photography source Digitas Photos
Tumblr founder, David Karp, was launching in 2007, at only the age 20, his dream project was meant to be an easy-to-use blogging platform. Four years later, Tumblr was hosting 17.5 million blogs, it was receiving almost 1.5 billion page views per week and attracted $40 million in venture funding. By the age 26 he sold his company for $1.1 billion to Yahoo. People that met him claim he is more than an engineer, he is a visionary.
Starting a new business is hard because it requires important decisions and sacrifices that must be made. Here is some advice David Karp gives to future business owners, based on his own experience with Tumblr.
Find mentors and learn from their experience
Mistakes are always to be made no matter if it is about running a business or simply living life. But finding thoughtful people on whose experience you could rely on will help your business enormously. David Karp strongly recommends finding mentors, people you could trust or that already went through a similar situation before, in order to reduce mistakes.
The key is to learn anything you can from them, whenever and wherever you can, asking a lot of questions, writing it down if necessary and really listening. Although you may have a stubborn nature and what you are told doesn’t make sense, you should reflect upon it for a while and eventually you will understand what you are being told.
Turn your passion into reality, but make sure you know what you want
Interested in computers at a very young age, Karp was forced to to teach himself coding due to the lack of resources at the time. He left high-school to pursue his passion and years later he was CEO of his own company.
Despite that, he considers his success should not be a model for kids to drop out of school. “That is not a path that I would haphazardly recommend to kids out there. I was in a very unique position of knowing exactly what I wanted to do at a time when computer science education certainly wasn’t that good in high school in New York City,” he says.
Plan to scale your business
Good and creative ideas are not everything to a business. When your company expands reaching millions of customers, then you will face limitations. That is why hiring the right experienced people who are dedicated 120% to your business will help you achieve greater results and develop faster.
Do what you are best at using your own tools
Cleverness in choosing a right market and hiring the right people are essential factors when starting a business. Tumblr found a space on the market in which it could be creative and free of the marketing and competition pressure that other similar products had.
David Karp suggests to “Find a space where you can be creative and a place where you are open for free thinking, you want to enjoy what you are doing and do what you are best at.”
Get into your consumer’s mind
This advice is mostly useful for those who plan to start a business abroad because they are dealing with new customers, one with a different culture and view of life. Karp says he put users secondly and focused more on what things would get him excited about and afterwards he would think how that would translate to others.
So, let us summarize: learn from professionals, be determined, hire the right people, build your own tools, think about consumers and you are one step further in starting a successful business. For more information on Entrepreneurial Profiles and & Advice, follow the link.