Inside Small Business | Small Business & Home Business Marketing

Building your Web business – Part I

Skip Shuda, Team and a Dream

This is the first in a series about launching, building and running a successful Internet business.   Throughout the series, we’ll touch on your strategy,  business model, team, technology and results.  The wisdom shared in this blog series is based on my work as the founder of Team and a Dream, as well as my years of experience as a web entrepreneur, educator of small businesses and eBusiness coach.

Online businesses are as varied as the people who start and run them.  Of course, there are common themes, recurring patterns and lessons learned that you can benefit from.   We’ll surely look to learn from people who have “been there, done that”, but we’ll also encourage you to discover what you can bring to the party to make this business uniquely yours.

We live in an amazing age of interconnectedness.  The web has provided an abundant ocean of free and inexpensive resources.   It has never been easier to start a business!   There are so many business models available to the Web entrepreneur that it becomes a chore just sorting through the options.   You can find plenty of entrepreneurs building web startups in a weekend (here is a group that makes a regular practice of weekend startups) or on a budget from $500 up to $25,000.

But we are getting ahead of ourselves…

When you are thinking about starting your web business, you will be much happier if you take some time to reflect on your strengths and passions.   Finding your sweet spot is a post that I put together based on ideas from the book, Good to Great: Why Some Companies Make the Leap… and Others Don’t

The model is really simple.  It is organized around 3 overlapping circles representing your passions, your unique gifts and what people value from you.   I recommend that you keep a “Sweet Spot” diagram on your wall or refrigerator door while you are building your Internet Startup.  It is a constant reminder of why you are pursuing the business you have chosen.

Another form of introspection examines your preferences as a Web entrepreneur.   What type of Entrepreneur are you? outlines eight of the most common types of entrepreneurs that we’ve worked with over the years.  You may be a solopreneur who plans to offer your services on the Web or you might be an aspiring mogul who wants to build the next Google.   Perhaps you are driven by your passion around a topic and want to change the world with your knowledge/products/services.   Others might be seeking a change from their corporate job – or are looking to fill some revenue holes in a tough economy.    These days we see a lot of entrepreneurs who are seeking a new career after being downsized or retiring from their former career.   This rainbow of entrepreneurial types leads to some of the dramatic variations people use in building their businesses.   You’ll be getting a lot of advice from a lot of different perspectives.  Understanding your entrepreneurial motivations will help you avoid pitfalls and discern the advice that works for you from the approaches that rub you the wrong way.

The final piece of introspection involves your idea.   Learning your Sweet Spot and Entrepreneurial Type will help you sort through the best ideas for your Web business.   However, once you’ve settled on THE IDEA, you’ll need to start the process of validating the idea.   Bouncing your idea ball provides a simple way to structure your conversations with friends, family and your potential business partners so that you can iteratively refine your new idea.   One thing that is practically a given is that the idea you have today will not be the idea you ultimately take to market.   Bounce your idea ball with your inner circle, make your mistakes with friendlies and strengthen your business model before you go to the next level of building your business.

If you follow these three simple – and free  – practices, then you will be well positioned to go to the next step in building your web business.    Let us know what you discover in preparing for your journey!

Posted on Monday, December 15th, 2008 at 11:06 am and is filed under Business, Entrepreneurship, Leadership, Marketing. You can follow any responses to this entry through the RSS 2.0 feed.