I have been part of tech startups twice during my corporate career. While those two startups were worlds apart in terms of the actual products, target markets and eventual exits, nonetheless I worked as the product guy and lessons learned during those gigs were pretty similar. As I stepped into online business several years ago, I realized that while there are some stark differences between an online business (or a small business) and a startup, there are also just […]
What are the key differences between a startup and a small business?
Failure is one metric where small businesses and startups converge, i.e. about 2 out of 10 businesses fail during the first year, likewise 9 out of 10 startup fail.
Let me summarize how the two differ.
Small business are generally funded by the owners themselves, which means they are focused on profitability right from the start. Startups are more focused on revenues and growth during their early years.
Small businesses have […]
I thought it would be helpful if I take some of the top questions that have been asked about the internet or online business and share my take on each of those. In my answers, you will find both strategic or big picture as well as short-term and tactical information that you can put to use immediately. So here we go folks.
#1. How to start internet business with no money?
Before we get into details, let me tell you that […]
Last time, we discussed CONVERSION which is one of the four key areas within Online Business Mastery framework. If you’ve been following this video or blog series, you may recall that Online Business Mastery framework consists of four key areas. Offer, Traffic, Conversion and Support Systems. Online Business Mastery framework covers everything you need to know to get started, grow and scale your online businesses. If you have not watched the introductory video, I strongly suggest you do so […]
While wealth represents what a person owns, income is what he or she makes in the form of consistent recurring cash inflow. If your outflow is smaller than inflow, i.e. you are able to save money then that would allow you to accumulate wealth over time. There are three types of incomes out there. Earned, portfolio and passive income. Let’s unpack each of them.
1. Earned Income
It is generated by exchanging your time for money, i.e. by actively working without any […]
With so much news and hype around startups (thanks to YCombinator and Shark Tanks TV show), it is important to understand that a small business online or offline, is NOT a startup and vice versa. While there are some commonalities, there are just too many ways in which the two differ. If you believe you are chewing on an exciting idea, be sure to choose the right track to maximize your chances of success and eventual exit.
This article refers […]