Internet pioneers on what not to do

Business Week has put together an article where 14 pioneers from the likes of Monster.com, Yahoo and craigslist give their advice on getting it right and getting it wrong online.

There are some nice nuggets in there. I like this from Neil Hunt of Netflix,

Don't believe that you understand the whole business model from the beginning. Plan to fail inexpensively and early.

In an age of research paralysis, waiting for the 100% certainty is just not an option. I've seen this many times over the years where companies conduct endless rounds of research and focus testing in the hope that it will give them the answer. It doesn't of course. As useful as the insights of 8 customers in a room undoubtedly are, customer are reasonably hopeless at predicting their future needs.

The answer is simply to try things. Use your gut. Yes, have your core activity, but leave a little budget aside for play. Then test and invest your way forward without committing the whole budget on a coin toss (but crucially without waiting for an answer that'll never come and missing the opportunity in the process).

Source: BusinessWeek