Press "Enter" to skip to content

YouTube Success Story – 3 Business Lessons from the YouTube Founders


hi I’m Evan Carmichael welcome to

hi I’m Evan Carmichael welcome to another edition of milena masters I

another edition of milena masters I

another edition of milena masters I believe that the fastest and most

believe that the fastest and most

believe that the fastest and most effective way to grow a business is to

effective way to grow a business is to

effective way to grow a business is to model the strategies of people who’ve

model the strategies of people who’ve

model the strategies of people who’ve already done what you’re trying to do so

already done what you’re trying to do so

already done what you’re trying to do so today we’re gonna look at how two

today we’re gonna look at how two

today we’re gonna look at how two friends wanna come in from a middle

friends wanna come in from a middle

friends wanna come in from a middle class background one coming from

class background one coming from

class background one coming from immigrant from Taiwan join forces

immigrant from Taiwan join forces

immigrant from Taiwan join forces believe they could do something great

believe they could do something great

believe they could do something great created a company and eventually sold if

created a company and eventually sold if

created a company and eventually sold if 1.65 billion dollars this is a story of

1.65 billion dollars this is a story of

1.65 billion dollars this is a story of Chad Hurley and Steve Chen from YouTube

Chad Hurley and Steve Chen from YouTube

Chad Hurley and Steve Chen from YouTube and the top three lessons that you can

and the top three lessons that you can

and the top three lessons that you can learn from their success Steve Chen and

learn from their success Steve Chen and

learn from their success Steve Chen and Chad Hurley joined forces to build

Chad Hurley joined forces to build

Chad Hurley joined forces to build youtube.com a social video site that

youtube.com a social video site that

youtube.com a social video site that sold to Google for reported 1.65 billion

sold to Google for reported 1.65 billion

sold to Google for reported 1.65 billion dollars these two friends met while

dollars these two friends met while

dollars these two friends met while working together a PayPal com

working together a PayPal com

working together a PayPal com they hit it off and would begin spending

they hit it off and would begin spending

they hit it off and would begin spending a lot of time together discussing their

a lot of time together discussing their

a lot of time together discussing their business ideas however it wasn’t until

business ideas however it wasn’t until

business ideas however it wasn’t until eBay purchased PayPal for 1.54 billion

eBay purchased PayPal for 1.54 billion

eBay purchased PayPal for 1.54 billion that they both would decide to follow

that they both would decide to follow

that they both would decide to follow their dreams upon the sale of PayPal the

their dreams upon the sale of PayPal the

their dreams upon the sale of PayPal the eBay both China and Hurley would receive

eBay both China and Hurley would receive

eBay both China and Hurley would receive large bonuses they decided to use their

large bonuses they decided to use their

large bonuses they decided to use their money to create their own venture with

money to create their own venture with

money to create their own venture with Chinese engineering skills and Hurley’s

Chinese engineering skills and Hurley’s

Chinese engineering skills and Hurley’s creativity they thought they had the

creativity they thought they had the

creativity they thought they had the right mix to form a company together

right mix to form a company together

right mix to form a company together they really had no idea about what type

they really had no idea about what type

they really had no idea about what type of business to create but felt that

of business to create but felt that

of business to create but felt that together they could create something

together they could create something

together they could create something monumental

monumental

monumental in January 2005 Hurley and Chen attended

in January 2005 Hurley and Chen attended

in January 2005 Hurley and Chen attended a friend’s dinner party in San Francisco

