Like millions around the world, if you have heard of the online payment service called Paypal you already know how widely popular the service has become on a global scale. Recently I was reading the Mamooti website which offers professional paypal webmoney services and their writers had listed a few interesting facts about the Paypal payment service. Today, inspired by the paypal webmoney service, I wanted to share a few of those facts with you. If you feel that I have left any interesting facts about Paypal out please comment below with your suggestions to add to my list.
Fact One: Before Paypal became one of the largest and most reputable online payment services it actually got voted as one of the top ten worst business ideas of 1999. Why is this the case? The idea behind Paypal was much different in 1999 than you would have expected. The idea of Paypal was to beam money to people using Palm Pilots, an operating system that had been introduced back in 1997.
Fact Two: When Paypal first became a company, early employees and founders were often referred to as the Paypal Mafia. Why is this the case? In the year of 2002 Paypal held it’s Initial Public Offering only to be acquired by Ebay soon after. Early Paypal employees were not impressed with the work ethics and culture at the Ebay headquarters. In less than a year more than half of the Paypal work force had left their positions.
There are a couple of things that you can take from fact number two. When you entertain the idea of creating a self owned business and you get to the point of employing new staff you should do your best to focus on employee culture. When you as a business owner supply a quality employee culture you will find that you are very successful in keeping your employees.