Problems or Opportunities? How YouTube Created a $ 1.6 Billion Opportunity

I'm sure you've heard the news that Google reached an agreement to acquire YouTube.com for $1.6 Billion US dollars.

Not a bad piece of change for a couple of guys who started their "little" business on credit cards in a garage.

Yep. It's true.

In fact, YouTube had not even earned a profit yet! Those with a limited vision spoke of YouTube as a failure up to this point. Take note. There are so many numbers that matter in business, and in life as well as your long term view and strategy. More on that later.

What's more interesting is how YouTube was started in the first place.

Back in January 2005, Chad Hurley and Steve Chen, were just a couple of guys who wanted to share some videos they made at a dinner party in San Francisco. Except they had a problem.

There was no easy way to share the video with their friends. The files were too large to send via email and back then there was no easy way to put them online.

So they got to working in their garage on creating solutions to the "problem" (aka opportunity). What emerged is a video sharing site now known as YouTube, which became an internet phenomenon in a matter of months. They provide technology so that anyone with a video file can easily post it online for all the world to see.

From zero to $1.6 Billion in a mere year and a half.

Impressive.

Hurley and Chan are no strangers to adversity. They were among the first 20 hires at PayPal in 1999 and witnessed the Dot Com boom that later bombed. (Hurley designed the logo that PayPal still uses to this day). They watched as tech companies came and went.

"We started this to solve a personal problem," says Hurley. "Now we're creating a new way to reach audiences in an era where the traditional TV time slot doesn't exist anymore."

Back to the skeptics who called YouTube a failure. Remember I said earlier there are a variety of numbers to take into consideration in business.

YouTube went from nothing to 4.2 million monthly visitors to their site within 3 months. YouTube currently captures 45 percent of the online video market. 100 million videos are available on YouTube on any given day and 65,000 new videos are added daily. YouTube now enjoys 20 million unique visitors per month. YouTube is still growing by leaps and bounds.

That's not a failure. That's part of a strategic plan. One that worked out nicely for two guys under 30 who started in their garage a little over a year ago by turning a "problem" into an "opportunity."

"Whether or not something is a problem or an opportunity is determined by your own attitude, approach and perspective. It is entirely your choice." -Jill Koenig

They saw companies rise and they saw companies fall. They had advisors, they sought their own Millionaire Mentor. They invested their time wisely. They saw an opportunity and held tight to their dreams.

Hurley and Chen were rewarded 1.6 million ways for their brilliant perspective and perseverance.

What are some challenges, setbacks or "problems" you have been faced with that you can turn into opportunities?

It's entirely your choice.

Live Your Dreams