hi I’m Evan Carmichael welcome to another edition of modeling the masters
another edition of modeling the masters
another edition of modeling the masters I believe that the fastest and most
I believe that the fastest and most
I believe that the fastest and most effective way to grow a business is sum
effective way to grow a business is sum
effective way to grow a business is sum all of the strategies of people who have
all of the strategies of people who have
all of the strategies of people who have 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 a man who
today we’re gonna look at how a man who
today we’re gonna look at how a man who started a website as a part-time hobby
started a website as a part-time hobby
started a website as a part-time hobby and had no formal business plan went on
and had no formal business plan went on
and had no formal business plan went on to create one of the top ten websites in
to create one of the top ten websites in
to create one of the top ten websites in the world this is a story of Craigslist
the world this is a story of Craigslist
the world this is a story of Craigslist founder Craig Newmark and the top three
founder Craig Newmark and the top three
founder Craig Newmark and the top three lessons you can learn from his success
Craig Newmark is an American
Craig Newmark is an American entrepreneur that started with an idea
entrepreneur that started with an idea
entrepreneur that started with an idea to inform people to turn in the
to inform people to turn in the
to inform people to turn in the Craigslist a multi-million dollar
Craigslist a multi-million dollar
Craigslist a multi-million dollar internet business Newmark grew up in
internet business Newmark grew up in
internet business Newmark grew up in Morristown New Jersey his father a
Morristown New Jersey his father a
Morristown New Jersey his father a salesman who peddled everything from
salesman who peddled everything from
salesman who peddled everything from food to insurance died of lung cancer
food to insurance died of lung cancer
food to insurance died of lung cancer shortly after Newmark’s Bar Mitzvah his
shortly after Newmark’s Bar Mitzvah his
shortly after Newmark’s Bar Mitzvah his mother worked as a bookkeeper and
mother worked as a bookkeeper and
mother worked as a bookkeeper and struggled to make ends meet after her
struggled to make ends meet after her
struggled to make ends meet after her husband passed away Newmark went to
husband passed away Newmark went to
husband passed away Newmark went to Marston High School where he became
Marston High School where he became
Marston High School where he became co-captain of the debate team and also
co-captain of the debate team and also
co-captain of the debate team and also an active member of the forensics Club
an active member of the forensics Club
an active member of the forensics Club he also started his own Club which might
he also started his own Club which might
he also started his own Club which might regularly the play the game go a few
regularly the play the game go a few
regularly the play the game go a few years after graduating college Newmark
years after graduating college Newmark
years after graduating college Newmark worked at IBM in Florida then for
worked at IBM in Florida then for
worked at IBM in Florida then for Charles Schwab in San Francisco Newark
Charles Schwab in San Francisco Newark
Charles Schwab in San Francisco Newark then began working as an independent
then began working as an independent
then began working as an independent consultant taking on contracts with Bank
consultant taking on contracts with Bank
consultant taking on contracts with Bank of America Sun Microsystems and more
of America Sun Microsystems and more
of America Sun Microsystems and more after several years of observing people
after several years of observing people
after several years of observing people on the internet and how they used online
on the internet and how they used online
on the internet and how they used online tools to help each other out new Merck
tools to help each other out new Merck
tools to help each other out new Merck decided to start his own email service
decided to start his own email service
decided to start his own email service to notify people about cool arts and
to notify people about cool arts and
to notify people about cool arts and technology events in San Francisco when
technology events in San Francisco when
technology events in San Francisco when you mark simple email listing reached
you mark simple email listing reached
you mark simple email listing reached over two hundred and forty subscribers
over two hundred and forty subscribers
over two hundred and forty subscribers he could no longer carry on as he was
he could no longer carry on as he was
he could no longer carry on as he was even his CC field would not accept any
even his CC field would not accept any
even his CC field would not accept any more email addresses instead of shutting
more email addresses instead of shutting
more email addresses instead of shutting down new mark decided to move his list
down new mark decided to move his list
down new mark decided to move his list to a public server for all to access he
to a public server for all to access he
to a public server for all to access he wanted to call his new website SF events
