Bruce Cornett, a colleague, forwarded this blog entry to me this morning. I liked it so much, I decided I’d give it a plug here. Have to say, the list resonated with me and is consistent with my experiences. The one place I’d differ is on #8. Some businesses, outside software in particular, really do have capital requirements. If this list is viewed as a technology centered (really software and internet, then I agree.) However, there are a host of other businesses that actually require physical space and equipment to function.
Here are the top level myths, read the entry for detail.
- 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 $5M to start my business
- The idea is the most important part of my business plan
- Having no competition is a good thing
- Special Bonus Myth: After the IPO I’ll be happy…
It’s a good read and a good blog find. I think Ron’s inaugural blog entry is well worth reading too.
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