Top 10 business myths (includes raising capital)

Rondam Ramblings has compiled their top 10 business myths:

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

Follow the source link for the full skinny.

—October 3, 2006

One Comment

chris

Oct 3, 2006 at 10:51 pm

1. I think any idea that makes you rich is brilliant
2. Is this a post for business 101 students?
3. I’ve had an idea stolen before – not a myth
4. Wrong – what you think matters but what your customer thinks matters more.
5. Financial modeling is a goal setting process and a useful exercise but if you try to pass them off as “right on the dollar” then you are fooling yourself.
6. Everybody knows its who you know not what you know.
7. Actually it does mean something but I have never seen anyone get special attention in the workplace because the have a Ph.D. As a matter of fact, I fired a Ph.D once because he couldn’t cut it.
8. A person who knows what they are talking about would never make such a claim unless it were absolutely true. In some cases it may be true.
9. When does anyone ever dwell on an idea in a business plan? A business plan is a methodical document that is the blueprint for the success of a business – not an idea. What do you sell, who are you going to sell it to, why do they want it and who are you are you are the four questions that must be answered.
10. Again, know one who knows what they are doing would make such an stupid claim.

Blake Snow

writer-for-hire, content guy, bestselling author

Top 10 business myths (includes raising capital)

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