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How to Grow a Web Business

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I’m sure every developer who’s ever wanted to start a business had trouble coming up with that one really awesome idea to make him millions. Personally, I feel that approach is too overrated. Here are two other approaches to consider:

Approach 1: Build for Niche Market

David from 37signals explains this one:

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Basically, don’t obsess over coming up with that one big application to change the world.  You have a better chance at winning the lottery. Instead, take an already existing idea and just make it [slightly] better. Then rely on marketing power to take it the rest of the way. Have several of these apps, and you will do quite well.

Approach 2: Focus on Creating Assets

Instead of focusing on which business idea has the most potential for profit, I focus on which business idea allows me to build multi-purpose/re-useable technology. The advantage here is that regardless of whether the immediate business succeeds or fails, I will have created an asset of value that I can re-sale or re-use in the future. There will always be at least one other person who will find my technology useful, and will pay me to use it. This is what I call the “no-loss” scenario.

Written by John Lai

March 7th, 2009 at 12:40 pm