a friend’s dinner party in San Francisco

a friend’s dinner party in San Francisco they had taken a few digital videos of

they had taken a few digital videos of

they had taken a few digital videos of the event and wanted to share them with

the event and wanted to share them with

the event and wanted to share them with each other the next day it could not

each other the next day it could not

each other the next day it could not find a good way to do it the files were

find a good way to do it the files were

find a good way to do it the files were too big to email and posting them online

too big to email and posting them online

too big to email and posting them online would take hours with that Hurley and

would take hours with that Hurley and

would take hours with that Hurley and China had their first idea for

China had their first idea for

China had their first idea for sustainable business using the money

sustainable business using the money

sustainable business using the money they had received from the PayPal buyout

they had received from the PayPal buyout

they had received from the PayPal buyout Chenin Hurley decided to create YouTube

Chenin Hurley decided to create YouTube

Chenin Hurley decided to create YouTube to make uploading and sharing videos

to make uploading and sharing videos

to make uploading and sharing videos online as easy as anyone could want

by teaming up and leveraging each

by teaming up and leveraging each other’s strengths and complementing each

other’s strengths and complementing each

other’s strengths and complementing each other’s weaknesses Chen and Hurley were

other’s weaknesses Chen and Hurley were

other’s weaknesses Chen and Hurley were able to go on to build a company that

able to go on to build a company that

able to go on to build a company that itself 1.65 billion dollars to help you

itself 1.65 billion dollars to help you

itself 1.65 billion dollars to help you build your company

build your company

build your company here are three action items you can

here are three action items you can

here are three action items you can learn from Chen and Hurley action item

learn from Chen and Hurley action item

learn from Chen and Hurley action item number one build an experience many

number one build an experience many

number one build an experience many successful entrepreneurs today are

successful entrepreneurs today are

successful entrepreneurs today are focusing on not just creating a great

focusing on not just creating a great

focusing on not just creating a great product or service but building an

product or service but building an

product or service but building an experience for their customers make it

experience for their customers make it

experience for their customers make it easy for people to do business with you

easy for people to do business with you

easy for people to do business with you and allow them to feel like they are

and allow them to feel like they are

and allow them to feel like they are part of something bigger

part of something bigger

part of something bigger they’re not just buying from you they’re

they’re not just buying from you they’re

they’re not just buying from you they’re part of a movement before YouTube came

part of a movement before YouTube came

part of a movement before YouTube came along online videos were nothing new the

along online videos were nothing new the

along online videos were nothing new the presence on the Internet had been

presence on the Internet had been

presence on the Internet had been growing albeit slowly

growing albeit slowly

growing albeit slowly they were come Watson to upload while

they were come Watson to upload while

they were come Watson to upload while sharing and watches improved even more

sharing and watches improved even more

sharing and watches improved even more difficult few people had the patience or

difficult few people had the patience or

difficult few people had the patience or the desire to wait out the process this

the desire to wait out the process this

the desire to wait out the process this is what Chen and Hurley wanted the

is what Chen and Hurley wanted the

is what Chen and Hurley wanted the change the experience of people wanted

change the experience of people wanted

change the experience of people wanted to share videos with each other they

to share videos with each other they

to share videos with each other they decided the best way to do this was to

decided the best way to do this was to

decided the best way to do this was to make it easier for people to share what

make it easier for people to share what

make it easier for people to share what they wanted to see according to Chen and

they wanted to see according to Chen and

they wanted to see according to Chen and Hurley I see her service as one has been

Hurley I see her service as one has been

Hurley I see her service as one has been needed for a long time the pieces to

needed for a long time the pieces to

needed for a long time the pieces to make it all happen just weren’t in place

make it all happen just weren’t in place

make it all happen just weren’t in place until we came around we needed it to be

until we came around we needed it to be

until we came around we needed it to be a no-brainer

a no-brainer

a no-brainer we allowed the community to tell us what

we allowed the community to tell us what

we allowed the community to tell us what was entertaining them when we started

was entertaining them when we started

was entertaining them when we started this company a few years ago we never

this company a few years ago we never

this company a few years ago we never expected to be here it’s interesting how

expected to be here it’s interesting how

expected to be here it’s interesting how the simple idea improving our own video

the simple idea improving our own video

the simple idea improving our own video experience online turned into this

experience online turned into this

experience online turned into this Akshardham number to make the business

Akshardham number to make the business

Akshardham number to make the business unique if you want to send out for your

unique if you want to send out for your

unique if you want to send out for your competitors and compete against the big

competitors and compete against the big

competitors and compete against the big brands in your industry you need to find

brands in your industry you need to find

brands in your industry you need to find a way to be unique you have to offer

a way to be unique you have to offer

a way to be unique you have to offer something different in a creative way

something different in a creative way

something different in a creative way and make potential customers care about

and make potential customers care about

and make potential customers care about it if you sell the exact same product as

it if you sell the exact same product as

it if you sell the exact same product as everyone else and provide the exact same

