These tips are from a recent NWEN breakfast talk by Ben Elowitz. Ben’s currently the founder & CEO of Wetpaint, a wiki company based here in Seattle, and was responsible for much of the success of Blue Nile and Fatbrain (I used to love that site). If you can’t learn something from what he’s got to share, you’re probably in the wrong business.

Here’s the list, adapted from memory:

• What gets you hot and bothered? Consumer or enterprise? Products or services? Profit-driven or world-changing? Everyone’s got their own preferences – just know what gets you going before jumping into a new idea, or you may run out of passion before you get to the finish line.
• Find a good sherpa. You wouldn’t climb Everest without finding the best sherpa possible, why start a business without doing the same? Pick someone who’s got a ton of experience, loves mentoring new entrepreneurs, and has the connections to help you move your business forward. This person doesn’t have to actually be an entrepreneur.
• Think leverage. Selling and shipping heavy books (Fatbrain) for tens of dollars per order was tough, and took lots of people. Selling and shipping tiny diamonds (Blue Nile) for thousands per order, with a smaller team? Brilliant. Think about how to build your business to apply maximum leverage with your limited resources (money, people, time). This is something Justin and I think about all the time with Menuism.
• Relationships and references matter. There are countless options for service providers for your business. When picking someone you may have to lean on, remember your relationships, and get lots of references. You don’t want your support network to fail you at the worst possible time.
• Bigger isn’t better. Big teams are great for powering through the initial “build it fast” phase, but then what are they gonna do (besides burn through your cash)? Stay lean and mean, and hire only when it’s painful not to.
• Be deliberate. Like it or not, your company will take on your personality, so think carefully about what image you want to project. Cost-conscious? Workaholic? Alcoholic? Your pick – just be ready for the consequences.
• Nothing’s bold when everything’s bold. You’re not trying to be everything to everyone, so figure out your differentiator. It doesn’t have to be some crazy new technology – just pick the one thing that you’re gonna do better than anyone else in your market.

Thoughts? Got your own list of tips/advice? Let us know in the comments.

-john

It’s a real honor to be named amongst the other web giants. It recognizes the progress we’ve made and motivates us even more to keep pushing towards our goals.

Here’s a rundown of the City Guides & Reviews winners and their financial backings:

The Winners

1. Yelp! – $16 million in funding (1st round – $6 m, 2nd round – $10 m)
2. Judy’s Book – $10.5 million in funding (1st round – $2.5 m, 2nd round – $8 m)
3. Yahoo! Local - $6+ billion in annual revenue (Yahoo)

Honorable Mentions

• Google Local – $10+ billion in annual revenue (Google)
• Live.com Local - $14+ billion in annual revenue (Microsoft)
• MENUISM – Self-funded
• Citysearch – $6+ billion in annual revenue (Interactive Corp)

The Web 2.0 awards as described by the site:

Our team reviewed hundreds of sites in the Web 2.0 sphere to uncover the best in each of 41 categories. From there, we assembled a team of 25 of the most knowledgeable, well-respected experts in the field to vote on the winners.

Thanks to the SEOmoz team, the esteemed judges, any readers who might have nominated us, and, of course, our wonderful users. Every victory is worth celebrating!

- Justin