Image: Courtesy of SEA
Metrolyrics.com is a website that provides users with fully complete and accurate song lyrics to almost every commercially released song on the market. What started out as a simple side project for one person has since become a multimillion dollar business and full-time job. For this reason and much more, this week in the spotlight we are going to take a look at young entrepreneur Milun Tesovic who created Metrolyrics. We’ll tell you how he did it, and what you can learn from his success to make your own!
Summary:
Name: Milun Tesovic
Age: 24
Location: Canada
Claim to fame: Metrolyrics.com (Online database of music lyrics for commercially released music)
Initial cost: < $500
How He Did It:
Milun Tesovic was born in Bosnia and later relocated to Canada where he now lives. Tesovic started Metrolyrics when he was only 16 years old. He mentioned in a past interview that he was looking for a way to make money online so he could buy a nice car for himself. In his research of trying to figure out where people go online, he noticed that video games and music were among the more popular trends. Breaking that down even further, Tesovic saw that there were very few decent music lyric sites on the internet at the time. So he then decided to write a script for his site, which he used to index lyrics in a database for his newly created website. Metrolyrics has since become a hit and now gets over 36 million visitors each month, which means serious profits for this young entrepreneur! Tesovic is currently attending college now working on a Bachelors degree in Business Administration.
Lessons Learned:
- Research and then take action! (Tesovic researched the possible market, saw what he could do, and then acted on it. Many potential entrepreneurs research, but often fail to act for a varitety of reasons.)
- Niche markets are a great approach for creating a new business (Tesovic identified what people wanted and currently didn’t have and then figured out a way to monetize the service in this case through ads and then partnerships).
- You don’t have to have a boat load of money to get started (Tesovic created the site himself for less than $100)
- Give your idea or business time to grow (These things don’t happen over night and need time to build a audience. Give yourself a 6-month window to see what you can make happen with a business idea)
- Don’t forget to try new things! (As an entrepreneur you always need to be looking towards the future to determine where your current work is going and where you want to take your career going forward. Set goals, make a plan, and then execute!)
Did you miss last weeks spotlight? Check it out here: The Entrepreneur Spotlight: Michael Arrington
Be on the lookout for our next entrepreneur spotlight article in this ongoing series. In the meantime, be sure to leave a comment and let me know what you think about the success of this week’s entrepreneur. Also, please let us know if you have an entrepreneur you would like to see featured here in the weeks to come.
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