People commit many mistakes when trying to transform an idea into a commercial venture. In order to clarify some of those “classic mistakes” Ron Garret wrote an exhaustive article over his blog titled “Top ten geek business myths”. Notice that the list was created with technology-savvy people in mind, but in my opinion the concepts can be extended to practically any business segment.
Here are the 11 (despite the title) myths he covered:
- 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
- After the IPO I’ll be happy
You can check the full article clicking here.