Session by Siddharth Talwar, PE / Angel Investor, at Internet Retail Expo 2013, explaining offline businesses, points to keep in mind while getting into the online business. During this session Siddharth explains that internet should not be seen as another point of sale but one need to know that it’s entirely a new industry. ”Starting an online Site”, is quick and easy, cheap and not manpower intensive, means one don’t need expensive technology, massive infrastructure, too many people.
1. Leveraging data, everything has to do with growth, revenue, so what you take, what you understand and create sales opportunities based on that otherwise you are just number crunchers.
2. The internet is a different animal and more we treat it as a different animal the more going to benefit from it, so instead of saying, “Start as a startup” you had to say, “I am running a completely different business, I am doing something completely different.” Start thinking about it as starting a new business all together, that’s all that you are doing at all times, and the way that you are thinking about it, not as you starting as an extension of your business.
3. The adaptation online takes minutes, offline it takes days, weeks, months. You better be doing or you will be behind and you are doing it based on data. You need to have data to be able to make the change, to test it, to move on.
4. When you start a new business, study the marketplace/the industry, Hire the right people, “Hire someone to found your Internet Strategy, not to run it”, Keep an eye on the finances, Test your ideas constantly, Be hypercritical, Stay focused.