Entrepreneur aha! moments: 3 men fess up about what they know now
Thursday, March 25, 2010 at 7:25AM 
I attended the interactive part of South by Southwest a couple of weeks ago. All I can say is wow. 20,000 smart and geeky people attending over 4000 sessions discussing every possible topic that relates to the web. It was pretty overwhelming but I walked away inspired and with some great tidbits to share.
One session, Unsexy and Profitable, Making $$ without hype, was really good. The last question for the founders of uShip, CampusBookRentals and Lunch.com was to share what they know now, that they didn't know when they first started their business. Great question.
Here's their advice...
Don't fall in love with the first iteration of your business. It will change and evolve in ways you never imagined. In this dynamic world, I believe customer demand should drive the product not what was in the original business plan.
Didn't know how long it would take to generate revenue. JR Johnson, founder of Lunch.com and VirtualTourist (he sold it), said the revenue generated in VirtualTourist's 8th year was the goal he had for the first year. This brings back really bad memories from a few start-ups I worked with where reality and revenue goals never aligned. Be patient. Focus on value. Money will come. If you have boardmembers, make sure to give them realistic goals in the beginning.
If your product is good, don't be shy about getting it out there. Founder of CampusBookRentals said he waited almost a whole year before promoting the site to make sure it was perfect. As we know, the business will never be perfect, it can always be better. The one way to success is driving awareness and gaining new customers that will help you make it better!
Entrepreneur Aha! Moments is a weekly column where entrepreneurs share their truths and power tips to inspire others into action.
Reader Comments (2)
Good, i am attracted by you words,thanks!You make some good points. I like your post,thank you for taking the time to post this.
6 rings Jordan
Be patient. Focus on value. Money will come.
No! focus on how to make money ASAP thats why he had to lay off people at his company