wanted to call his new website SF events
wanted to call his new website SF events for San Francisco events but some of his
for San Francisco events but some of his
for San Francisco events but some of his closest friend suggested cullinan
closest friend suggested cullinan
closest friend suggested cullinan Craigslist to emphasize the personal and
Craigslist to emphasize the personal and
Craigslist to emphasize the personal and down the earth nature of the list in his
down the earth nature of the list in his
down the earth nature of the list in his first few years new mark ran the site as
first few years new mark ran the site as
first few years new mark ran the site as a part-time hobby in continuing his
a part-time hobby in continuing his
a part-time hobby in continuing his consulting work full-time during the day
consulting work full-time during the day
consulting work full-time during the day he tried to bring on some volunteers but
he tried to bring on some volunteers but
he tried to bring on some volunteers but they didn’t pan out as Newmark expected
they didn’t pan out as Newmark expected
they didn’t pan out as Newmark expected this is when he had an epiphany he hired
this is when he had an epiphany he hired
this is when he had an epiphany he hired the right CEO and Craigslist took off
the right CEO and Craigslist took off
the right CEO and Craigslist took off practices earning over ten million
practices earning over ten million
practices earning over ten million dollars in revenues for 2004 then in
dollars in revenues for 2004 then in
dollars in revenues for 2004 then in 2005 for price tag of 15 million dollars
2005 for price tag of 15 million dollars
2005 for price tag of 15 million dollars eBay purchased a 25% stake in a company
eBay purchased a 25% stake in a company
eBay purchased a 25% stake in a company from a former shareholder as of 2010
from a former shareholder as of 2010
from a former shareholder as of 2010 Craigslist was generating more than one
Craigslist was generating more than one
Craigslist was generating more than one hundred and twenty-two million dollars
hundred and twenty-two million dollars
hundred and twenty-two million dollars annually by following his passion and
annually by following his passion and
annually by following his passion and recognizing that he couldn’t do
recognizing that he couldn’t do
recognizing that he couldn’t do everything himself Craig Newmark was
everything himself Craig Newmark was
everything himself Craig Newmark was able to turn his business from a
able to turn his business from a
able to turn his business from a part-time hobby into a globally
part-time hobby into a globally
part-time hobby into a globally recognized brand to help you explode
recognized brand to help you explode
recognized brand to help you explode your business here are three action
your business here are three action
your business here are three action items and you can learn from Craig
items and you can learn from Craig
items and you can learn from Craig Newmark actually not a number one get
Newmark actually not a number one get
Newmark actually not a number one get out of the way a huge challenge for many
out of the way a huge challenge for many
out of the way a huge challenge for many entrepreneurs is recognizing what you
entrepreneurs is recognizing what you
entrepreneurs is recognizing what you should and should not be doing in your
should and should not be doing in your
should and should not be doing in your business focus your time and energy on
business focus your time and energy on
business focus your time and energy on the tasks that you bring the most amount
the tasks that you bring the most amount
the tasks that you bring the most amount of value to and delegate or outsource
of value to and delegate or outsource
of value to and delegate or outsource the rest if you hang on the control of
the rest if you hang on the control of
the rest if you hang on the control of every task you’ll always be limited in
every task you’ll always be limited in
every task you’ll always be limited in how much your business can grow because
how much your business can grow because
how much your business can grow because you won’t have enough time one of the
you won’t have enough time one of the
you won’t have enough time one of the reasons why Craigslist has become such a
reasons why Craigslist has become such a
reasons why Craigslist has become such a success story is because Newmark has
success story is because Newmark has
success story is because Newmark has understood the importance of getting out
understood the importance of getting out
understood the importance of getting out of the way where and when it mattered
of the way where and when it mattered
of the way where and when it mattered from content to the overall management
from content to the overall management
from content to the overall management of the site he knew that it was not
of the site he knew that it was not
of the site he knew that it was not going to be him who always had the best
going to be him who always had the best
going to be him who always had the best answers and when it counted he was
answers and when it counted he was
answers and when it counted he was willing to step back and hand over the
willing to step back and hand over the
willing to step back and hand over the reins even though he was getting a lot
