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    13 views2 pages

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    CyberR.Domingo

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    INTRODUCTION:

    Cyber - Chegg is a company that specializes in online textbook rentals, online tutoring, scholarships, and
    internships matching.

    Precious - The company was created in the United States by a student in Iowa State University in 2000
    and was founded by entrepreneur Aayush Phumbra.

    BRIEF BACKGROUND:

    Precious - In October 2000, Josh Carlson, a student from Iowa State University launched Cheggpost, a
    buy and sell site for Iowa State students.

    Cyber - Chegg is a combination of the words chicken and egg. Referencing the paradoxical question
    “Who came first? The chicken or the egg? “ and when translated into business idiom. “You cannot
    obtain a job without experience, but you cannot obtain experience without a job”.

    HISTORY AND PEAK SUCCESS

    Precious - Chegg got its start as a side project for Josh Carlson, a Computer science sophomore student
    at Iowa State University. He built a site called cheggpost.com, a buy and sell site for college students,
    who used it to buy academic textbooks and furniture. and students paid nothing to use the site.

    Carlson then teamed up with his university schoolmates, Osman Rashid, who has a degree in Electrical
    Engineering, and is expert in business administration, and Aayush Phumbra, who has a degree in
    marketing and accountancy. Both of them were an avid user of the site, who recognized its potential to
    disrupt the textbook market which had drastically outpaced the rate of inflation that time. The three
    integrated their personal expertise; Carlson for running a digital platform, Rashid and Phumbra for
    integrating entrepreneurship and maximizing their financial resources. A show of teamwork,
    partnership, and business direction. Their venture was successful, earning them $50,000 dollars, a
    money that came from the ads from their website. But in 2007, the company suffered a pitfall, inventory
    was low, and there were few users visiting their website, due to this, Carlson left the company. And
    then, Phumbhra took over and rebranded everything, from Cheggpost to just Chegg; from a buy and sell
    website to entirely a website that offers renting textbook to students. A grand leap of flexibility and
    change. The shift was successful, raising $10M in the succeeding year. And at 2010, Dan Rosensweig, a
    former Yahoo! Executive who also was the CEO of Guitar Hero, CEO of CNet, and CEO of zDNet, invested
    and acquired majority of the stocks, making him the current CEO of Chegg. During his direction, Chegg
    expanded into worldwide market, creating a digital educational platform for students like us.

    And now it helped over more than 3M students across the globe, and has total assets amounting to
    P2.92 billion as of 2021.

    GROWTH AND DETERMINATION:

    Chegg was really founded by three students from Iowa State University, the OG one - Josh Carlson, and
    the other two. Mike Seager, and Mark Fiddleke. But the latter two thought the startup won’t work and
    won’t grow and won’t make it out alive to the world, so they separated themselves with Carlson, and go
    up to do their own ventures with other companies. Unfortunately, Seager, and Fiddleke, with their own
    ventures didn’t thrive this present day. In business, you must trust the process because success won’t
    come overnight. All of the original founders of Chegg are nowhere to be seen in the company today. All
    of them sold their shares, went into their different ventures, or they just wanted a new business of
    solely their own to begin again with. Today, Chegg is headed by a person, a person who doesn’t even
    have anything to do with the business 10 years after. This is the ultimate battleground of
    entrepreneurship; As a new player, you have to be ready and have the maximum resources, and
    investments available to you, and you have to constantly create them, because if you don’t, another
    player, with massive arsenal of funds and connections will take over, and leave you nothing but pennies.

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