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So my updated description of a weblog is:
A blog is an easy, instantly and frequently updated website, focused around a topic, industry or personality.
One big reason businesses (especially small businesses and entrepeneurs) flock to blogs is because they reduce dependency on a web design team to get ideas and announcements online.
Developing a website for your business can take weeks, sometimes months, from shopping for a designer and doing project negotiation phase to getting
final site launched. Developing a website can be not only costly, but time consuming.
Many of my clients have found blogs a great way to start out online while they are building their business with
eventual goal to move towards a more robust web design solution. Others have moved all of their web sites into a blog format and have vowed to never look back.
You can create a blog and have a website in less than fifteen minutes, for less than $10, with hosting and software included - and, all without having to know anything about web design. With a blog there's ten thousand less decisions to make.
Blogging is
fastest, cheapest, easiest way to build a website in
time it takes to watch a sitcom.

Andy Wibbels is a blogging evangelist and creator of the Easy Bake Weblogs seminar that has helped hundreds of small businesses all over the world leverage blogs and RSS news feeds to increase profits and save time. You can download his free special report on business and blogs at http://easybakeweblogs.com/.