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Top Eleven Geek Business Myths

Top Eleven Geek Business Myths

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.

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Top ten geek business myths – [Rondam Ramblings]

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Leon Ho

Founder of Lifehack

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Last Updated on August 15, 2018

Book summary: A Technique for Producing Ideas

Book summary: A Technique for Producing Ideas

Kirby Ferguson has written a summary for the book A Technique for Producing Ideas. Generating good idea is a fine art, if you have mastered it you will be successful in many fields. The author of the book, James Young, describes five steps on a technique of combining old elements together:

  • Gather new material, both specific and general.
  • The Mental Digestive Process
  • Drop it
  • Poof, the idea appears
  • Work it

Kirby also brought out his own thoughts – drop down every ideas you have in mind – You mind is not always as good as paper and sometimes it only stays for a short period of time. After you’ve dropped your ideas into your notepad, you will also have extra chances of linking and modifying your ideas together.

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Book summary: A Technique for Producing Ideas – [Goodie Bag]

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