Posted: May 22nd, 2011, Nitin Prasad

Helpful tips for web 2.0 start-ups

After reading books from the Harvard Business press - Getting to Plan B: Breaking through a better business model, Alcatel Lucent: The Shift & various leadership books, I have realised that building a successful IT web based company requires the following ingredients:

- A solid team with a wide skill set to. (E.g. our team consists of a Business Analyst, Credit modelling analyst, Entrepreneur & a portfolio analyst)
- Working in an Agile & smart way - be careful with your cash and let your web platform evolve rather than creating a beast to start off with.
- We live in a highly complex world, the internet is a splatter of cool platforms, tools & data.  Your platform / portal / concept will become valuable when you can add value to existing information.
- Build web platforms that deliver this information to your target audience.
- Knowledge is power so empower them with the information they need.
- Know your audience - study and learn about their needs, pains & problems. Do surveys, prepare questionnaires & analyse the results.
- Network with like minded individuals. Attend seminars and keep in touch with entrepreneurs.
- Execution is so vital but make sure you have a marketing strategy (whether that's direct or a digital strategy).
- There will always be competitors so make sure you product is different or has lots of other features.

I have learnt so much since launching our company 7Phase Limited back in March 2010. We have met so many awesome individuals and companies, learnt a lot about success and TED videos have helped too. The best ted video i've seen so far: It's 3 minutes long and it's awesome - http://www.ted.com/talks/richard_st_john_s_8_secrets_of_success.html

Cheers
Nitin Prasad