Top ten geek business myths

Ron Garret, an LA based venture capitalist, recently posted a hilarious and very true analysis of the top 10 tech entrepreneur myths:

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

Special bonus myth (free with your paid subscription): After the IPO I’ll be happy.

Read the full article at:
http://rondam.blogspot.com/2006/10/top-ten-geek-business-myths.html

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  • Myth #11: If you get funded, success is guaranteed.

    I don’t know how many entrepreneurs (myself included) who have said their first ventures failed because they got too hung up on trying to get funded, and as a consequence lost focus on the important stuff: building a sustainable business and getting real, paying customers.

    Its definitely one of the top reasons why ambitious start-ups fail, they focus too much on the wrong things rather than getting customers and building the business to serve those customers.

  • Fabrice,

    Give us some updates, how is OLX, allmydata? What about Zingy, what are your views on the mobile content business, looks like Infospace and the like are getting in trouble. What about Youtube Google, your opinions on that ??

  • Regarding Myth #3: Someone will steal your idea if you don’t protect it. I’d like to bounce some ideas off of you that might be relevant to some of your current undertakings. Just don’t want to end up poor if one or more likely a combination of them end up being helpful. You seem like an exceedingly open guy as most people in your position are not really what I would consider communicative. Should I just bounce one of you and see where it goes?