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Doing business online
Fourteen of the people behind Internet pioneers like PayPal, Yahoo!, and Netflix offer their advice to entrepreneurs doing business online. Highlights:
- Don’t get burned by user-contributed content. It’s tempting to create viral, open-source information, but there are issues around liability and the truth of the data.
- Focus matters — don’t lose sight of your core capabilities.
- Don’t believe that you understand the whole business model from the beginning. Plan to fail inexpensively and early.
- Don’t have a bunch of promotion and marketing fluff on your page.
- Don’t chase other customer segments before you’ve won your primary.
- Avoid anything that doesn’t focus on the unique thing that your company does well.
- Don’t let potential investors throw you off what your gut is telling you to do.
- Don’t do something that’s already well covered or already exploited in the marketplace.
- Don’t assume your customer shops like you do.
- Evidence-based decision making is critical to successful ecommerce; avoid rash decisions based on gut feeling alone.
- Don’t forget your economic engine. Figure out where your margin is coming from, in volume and unit margin.
- It’s important to never lose sight of your original goal.
- Don’t do what users don’t ask you to do.
[via BusinessWeek]
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