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
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