In the early 1990s, a young man in China heard Bill Gates speak about the future opportunities of the internet. His name was Eric, and he decided to move to America to pursue his dream.
His visa was denied over and over, eight consecutive times. He did not give up, and his visa was finally approved.
After moving to America, he worked for a few technology companies while he perfected his use of the English language. Then he decided to open his own business.
Zoom was launched in 2011 and now Eric Yuan is worth an estimated $7 billion. His success teaches us that perseverance and commitment are important. It also highlights the opportunities America presents for those who are willing to work hard.
Sheilaβs story is a bit different. As a young working mom, she needed help taking care of her two children and aging parents. It was nearly impossible to find the right caregivers.
Sheila Marcelo launched care.com in 2006. This online database of caregivers grew to reach 20 countries, had nearly 33 million users and generated as much as $208 million in annual revenue. Her success illustrates the solution to a common problem may be a great business concept.
We can also learn from the mistakes Marcelo made. Multiple news sources, including the Boston Globe, alleged the company was negligent in vetting their caregivers.
In 2018, the company paid $480,000 to settle an enforcement action brought by the Massachusetts Attorney Generalβs office. A year later, the Wall Street Journal reported ongoing instances of inadequate vetting of caregivers, sometimes with tragic results. As a result of this report, the stock price fell dramatically and Marcelo, founder and chief executive, resigned from the company.
The lesson is clear. Unless you can deliver quality and value, the profits are almost worthless.
Years from now when your story is told, what will the lessons be?
