I ended up buying business.com for $150,000 because I wanted to make it a magazine. It would have been a 'Time'-type magazine: how to do business on the Internet. And I was offered a lot of money for that domain. I played two buyers against each other.

In direct navigation, users type exactly what they are looking for in the browser's web address field. This could be the exact domain name or web address. Millions of people do this, emphasizing the need for on- and off-line marketing and branding.

Whenever one or more components of a company's business model changes, new business models are created for supporting companies. The changes might involve niches served, new marketing angles or improved value propositions.

The number of small businesses in the United States totals about 25 million. Because most of these have a local trading territory, relatively few advertise online. Online advertising reaches the masses of the Internet world, whether they are local or not.

Over many generations, fortunes in the business world were made through buying and selling products in physical stores. Internet fortunes have been made buying and selling products online.

Traditional local media are adding local search capabilities to their sites so they can share in the local search traffic and ad revenues in the local markets they serve.

Domain names and websites are Internet real estate.