When you think of chess, The need for strategy is apparent. The same can be said about running an Internet business. That is something Drew Sharma knows a lot about.
Sharma got hooked on building web-based businesses when he sold multiple businesses, including InkCartridges.com in 2009 to a large e-commerce company, beginning a winning streak of numerous other acquisitions. â€œThis validated the model of building businesses by acquiring and developing strategic domain names, then gaining traction and reach with search engine optimization and other means,â€ said Sharma, whose latest venture is Cookies.com.
Sharma says the biggest challenge to developing an e-commerce site is â€œthe waiting game.â€ â€œEven before you have revenue, you need to build and grow your website. You can go a year and a half just shoving coal into the fire without getting anything in return,â€ said Sharma, who said often the tipping point comes about 18 months, when the fruits of labor finally start paying off.
Photo by liz west