Post lessons you've learned being an online entrepreneur

For me, it's the following:

1. Time is money
2. Money makes money
3. Business is business, ethics is not business (This only applies when I am at work. for my own work, I follow all eithical practices!)

Some more advice if you are are looking at setting up a business. Try and set it up so it has the following attributes:
1. Something different from the rest, a competitive edge. i.e.: You're cheaper, faster, more convenient .....
2. A growth model: There should be a growth model in-built into the business model. Your everyday normal activities should ensure that the business grows all the time.
3. Efficiency: This is quite vague but basically means that as many processes you can automate the better. 'Cos if the business really hits off, the last thing you want is to have to hire more and more people to keep up with the extra workload.

Regards,
dfsweb

 

Great post. Specially #3. I also like your SIG. Very very true.

 

This is VERY TRUE. A related rule I follow: those who hate or criticize you are actually mentors. They identify faults. Learn from them.

 

I wrote my list up a couple of years back at Ten Rules for Running Your Own Business.

 

Very Good Thread.

I agree with the break thing. I find that if i am constantly working for hours on end with no break, i burn out and cant get that 'creative flow'.

Dont start all your ideas at once. You'll learn from experiance, if you do all your sites at once, youll have to go back and change the thing youve learned.

(didnt explain that very well sorry, maybe someone can get some sense out of it!)

 

Always keep "planting seeds", even when the business is good. For me, that means to keep marketing and listing stock, even if it is just a little bit, even though I could be spending all my time filling orders or working on the site.

If you don't do that, your business will be very cyclical.

 

Just want to say thanks for the thread starter. one of the nicest thread i read so far.

 

Great thread starter and great advice and comments so far.

My experiences/advice I want to share are:

1. Research - Do the necessary research on the website you want to build. Know the market that you are dealing with.

2. Patience - Every site needs time to develop, sucess will not happen within minutes.

3. Advertise/Promote- Take the necessary actions to promote website.

4. Set Goals - Set goals, when you have met a goal. Make a new one. If you didn't meet your goal. Than revamp the goal and keep at it.

5. Communication - I learned this is a vital part of running a website. Know what you want to say and say it in a professional and friendly manner.

6. Customer Service - Another vital thing you must have if you sell a product whether it be a physical or virtual product. If you can not finish the product, state the reason why, refund if necessary, and be as professional and friendly about it as possible. People respect you more when you keep in constant contact with them for the work that you are providing for them.

7. Money - There is no such thing as a free ride/lunch. Be prepared to spend some amount of money. And any money you recieve from your website, take some and put to the side for reinvestment back into your website.

8. Family - Set your limits on what you are willing to do as far as business goes with your family. People always say they have a bad experience. But not everyone is the same.

In my case, I hired my daughter who did a wonderful job. I told her I couldn't pay the full amount at first. I paid her in installments. And she said when and if I ever sell a website to give her 5% profit. Which I did. Trust me it is worth paying the family what they are worth.

9. Criticism - Be prepared to be thrashed about by potential or non potential customers in the first few weeks. Take comments with a grain of salt. Use even the bad comments for good. They can help change your website practices. This is a learning experience. You find out the limits of your patience - communication - goals. Just remember to get back on the horse and keep going.

 

Very good advice. Thanks for an awesome response!

 

Never give up. there is hugh potential in this business and it takes time to get there.

 

Well this is one of nice thread i have read we are just on initial stage for starting our businnes and its really nice to get nice advise from all of your people.

Thank you all of you DP members

 

Most important things Ive learnt

As an employee:
1)manipulate your boss

As an IT contractor:
1)create work for yourself

As a self-employeed web entrepeneur:
1)understand your market first

 

Make sure you have:

1. An understanding and patient wife.
2. A good attorney.
3. An even better CPA.

 

Thanks to all who have put some info on this thread - I will come back later and I some of my own.

 

i read this somewhere on the net when i got into online business last year. "Read, read and read till your eyes begin to hurt. And then read some more". All the information that anyone can require to become successful online is available for free. And DP is one such place.

 

These 2 points are good. Another point, always have a backup.

 

1. keep looking for the next plan, so you are working into a new realm, never fully dependent on 1 thing. (software programer looks for the next new idea even if his current software is a hit.)

2. (goes with #1) never think that what you do/sell/etc.. is it or you are the best, or you will go down......... (typewriters, polaroid, record players, etc.. all had this happen)

3. always be willing to learn or hire the person who knows something else besides what you know (LOL)

4. never let someone kill your dream, but make sure you listen if they have some good points. like the mississippi, nobody is going to stop you but they may change your direction some.

5. if most of your friends say you can't then you probably can

 

Here in india there is one saying that "Customer is God" Never disappoint them. that is your worth.
I Always try to provide better satisfation to them..
Try to prove what you say if you want to be a succesful enterprenure.

 

Focus on one project at a time! Otherwise you will end up with tons of sites half done.

That has been the hardest thing for me during my 7 years doing business online, hopefully by now I would have learned that lesson =)

//Andreas

 

Treat everything like it's your first project