everyone else and provide the exact same

everyone else and provide the exact same service you’re not going to get people

service you’re not going to get people

service you’re not going to get people talking and be excited to work with you

talking and be excited to work with you

talking and be excited to work with you Chenin really knew that they had to

Chenin really knew that they had to

Chenin really knew that they had to create something unique to make people

create something unique to make people

create something unique to make people use their website one of YouTube’s major

use their website one of YouTube’s major

use their website one of YouTube’s major advantages with that they allowed

advantages with that they allowed

advantages with that they allowed everybody to upload videos of themselves

everybody to upload videos of themselves

everybody to upload videos of themselves it didn’t have to be professionally

it didn’t have to be professionally

it didn’t have to be professionally edited and they could easily share it

edited and they could easily share it

edited and they could easily share it with their friends but made YouTube

with their friends but made YouTube

with their friends but made YouTube unique

unique

unique was that they made it easier than ever

was that they made it easier than ever

was that they made it easier than ever before to share a quick video of your

before to share a quick video of your

before to share a quick video of your mother’s birthday or your brother’s

mother’s birthday or your brother’s

mother’s birthday or your brother’s wedding you didn’t have to be a

wedding you didn’t have to be a

wedding you didn’t have to be a technical genius to use their system and

technical genius to use their system and

technical genius to use their system and that helped the service go viral

that helped the service go viral

that helped the service go viral according to Chen and Hurley what our

according to Chen and Hurley what our

according to Chen and Hurley what our users want is to watch themselves they

users want is to watch themselves they

users want is to watch themselves they don’t want to watch professionally

don’t want to watch professionally

don’t want to watch professionally produced content there are so many

produced content there are so many

produced content there are so many people with cameras that have the

people with cameras that have the

people with cameras that have the opportunities to create their own

opportunities to create their own

opportunities to create their own content and so many more people with

content and so many more people with

content and so many more people with editing tools to tell their stories we

editing tools to tell their stories we

editing tools to tell their stories we feel this is just a tip of the iceberg

feel this is just a tip of the iceberg

feel this is just a tip of the iceberg we’re building a community and we don’t

we’re building a community and we don’t

we’re building a community and we don’t want to bombard people with advertising

want to bombard people with advertising

want to bombard people with advertising action item number three focus on the

action item number three focus on the

action item number three focus on the customer if you focus on your customer

customer if you focus on your customer

customer if you focus on your customer they’ll take care of your business

they’ll take care of your business

they’ll take care of your business success get close to them understand

success get close to them understand

success get close to them understand what they really need and get their

what they really need and get their

what they really need and get their feedback on what you can do to be better

feedback on what you can do to be better

feedback on what you can do to be better businesses that form around customer

businesses that form around customer

businesses that form around customer problems are more likely to succeed and

problems are more likely to succeed and

problems are more likely to succeed and are more likely to adopt changes when

are more likely to adopt changes when

are more likely to adopt changes when the economy dips from day one of YouTube

the economy dips from day one of YouTube

the economy dips from day one of YouTube Hurley and Chen have reaffirmed their

Hurley and Chen have reaffirmed their

Hurley and Chen have reaffirmed their commitment to creating the best possible

commitment to creating the best possible

commitment to creating the best possible service for their customers even when

service for their customers even when

service for their customers even when that came at the expense of the revenues

that came at the expense of the revenues

that came at the expense of the revenues they are not simply compassion

they are not simply compassion

they are not simply compassion businessman how to make people happy

businessman how to make people happy

businessman how to make people happy instead of making a dollar instead they

instead of making a dollar instead they

instead of making a dollar instead they see user satisfaction as necessary for

see user satisfaction as necessary for

see user satisfaction as necessary for long-term success they believe that

long-term success they believe that

long-term success they believe that every successful business must start and

every successful business must start and

every successful business must start and listen to their customers and focus on

listen to their customers and focus on

listen to their customers and focus on the customers wants according to Chen

the customers wants according to Chen

the customers wants according to Chen and Hurley if we wanted to we could have

and Hurley if we wanted to we could have

and Hurley if we wanted to we could have instantly turned this into a ten million

