Facebook passed an important milestone recently – it’s 500 millionth user.  That means one in every 14 people on the planet has a Facebook account.

Facebook has achieved something no other social networking tool has ever done – achieved real critical mass.

What are some of the pros and cons of Facebook from a business and personal perspective?

Wow - Facebook, Twitter, LinkedIn and all the others are now accounting for 110 billion minutes of web users' time every month.

Internet users have doubled the time they spend on social networking pages in the past year, according to new research from the Nielsen Group.

The latest thing internet entrepreneurs are using is Facebook advertising. And it’s not hard to see why they’re excited! Think about this:

Article reprinted from Cyprus Living, January 2010 edition

Building an internet business from home depends on getting your story in front of potential customers.

The good news is an internet entrepreneur doesn’t need a big shop on the High Street to be successful. You can do it very effectively using social networking.

It’s well known that word-of-mouth is the most powerful method of promotion. The principle goes, get people talking about your company, and business will follow.

Social networking on the Internet is just like old fashioned word-of-mouth promotion – but turbo charged because you reach millions of people rather than just one or two.

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Dissatisfied customers are an interesting group that every web marketeer should take a great interest in because they represent a huge potential to grow your business. Here’s why…

Statistics show that for every complaining customer, there are at least 25 that don’t bother to complain.

Social networking is huge and growing every day.

Facebook is now the second largest site in the world in terms of traffic – second only to Google. And that’s made it an integral part of every online marketing campaign.

So it’s surprising and disturbing when they do something like they’ve just done.

Facebook now accounts for one in every seven internet page views in the UK. 

Don't believe in the power of social networking?  Check out the facts, they're amazing.