reins even though he was getting a lot
reins even though he was getting a lot of interest from IT venture capitalist
of interest from IT venture capitalist
of interest from IT venture capitalist Newmark awaited the amongst refusal to
Newmark awaited the amongst refusal to
Newmark awaited the amongst refusal to bring on a partner was not a power grab
bring on a partner was not a power grab
bring on a partner was not a power grab he would hand over the reins where and
he would hand over the reins where and
he would hand over the reins where and when it felt right and that time came in
when it felt right and that time came in
when it felt right and that time came in 2000 when he decided to promote
2000 when he decided to promote
2000 when he decided to promote entrepreneur Jim buck master as CEO
entrepreneur Jim buck master as CEO
entrepreneur Jim buck master as CEO that’s when the company really began to
that’s when the company really began to
that’s when the company really began to take off he knew he needed someone
take off he knew he needed someone
take off he knew he needed someone better than himself and decided to get
better than himself and decided to get
better than himself and decided to get out of the way according to new mark
out of the way according to new mark
out of the way according to new mark frankly as a manager I kind of suck
frankly as a manager I kind of suck
frankly as a manager I kind of suck but fortunately Jim didn’t he’s a much
but fortunately Jim didn’t he’s a much
but fortunately Jim didn’t he’s a much better manager than I am and because the
better manager than I am and because the
better manager than I am and because the guy who started a company is not always
guy who started a company is not always
guy who started a company is not always the right guy to lead it into the future
the right guy to lead it into the future
the right guy to lead it into the future people that start companies and lack
people that start companies and lack
people that start companies and lack management skills they fail getting
management skills they fail getting
management skills they fail getting another way is really important we
another way is really important we
another way is really important we didn’t care that the site wasn’t being
didn’t care that the site wasn’t being
didn’t care that the site wasn’t being used how we had a match
used how we had a match
used how we had a match the Internet is about inclusion on the
the Internet is about inclusion on the
the Internet is about inclusion on the net no one should feel left out action
net no one should feel left out action
net no one should feel left out action item number to do things better to reach
item number to do things better to reach
item number to do things better to reach success as an entrepreneur you need to
success as an entrepreneur you need to
success as an entrepreneur you need to do things differently and better than
do things differently and better than
do things differently and better than your competition you don’t need to be
your competition you don’t need to be
your competition you don’t need to be better at everything pick something you
better at everything pick something you
better at everything pick something you can be really good at and be the best at
can be really good at and be the best at
can be really good at and be the best at it
it
it customers who care about that feature
customers who care about that feature
customers who care about that feature will come to you being average at
will come to you being average at
will come to you being average at everything is a recipe for failure being
everything is a recipe for failure being
everything is a recipe for failure being good at a few things that your customers
good at a few things that your customers
good at a few things that your customers really care about or rocking your
really care about or rocking your
really care about or rocking your success forward the good thing about not
success forward the good thing about not
success forward the good thing about not having an adventure capitalist backing
having an adventure capitalist backing
having an adventure capitalist backing him meant that Newmark was free to do
him meant that Newmark was free to do
him meant that Newmark was free to do what he wanted with his company he was
what he wanted with his company he was
what he wanted with his company he was free to innovate or to step back and let
free to innovate or to step back and let
free to innovate or to step back and let his user to innovate for him one of his
his user to innovate for him one of his
his user to innovate for him one of his inventions came in the form of the best
inventions came in the form of the best
inventions came in the form of the best of Craigslist blog
of Craigslist blog
of Craigslist blog ideally rounded with the craziest most
ideally rounded with the craziest most
ideally rounded with the craziest most hilarious postings that are left by
hilarious postings that are left by
hilarious postings that are left by users on the site knew mark who enjoys
users on the site knew mark who enjoys
users on the site knew mark who enjoys sifting through the online discussions
sifting through the online discussions
sifting through the online discussions on a daily basis pulls out the funniest
