The Internet has bred a new generation of entrepreneurs. Instead of starting a local shop and hoping your idea will work, many entrepreneurs are able to start on the Internet. They can test their idea with a small investment, and build their way to a bigger business when they succeed.
The Globe and Mail has covered some lessons that webpreneurs need to consider when running their business.
Brace for some spectacular screw-ups
Many of the startups that end up on the front pages of business sections after being acquired by the likes of Google and Microsoft don’t always get off to the best starts.
The ones who succeed, however, tend to be the ones who try again after the first two or three or four failures.
Worry about the user experience first
You may have a great idea for a startup, but it’s more than likely someone else out there is working on a competing service – and there’s nothing stopping users from going to their site instead of yours.
There’s plenty of help out there
There are incubation chambers that offer young entrepreneurs office resources, advice and mentoring (for example, Ryerson University’s Digital Media Zone in Toronto or the University of Waterloo’s VeloCity).
There are services that match startups with potential investors (AngelList).
There are social and networking events (DemoCamp).
Photo by Michael McCauslin