What's most important is to gain an understanding of the opportunities that are uniquely presented by Web 2.0.For instance, in a Web 2.0 world, collaborators edit a single copy of a document which is uploaded to the web and is always available to all collaborators at all times for review and revision.
One key feature is that the there is a single copy in one common location. This eliminates potential confusion which could be caused by multiple copies of the document existing in various locations, with various updates at any given time. (For more info on this kind of thing, checkout http://www.youtube.com/watch?v=eRqUE6IHTEA&feature=related).
Another way of thinking about this type of situation might be a sports analogy. Think about a professional sports team. Pretty good all the way around. Good talent, coaching, ownership etc. But they want to make a run for the championship. They know that they have to be better than good.
In today's world, very often they will start by acquiring a franchise player. One with extraordinary capabilities. They don't know all the possibilities that will arise out of having these new capabilities at their disposal. But, because of all the potential represented by this new acquisition, they begin the process of building the team and the systems around this "franchise player".
To Business 2.0, Web 2.0 is that franchise player.
Once we reasonably understand how Web 2.0 works, we can begin to think about how Web 2.0 can be applied in the business environment. So far as Business 2.0 goes, I think that there are at least two important considerations that come out of the process of understanding Web 2.0 capabilities, then applying those capabilities theoretically in business practices.
Those two are:
- Rather then simply looking at "the web" as the platform for doing business, we must look at Web 2.0 as the platform.
- The objective of Business 2.0 then, is to treat Web 2.0 as the native environment of Business 2.0.

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