Ron Garret, a venture capitalist, lists 11 myths on how smartest and brightest people make mistakes when they try to convert their ideas into money. This post reminds me of couple of important point when creating a venture. The myth that he mentions are:
- A brilliant idea will make you rich.
- If you build it they will come.
- Someone will steal your idea if you don’t protect it.
- What you think matters.
- Financial models are bogus.
- What you know matters more than who you know.
- A Ph.D. means something.
- I need $5 million to start my business
- The idea is the most important part of my business plan.
- Having no competition is a good thing.
- After the IPO I’ll be happy.
The Myth of Having no competition is a good thing brings out a good point. If there are no competition, it likely means there are no market on the idea. He suggests find a market opportunities with bad competition so you can beat the competitor easily.
Top ten geek business myths – [Rondam Ramblings]
Very true points that should be plastered on every leaflet for every person thinking of starting a company from scratch.
Nice post and site :) Thanks!
Brilliant!
I must say this, even if that’s all I’m able to say!!
[...] Here is a list of false good ideas for start ups: Rondam Ramblings: Top ten geek business myths. Really worth a read, found via the excellent LifeHack.org … and I must confess that we have to face some of the items of this list …but we are not in a so bad shape either! Here is the summed-up list: [...]