I have 5 teenage daughters, and I learned the hard way - it's difficult to talk to any person under the age of 25 without the presence of a cell phone.

The Internet produces new business models and also reinvents traditional business models.

Internet marketing entrepreneurs have truly opened my eyes to just how important a quick turnaround time can be. Often times, an interview they conduct with me today is online by the next morning. The interviewee is then able to start making money less than 24 hours after the initial interview.

Search engine marketing and search engine optimization are critically important to online businesses. You can spend every penny you have on a website, but it will all be for nothing if nobody knows your site is there.

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.

Number one, you can sell before you buy. I call it reverse e-commerce. You take a picture, you list it for sale, you sell it, you collect the revenue, then you go buy it and send it to the customer.

Good website practice and optimizing for conversion usually makes for good search engine optimization. These work together to ensure you drive quality traffic and can persuade that traffic to help you meet your business goals.