Success Story of Pierre Omidyar. What YOU can learn from eBay founder

Have you ever used eBay as a platform to buy or to sell something? If you said "yes," you will be interested in learning more about Pierre Omidyar, founder of eBay, an immigrant who moved from Iran to France and then to the USA. I will share with you Pierre Omidyar success story and his business principles.

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The most valuable business lessons from his biography and business life:

Lesson 1. Omidyar's way of securing money and testing ideas.
Pierre had a full-time Apple Computer corporate employee background when he co-founded his first startup - IncDevelopment. The first experience was successful - Microsoft acquired it. Pierre got some money to start on his own and a taste of risk. IncDevelopment proved there's a big future for e-commerce and Internet sales, and he focused on this direction. The result was eBay - a work-from-home startup, the hobby for weekends.

The idea of providing people with online auctions was brilliant, and it earned money for its development. First months' "extra bucks" rapidly turned into hundreds of thousands of dollars and became a one million dollar revenue in just one year. Pierre's personal Internet account had to be changed into business one in only two months of the first eBay deal with a laser printer, as thousands of auction users could not be served with a personal account. What is the most crucial lesson in this part of the story? Well, Pierre started charging money for his service from the very beginning. That helped him understand his idea is worth paying money, so he would be able to find its buyers. The charge was small, but it did exist, and the auction users paid it happily. To be sure the service was worth paying, Pierre even launched something like a blog on eBay's site, where he encouraged all users to share their eBay experience. I found this in Pierre Omidyar interview from 2020.

Lesson 2. Omidyar way to team up people. Inspiration is much more effective than delegation. - explained Omidyar his first employment experience. And when he offered his friend Jeffrey Skoll to lead a million-revenue eBay business, he narrowed down his strategy to the company's goals only, leaving Jeffrey the freedom to decide how he would approach it. Pierre would follow the same strategy when employing the first company's CEO, Meg Whitman, in three years after he started eBay. He believed he shouldn't try to run the company when a more experienced manager is recruited.

The hiring philosophy started by Pierre is being applied until now and spreading to all job positions at eBay. Even for engineering jobs, "impact," "global," "unlock opportunity" are keywords for a position description. Should these words drive an engineer? Well, eBay thinks yes and refers the inspiration to the primary skill of any employee to have a motivated, independent, and initiative team player. I've made my research on the most used keywords in ALL eBay job descriptions, be it a highly technical IT or leadership role.

There are top 10 most used words I have identified in Ebay job descriptions :
● positive impact
● innovative
● development
● challenging
● global impact
● new trends
● future growth
● new opportunities
● work in a team
● brightest and inspired

Pierre Omidyar applies this principle to his business approach, charity, social activities, and employees' recruiting and management. He was able to turn his idealistic notion of how a perfect society would look into his real team at eBay. This ideal society approach helps eBay keep its management team devoted to the company lifelong.

Lesson 3. The Pierre Omidyar approach builds new business models. eBay developed a simple yet highly effective business model – helping businesses to find buyers and sellers each other by providing them a unified online platform. The provisioning service is not free, eBay charges a fee for it and offers a safe payment transactions service, which is charged by a small amount. While bidding is free, the seller can buy the service of selling products with bold fonts to stand out from competitors. This service is paid with an immediate insertion fee to provide additional promotions. Lastly, a final fee is attached at the close of a transaction, ranging between 1.25% to 5% of the final sale price.

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