instantly turned this into a ten million

instantly turned this into a ten million dollar in revenue business per month are

dollar in revenue business per month are

dollar in revenue business per month are running pre-rolls on the videos but at

running pre-rolls on the videos but at

running pre-rolls on the videos but at that same time we’re going to make sure

that same time we’re going to make sure

that same time we’re going to make sure that whatever revenue model we’ve built

that whatever revenue model we’ve built

that whatever revenue model we’ve built is going to be something that’s accepted

is going to be something that’s accepted

is going to be something that’s accepted by the users we’re not in a hurry we’re

by the users we’re not in a hurry we’re

by the users we’re not in a hurry we’re interested in building our community

interested in building our community

interested in building our community we’re trying to improve discovery we’re

we’re trying to improve discovery we’re

we’re trying to improve discovery we’re trying to improve the experience for

trying to improve the experience for

trying to improve the experience for people on our site

so remember build an experience make the

so remember build an experience make the company unique and focus on the customer

company unique and focus on the customer

company unique and focus on the customer to finish up this video I wanted to

to finish up this video I wanted to

to finish up this video I wanted to share one of my favorite true stories

share one of my favorite true stories

share one of my favorite true stories about the YouTube guys and some of their

about the YouTube guys and some of their

about the YouTube guys and some of their best quotes after the dinner party that

best quotes after the dinner party that

best quotes after the dinner party that gave Chen and Hurley the business idea

gave Chen and Hurley the business idea

gave Chen and Hurley the business idea for YouTube they wanted a simple way to

for YouTube they wanted a simple way to

for YouTube they wanted a simple way to share their videos of the night so they

share their videos of the night so they

share their videos of the night so they immediately went to work on creating the

immediately went to work on creating the

immediately went to work on creating the answer they witnessed a massive growth

answer they witnessed a massive growth

answer they witnessed a massive growth of sites such as MySpace I wondered how

of sites such as MySpace I wondered how

of sites such as MySpace I wondered how they could leverage that growth to their

they could leverage that growth to their

they could leverage that growth to their advantage instead of building their own

advantage instead of building their own

advantage instead of building their own social networking site Hurley and Chyna

social networking site Hurley and Chyna

social networking site Hurley and Chyna wanted to take advantage of those that

wanted to take advantage of those that

wanted to take advantage of those that were already out there to that end they

were already out there to that end they

were already out there to that end they made it easy for members of those sites

made it easy for members of those sites

made it easy for members of those sites to embed YouTube videos on their pages

to embed YouTube videos on their pages

to embed YouTube videos on their pages they work with those companies that were

they work with those companies that were

they work with those companies that were already out there instead of trying to

already out there instead of trying to

already out there instead of trying to go against them by following this

go against them by following this

go against them by following this strategy Chenin Hurley found it easier

strategy Chenin Hurley found it easier

strategy Chenin Hurley found it easier to build upon their idea and her company

to build upon their idea and her company

to build upon their idea and her company began to take off

thank you for joining me for another

thank you for joining me for another edition of all in the masters if you

edition of all in the masters if you

edition of all in the masters if you like the video and you want to see more

like the video and you want to see more

like the video and you want to see more please give it a thumbs up below I’d

please give it a thumbs up below I’d

please give it a thumbs up below I’d also love to hear what you have to think

also love to hear what you have to think

also love to hear what you have to think about the video if you liked it or if

about the video if you liked it or if

about the video if you liked it or if you didn’t like it leave a comment

you didn’t like it leave a comment

you didn’t like it leave a comment underneath the video and we’ll see you

underneath the video and we’ll see you

underneath the video and we’ll see you on the next episode

”

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *