I was quite impressed by DHH (Creator of Ruby On Rails framework) speech on "The secret to making money online" when I viewed this video again today.
There are just 3 steps for this.
1. Create a gr8 product that people like & is useful to them
2. Have a price for the product & ask people to pay for it or it's usage.
3. Make profits!
This is so ridiculously simple grand old rule! he goes on to say that you don't need to be f***ing genius to achieve this.
He also came up with nice probability analysis that strike rate of success following above simple model is much higher rather than Yahoo, Google,facebook & youtube (setting up BillBoards/hoardings) way of attracting users providing free services & make use of web page real estate to show ads & make money. He also suggest to go slow on implementing the idea as "Finding a good cause is incredibly hard & time consuming" - Craign Newmark.
Simply superb.
I have been following many startup blogs including paul Graham's, but never impressed like this before, so simple words but telling you the hard truth :-)
