Rondam Ramblings: Top ten geek business myths

Thomas Menguy | October 7, 2006

Here is a list of false good ideas for start ups: Rondam Ramblings: Top ten geek business myths. Really worth a read, found via the excellent LifeHack.org … and I must confess that we have to face some of the items of this list …but we are not in a so bad shape either!
Here is the summed-up list:

Myth #1: A brilliant idea will make you rich. Perhaps not rich … but its realization may be lead to a lot of fun…and money can come after that
Myth #2: If you build it they will come. FOR SURE, building is one thing (my part), selling it is another, at least as important: it’s what we’ve learnt it, both have to be well balanced.
Myth #3: Someone will steal your idea if you don’t protect it. I really agree with this one, ideas are floating, people are changing jobs, etc…
Myth #4: What you think matters. Hum, not sure about this: if my CEO doesn’t think that, I’ll begin to worry …
Myth #5: Financial models are bogus.??? How to do without? How to convince VC’s?
Myth #6: What you know matters more than who you know. This one is more balanced for me, both crucial
Myth #7: A Ph.D. means something. Hum this is a so US comment, in France a PhD is not a big deal for sure, compared to a “Grande Ecole”, anyway yes, studies ARE important, to show strong abstarction power (so synthetical mind) and culture (for vision)
Myth #8: I need $5 million to start my business Depends on what you want to build …but you need money if you wan’t to be more than 2 people in a garage.
Myth #9: The idea is the most important part of my business plan. It is only a part.
Myth #10: Having no competition is a good thing. Completely agreed. Your Competitor shows that there is a market, and help greatly your positioning.
Special bonus myth (free with your paid subscription): After the IPO I’ll be happy. I hope I’ll be able to comment on this one someday