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Startup myths

26 Oct 2007

Ron Garret has a list of 11 business myths he hears from first-time entrepreneurs.

  1. A brilliant idea will make you rich.
  2. If you build it they will come.
  3. Someone will steal your idea if you don’t protect it.
  4. What you think matters.
  5. Financial models are bogus.
  6. What you know matters more than who you know.
  7. A Ph.D. means something.
  8. I need $5 million to start my business
  9. The idea is the most important part of my business plan.
  10. Having no competition is a good thing.
  11. After the IPO I’ll be happy.

Ron then goes on to detail the realities of these myths with tidbits such as “You don’t want no competition, what you want is bad competition. And there’s plenty of that out there.”

I constantly hear from entrepreneurs some variation of 1, 3, 5, and 10.

This has been sitting in an open tab for weeks, I wish I could remember where I saw it so I could give credit.


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