Wealthy entrepreneurs, advice from successful internet entrepreneurs looking to invest in start up internet businesses and entrepreneurs seeking wealth.
Look at any wealthy, successful entrepreneur and the one thing they have in common is the ambition to become even richer. The money is no longer an issue, sometimes the wealth and riches take second place to the excitement of actually making the money.
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Q. What is the one thing a new internet entrepreneur should not do?
David: Get their friend's son who "knows a bit about computers" to design their website and then hope that it somehow finds its way to the top of the search engines.
Ian: Try and launch a concept with an all bells and whistles approach. Better to develop; update and upgrade - keep it simple.
Paul: Try and do everything themselves. Show me someone who thinks they are good at everything and I will show you someone who is
not particularly good at anything. If you have a good business idea, recruit some
who have the skills and experience you lack. Don't be greedy, 50% of a really successful company is better than 100% of a company that goes down the toilet. Partnering us means your business has a real chance of success with a huge infrastructure behind it. This leaves you to concentrate on the business areas you understand.
Q. What is the best business decision you have made in the last 12 months?
David: Reviewing our business plan. Everyone knows it's important to have a business plan when you first set up a business, but many people overlook the importance of regularly reviewing that plan. Only by doing that can you ensure that your business remains on track and is able to take advantage of new opportunities as they arise.
Ian: Delegating more. (I didn't type this - I left it to someone else to do). By delegating more, I have more time to concentrate on the business areas that are important.
Paul: My days comprise of making business decisions, some bad, mostly good and the occasional really fantastic one. If I had to pick, without naming names, I have been lucky enough to find some excellent business partners recently, who have a good work ethic and are committed to success.
Q. How do you see the internet developing in the next five years?
David: We're already starting to see the internet play a major role in making authority, knowledge and opinion more devolved than they once were. The rise of blogs and wikis (such as Wikipedia) mean that the broadcast of knowledge and opinions is no longer restricted to the a handful of "experts" like journalists and the publishers of encyclopedias. That's a trend which I think is set to develop further over the next few years.
Ian: Greater personalisation of product propositions for people browsing. Even more pooling / sharing or personal data between distributors. System requirement power to increase whilst equipment sizes diminish - look at the ipod nano as an example of technical brilliance.
Paul: I believe that television and the internet will become more entwined with each other. It may result in television, as we know it, disappearing with people being able to watch any programme or buy any product through a TV programme at the push of a button. I intend to be there before it happens.
Q. How do you see your business developing over the next five years?
David: Rapidly and in a wide range of directions.
Ian: Diversification - with the existing internet activities complimented by new services including floating joint ventures on AIM / trade sales and asset encashment programs.
Paul: We are already Europe's largest internetwork and have plans that will take us way past any competitors within the next three years. If we find that the world is not enough, then our plans for mergers, acquisitions and partnering other internet companies will take our minds off the disappointment of only being the World's largest internetwork. The internet is a beast, if tamed that can help you achieve anything and everything.
Read on if you have serious ambitions and truly want to the