on a daily basis pulls out the funniest
on a daily basis pulls out the funniest and most ludicrous posting some across
and most ludicrous posting some across
and most ludicrous posting some across the Craigslist network and compiles him
the Craigslist network and compiles him
the Craigslist network and compiles him into a daily blog by letting users post
into a daily blog by letting users post
into a daily blog by letting users post this kind of stuff new mark was able to
this kind of stuff new mark was able to
this kind of stuff new mark was able to build readership and loyalty to the site
build readership and loyalty to the site
build readership and loyalty to the site having the ability to innovate a lot of
having the ability to innovate a lot of
having the ability to innovate a lot of trick less to do things better Gordon
trick less to do things better Gordon
trick less to do things better Gordon and Newmark were innovative in many
and Newmark were innovative in many
and Newmark were innovative in many small ways when we see something that
small ways when we see something that
small ways when we see something that could be done better we do it this is
could be done better we do it this is
could be done better we do it this is the notion of Kaizen the Japanese
the notion of Kaizen the Japanese
the notion of Kaizen the Japanese practice of continuous business process
practice of continuous business process
practice of continuous business process re-engineering people can see that when
re-engineering people can see that when
re-engineering people can see that when they report a problem to us
they report a problem to us
they report a problem to us we take it seriously we want life to be
we take it seriously we want life to be
we take it seriously we want life to be fair even though it’s not sometimes you
fair even though it’s not sometimes you
fair even though it’s not sometimes you got to be fast so you don’t waste the
got to be fast so you don’t waste the
got to be fast so you don’t waste the time of others action of them number
time of others action of them number
time of others action of them number three listen no matter how great a
three listen no matter how great a
three listen no matter how great a product or service you have you’ll
product or service you have you’ll
product or service you have you’ll always have to make changes based on
always have to make changes based on
always have to make changes based on what your prospects and customers say
what your prospects and customers say
what your prospects and customers say encourage their feedback
encourage their feedback
encourage their feedback better yet start talking to them before
better yet start talking to them before
better yet start talking to them before you even have a product or service ready
you even have a product or service ready
you even have a product or service ready to sell build it around their needs
to sell build it around their needs
to sell build it around their needs there’s nothing like creating the
there’s nothing like creating the
there’s nothing like creating the business around paying customers to
business around paying customers to
business around paying customers to ensure that you get past the survival
ensure that you get past the survival
ensure that you get past the survival stage and go on to build a highly
stage and go on to build a highly
stage and go on to build a highly successful company from its onset
successful company from its onset
successful company from its onset Craigslist was born from the ideas and
Craigslist was born from the ideas and
Craigslist was born from the ideas and suggestions of his users when Newmark
suggestions of his users when Newmark
suggestions of his users when Newmark began sending on his email list in 1995
began sending on his email list in 1995
began sending on his email list in 1995 to a small group of interested
to a small group of interested
to a small group of interested subscribers almost immediately he began
subscribers almost immediately he began
subscribers almost immediately he began receiving emails back with suggestions
receiving emails back with suggestions
receiving emails back with suggestions for job and apartment listing
for job and apartment listing
for job and apartment listing they hope Newmark would add to his list
they hope Newmark would add to his list
they hope Newmark would add to his list recognizing importance of a feedback
recognizing importance of a feedback
recognizing importance of a feedback loop has been crucial for the success of
loop has been crucial for the success of
loop has been crucial for the success of the small company in fact that has come
the small company in fact that has come
the small company in fact that has come to represent one of its founding
to represent one of its founding
to represent one of its founding corporate values and one of the reasons
corporate values and one of the reasons
corporate values and one of the reasons why millions of people the world over
why millions of people the world over
why millions of people the world over continue to turn to their local
continue to turn to their local
continue to turn to their local Craigslist for help and making many of
Craigslist for help and making many of
Craigslist for help and making many of their most important life decisions to
their most important life decisions to
