Mark Gerson Wisdom: 15 Mistakes and Misconceptions of Entrepreneurship
Taken from @jonathanglick today (I just reversed the order for easier reading). These are all spot on. Unfortunately, most can only be anchored through experience.
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I’m going to be live-Tweeting Mark Gerson’s 15 Mistakes and Misconceptions of Entrepeneurship to the Zell Students at the Smoke Chop House.
Misconception 1: We have no competitors.
Misconception 2: My idea is complicated, but it will work anyway.
Misconception 3: My advisory boards’ or my investors’ reputation matters.
Misconception 4: The company may not be profitable, but it will be of strategic importance to potential acquirers.
Misconception 5: I have told my friends, and they ALL think it’s great.
Misconception 6: I have a great technology, and it’s patented.
Misconception 7: The time it takes to raise money is worth it, to get great investors.
Misconception 8: If only one of every 10,000 people buy or use my product, it’ll be huge.
Misconception 9: I don’t want to share my idea - because someone may steal it.
Misconception 10: Here’s my business plan: I’m going to flip my company in 18 months.
Misconception 11: I can hire someone else to make the sales.
Misconception 12: We can give the product away for now, and charge for it later.
Misconception 13: The idea is already working for another company, so it will work for us. We don’t need to be first.
Misconception 14: The business plan is something I have spent a lot of time on, as opposed to spending time with customers.
Misconception 15: It’s riskier to start or join a new company than work for a big company.
