PayPal (he was executive vice president at the time) and asked all the members of the team, from executives to individual engineers, to use their network intelligence to learn about Billpoint’s strategy. Billpoint’s team, on the other hand, completely ignored the potential for network intelligence to provide insights into PayPal’s strategy.

From conversations with other companies that were building on the eBay platform such as Honesty.com and AuctionWatch (now Vendio), PayPal employees learned two key facts. First, the Billpoint team was convinced that the key success factor for an internet payments system was a deep banking relationship to combat fraud. Billpoint’s leadership felt that the Wells Fargo relationship represented an overwhelming advantage over PayPal.

Second, contrary to Billpoint’s belief, the companies on the eBay platform (and their customers) didn’t consider a deep banking relationship that relevant. They placed a far greater value on ease of use, especially in e-mail communications. Fraud prevention was a hygiene factor, not a driving force. None of this information was public, but none of it was secret either.

http://www.inc.com/ilan-mochari/reid-hoffman-excerpt.html

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Success, trend

Future of Music Is a Love Story

Where will the music industry be in 20 years, 30 years, 50 years?

Before I tell you my thoughts on the matter, you should know that you’re reading the opinion of an enthusiastic optimist: one of the few living souls in the music industry who still believes that the music industry is not dying…it’s just coming alive.

There are many (many) people who predict the downfall of music sales and the irrelevancy of the album as an economic entity. I am not one of them. In my opinion, the value of an album is, and will continue to be, based on the amount of heart and soul an artist has bled into a body of work, and the financial value that artists (and their labels) place on their music when it goes out into the marketplace. Piracy, file sharing and streaming have shrunk the numbers of paid album sales drastically, and every artist has handled this blow differently.

In recent years, you’ve probably read the articles about major recording artists who have decided to practically give their music away, for this promotion or that exclusive deal. My hope for the future, not just in the music industry, but in every young girl I meet…is that they all realize their worth and ask for it.

Music is art, and art is important and rare. Important, rare things are valuable. Valuable things should be paid for. It’s my opinion that music should not be free, and my prediction is that individual artists and their labels will someday decide what an album’s price point is. I hope they don’t underestimate themselves or undervalue their art.

http://online.wsj.com/

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NoTrading, Startup, Success

10 Movies Every Entrepreneur Needs to Watch

No one ever said being an entrepreneur would be easy. A million obstacles seem to stand in the way each and every day. The naysayers and budget woes can be enough for the average person to start waving the white flag.

But you are not an average person: You’re an entrepreneur. That means that even when times are tough, you’re still going to march forward.

Yet when this whole entrepreneur thing becomes overwhelming, take a break and look for some much needed motivation. And what better way to find inspiration than watching movies?

Whether it’s a heartwarming adventure, irreverent comedy or thought-provoking documentary, a film can inspire and motivate a weary business owner.

With that in mind, here are 10 movies that every entrepreneur needs to watch:  http://www.entrepreneur.com/article/234538

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NoTrading, Success

Boost your productivity and profits with mindfulness and meditation

Mindfulness and meditation exercises are becoming increasingly popular with businesses. What could they offer your firm? Natasha Clark investigates.

Ray Dalio, Bridgewater Associates; Steve Jobs, Mark Benioff, Salesforce.com; Oprah Winfrey, Bill Clinton, Gweneth Paltrow and Rupert Murdoch. What do all these CEOs, celebrities and influential business leaders have in common?

They all practice mindfulness and the art of meditation, and swear by its practices to make them happier, more productive and more efficient at what they do. Could it work for your business too?

Mindfulness is defined as a head and body approach to well being that can change the way you think about experiences in order to reduce stress and anxiety. In a high-pressure world of constant interconnectedness, meditation and the practice of mindfulness can calm and focus the mind and help to avoid burnout. Most people who practice meditation do so for a small amount of time each day, where they focus on the body and physical presence, and train their mind to concentrate on the present.

http://business-reporter.co.uk/

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Success

Be like Dalio. Own your mistakes, fix them and learn from them.

In yesterday’s column, I wrote:

If you have an issue with Social Security, then fix it. The regressive taxes to fund retirement benefits top out at about $117,000 in 2014. Why not simply raise that to $250,000 next year and $500,000 during the next 20 years. Congratulations, you just made Social Security solvent for the next century.

I was incorrect. Several sharp-eyed readers pointed out those numbers didn’t add up. That sent me back to a research report I was basing this on, and as it was, I had incorrectly read the data, conflating raising the cap with removing it entirely. As the Congressional Budget Office numbers show, making incomes up to $500,000 subject to the payroll-tax wouldn’t get the job done. Indeed, removing the cap would only cover about nine-tenths of the projected Social Security shortfall in the coming decades.

http://www.bloombergview.com

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Success

The top 10 lessons I learned from A Year of Productivity

When I graduated University with a business degree last May, I received two incredible full-time job offers, both of which I declined because I had a plan.

For exactly one year, from May 1, 2013, through May 1, 2014, I would devour everything I could get my hands on about productivity, and write every day about the lessons I learned on A Year of Productivity.

Over the last 12 months I have conducted countless productivity experiments on myself, interviewed some of the most productive people in the world, and read a ton of books and academic literature on productivity, all to explore how I could become as productive as possible, and then write about the lessons I learned.

Read all top 10 lessons here http://ayearofproductivity.com/top-lessons-learned-a-year-of-productivity/

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