their most important life decisions to this day Newmark spends six hours of
this day Newmark spends six hours of
this day Newmark spends six hours of every working day on customer service
every working day on customer service
every working day on customer service responding to the needs and requests of
responding to the needs and requests of
responding to the needs and requests of his users according to new mark from the
his users according to new mark from the
his users according to new mark from the very beginning I was involved in talking
very beginning I was involved in talking
very beginning I was involved in talking to people listening to people and it
to people listening to people and it
to people listening to people and it hasn’t stopped the idea that people send
hasn’t stopped the idea that people send
hasn’t stopped the idea that people send me information I’d asked him about it
me information I’d asked him about it
me information I’d asked him about it listen try to do something about it and
listen try to do something about it and
listen try to do something about it and then ask for more feedback community
then ask for more feedback community
then ask for more feedback community people let me know that the volunteer
people let me know that the volunteer
people let me know that the volunteer operation was failing and help me get
operation was failing and help me get
operation was failing and help me get out of denial 90% of the function of our
out of denial 90% of the function of our
out of denial 90% of the function of our site is based on suggestions from users
so remember get out of the way do things
so remember get out of the way do things better and listen to finish up this
better and listen to finish up this
better and listen to finish up this video I wanted to share what my favorite
video I wanted to share what my favorite
video I wanted to share what my favorite true stories about Craig Newmark and
true stories about Craig Newmark and
true stories about Craig Newmark and some of his best quotes
despite his professional successes
despite his professional successes Newmark struggled personally he enrolled
Newmark struggled personally he enrolled
Newmark struggled personally he enrolled in ballet and jazz dance classes in
in ballet and jazz dance classes in
in ballet and jazz dance classes in order to meet women willing to wind up
order to meet women willing to wind up
order to meet women willing to wind up in the hospital with a hernia no matter
in the hospital with a hernia no matter
in the hospital with a hernia no matter what most people say one of the biggest
what most people say one of the biggest
what most people say one of the biggest reasons Newmark started Craigslist was
reasons Newmark started Craigslist was
reasons Newmark started Craigslist was because of his struggling personal life
because of his struggling personal life
because of his struggling personal life he is a self-admitted nerd which really
he is a self-admitted nerd which really
he is a self-admitted nerd which really turned off women he thought it was a
turned off women he thought it was a
turned off women he thought it was a good idea to start helping people by
good idea to start helping people by
good idea to start helping people by starting an email service for others
starting an email service for others
starting an email service for others like himself after finally getting too
like himself after finally getting too
like himself after finally getting too many people using his email service
many people using his email service
many people using his email service Newmark started Craigslist according to
Newmark started Craigslist according to
Newmark started Craigslist according to him it’s the reason he has the
him it’s the reason he has the
him it’s the reason he has the girlfriend he has today he likes to say
girlfriend he has today he likes to say
girlfriend he has today he likes to say that Craigslist has prevented hurting
that Craigslist has prevented hurting
that Craigslist has prevented hurting himself just to meet women out of this
himself just to meet women out of this
himself just to meet women out of this struggle for personal contact Newmark
struggle for personal contact Newmark
struggle for personal contact Newmark built one of the top 10 websites in the
built one of the top 10 websites in the
built one of the top 10 websites in the world according to recent stats more
world according to recent stats more
world according to recent stats more than 5 million people use a site every
than 5 million people use a site every
than 5 million people use a site every month and more than 1 billion pages of
month and more than 1 billion pages of
month and more than 1 billion pages of Craigslist are looked at every month
thank you for joining me for another
thank you for joining me for another edition of mauling the Masters if you
edition of mauling the Masters if you
edition of mauling the Masters if you liked the video and you want to see more
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think if you want to leave a comment
think if you want to leave a comment under the video and thank you and we’ll
under the video and thank you and we’ll
under the video and thank you and we’ll see you on the next episode
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