Talking About Real Businesses Thanks to the Recession

I am extremely happy to see an interesting phenomenon taking place in the web industry today: people are talking about money. It's surprising to say something like that but it's true. Web 2.0 was definitely somewhat of a bubble in the sense that there have been a number of venture capitalists that invest in ridiculous business concepts. As a few of us concluded last night following Tech Cocktail DC, the source of this may just be the wild west mentality in which people have visions and dreams of success even though they don't know how they're going to get there. They have solutions to problems that only exist in the virtual world. The problem with this is when you start creating solutions for products that are already free. An example of this would be someone pitching, "I'm going to create a better version of Facebook." Somehow people have started thinking that these crazy ideas that occasionally attract large waves of traffic will suddenly turn into sustainable businesses. Unfortunately they are not and I am starting to see an increasing number of people that actually realize this. This is healthy but it also means that the days of throwing ridiculous parties involving drunken revelry as Caroline McCarthy calls it, may just be slowing. We'll all show up to a great party but it doesn't mean that we are the ones that will fund it. As we read more articles about doom and gloom in the economy it wouldn't be surprising to find less funding for parties and crazy ideas. The high risk VCs out west that will fund any Stanford grad with an idea are in for a surprise when funding dries up for their "investment fund." O.k. so enough of the doom and gloom. The best part of all of this is that people with real businesses are the ones getting funding. Now we can start talking about real entrepreneurship which is about managing cash flow, building client lists through business development and all the nitty gritty details about running a business. We can also talk about how are passions help get us through the hard times. This is the real story behind entrepreneurship. People that manage to generate real businesses out of their passion. So what's your passion and how are you going to make money from it?

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Talking About Real Businesses Thanks to the Recession

Nick O'Neill

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Nick O'Neill