Lesson One Weekly Reflection

During week one of our Web Business class, we’ve been experiencing by proxy what goes into coming up with an online business idea and model by following and discussing an anecdotal scenario. In this scenario, three friends decide to start an online business with their own website and all. Then they try and agree on what the business will be and what model they will use. Although I’ve learned a little about different business model-types, and tips for deciding on products and such, I still feel like I am pretty clueless  when it comes to business. I suppose that’s kinda how this class works – point, shoot, aim.

I just still have no idea how I will choose a product to start selling for this class. I’m a little bit of what they call a “paralytic” decision maker.

We touched on determining demand and competition. We learned how to use Google Adwords as a tool to give a general idea of a markets demand and competition on the web. That was a cool discovery.

I guess I’ll just do whatever for this online business, and when it fails, I’ll at least have learned a thing or two. I just went to a work meeting/seminar and the speaker, Brett Harward, was talking about the difference between successful people and normal people. He said successful people have a higher frequency, which was his way of saying that they are not afraid to fail – that way, they fail quickly and frequently – and as soon as the fail, they recognize it, learn from it, and course-correct. Therefore, they fail small, but they win big. Normal people lose big and win big – so they just break even.

So let’s do this thing!

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