During last 7 years I have been involved in many projects and along the way I have learned some stuff from building and promoting them. I will look at some of mistakes that were made and hope it helps someone interested in starting his own venture.
Idea: 9gag type of site in Latvia
Started: May 2007
Results: developed and promoted it for several years, got into Top 20 sites in Latvia according to Gemius Audience, and made up to 2000 USD per month from ads, then stopped all activities because earnings were too low. Since then the site is a living zombie – nothing is updated or added, it gets some traffic from Google and generates enough money to pay for hosting and some beers.