From Dorm to $100 Billion

What you can learn about business from Facebook.
5:23 | 02/02/12

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Transcript for From Dorm to $100 Billion
How do you go from -- Harvard dorm room to 100 billion dollars. As learning for -- but it really is possible so what small business owners take away from this entrepreneurial. Success story. ABC news small business contributors Susan Sullivan joins us with some in size by the Susan is also co-founder. It's your -- dot com Susan always great to see you. A lot of people talking about this IPO. With spoke are really talking about one of the great American success stories think is the primary key to this company's success. -- what I love about FaceBook is what I tell small businesses all the time. They sought -- need in the marketplace and they moved on it quickly. And they filled that void they they were a problem solver they created something unique and that's what businesses need to do. You can't be a copycat business and become a wildly successful company so they certainly were a very Smart about doing that the other thing is. They were also very Smart about constantly innovating they were looking at what the market wanted. Constantly making enhancements you can't rest on your loyalists -- he can't become complacent. So things that small businesses can learn from the Facebook's success story you first -- -- find your needs that's correct yes find that special spot that your secret thoughts what makes you really unique what -- value proposition. The key -- Giving people a reason to change their buying habits and to do business with -- other than someone else out there. Think got to find that little special thing that makes you stand out from the crowd. Entrepreneur or should test their ideas explain that yes. Well see FaceBook started on a college campus obviously and they rolled out on other college campuses before they went on a global approach. That was really Smart that was their beta testing. Now not everybody gets to do it that way but a lot of small business owners get so excited about their business idea they storm right out there they want those businesses. And then they find out what's nobody's really interested in my product or service. And you know a lot of businesses fail because of that -- got a test your idea and make sure their people out there who want to buy your product service you must -- season moved quickly and I guess this means don't let somebody else beat the punts precisely one of the deal killers for a lot of small businesses if they get paralyzed by perfection. And and they they're so worried about having meetings and getting everything just right. One of the great things that FaceBook did is you know they just went out and got it done they worked long hours but they moved quickly. And if there's a window of opportunity for you to succeed. You can miss that why you're still sitting in meetings riding on white boards in fact I've heard that it FaceBook and offices on the walls there's -- saying that says. Don is better than perfect so -- -- -- go out there and doing it and you're -- OK your suggestion has to do that building and teen. Yes you can not build wildly successful business without a great team you know Hillary Clinton wrote it takes a village to raise a child. We'll take the team to build a successful business to you. So one of the things -- did with they attracted the best and the brightest and they gave them an opportunity to really be part of that vision and that venture. And of course they also built a great culture now a lot of small businesses have a hard time recruiting -- talent. But if you're building a culture that says wow this -- -- cool fun place to work. People are going to want to come to work with you and that's one of the things FaceBook did very well. You say it's key to know your market. Yes -- you know what I lots of people start up businesses and they think really anybody would buy my product or service well not so much I mean it's just not that simple. FaceBook really paid attention to who their market is so what they do instead of just saying -- we've got what -- they have now over 800 million Napster users. Considered just looking at bat and hanging their hat on that they said no we want to know what those customers want one of those users want. And so they watched how much time -- they spend on this site how are they engaging water their habit and they were constantly enhancing and listening to the marketplace. Great companies know how to do that we've seen some big -- boot this past year like Netflix one that didn't listen to the market didn't know their customer. For a big company it's bad -- -- small company it can be fatal. That is very important advice to be involved with the market. OK we want to take a quick look at some of your other suggestions you say diversify your revenue -- Collaborate and share the wealth which you're definitely seeing in the -- but case any highlights -- plotting it on here. Yes you know I -- one of the things I love about FaceBook is the collaboration. Collaboration is a game changer for small businesses of any size. But here -- what FaceBook data -- instead of closing off our website. We're gonna -- software developers. People to develop apps for our our website and Chris they get revenue off that -- that diversification of the revenue stream rather than just advertising but the other great thing -- there are on these small business that this -- started. Because of FaceBook and some of those have been very successful so that collaboration is just a wonderful success story. Only we had not and its and I didn't know at this. Through an idea of all late and only -- -- -- -- ABC news small business contributor and co-founder of it's your biz dot com thanks a lot Suzanne things.

This transcript has been automatically generated and may not be 100% accurate.

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