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]