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What are the worst myths that entrepreneurs believe?

Entrepreneurs that are starting out don't know better as they still have a ton of mistakes to make along the process of building their company. From what you have seen and heard what are the worst myths that first time entrepreneurs should keep an eye out for?

6 Replies

Nofyah Shem Tov
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Nofyah Shem Tov Entrepreneur
Founder BlogMyLunch
Many believe that money is a cure-all for every business problem. not so.
Robert Stratton
3
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Robert Stratton Advisor
General Partner at MACH37
"If I say anything about what I'm doing, someone will steal my idea."

I'm not saying that people's IP isn't occasionally ripped off, but in the spaces where I've played the most, I have seen far more entrepreneurs hurt themselves by being unwilling to talk to people than I ever have by people stealing their IP.

At the earliest stages, if one isn't speaking obsessively with people in a position to give real feedback from the perspective of a customer or user, then they're operating with a dearth of material information that they need in order to build something that people will actually want to buy.
Irwin Stein
1
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Irwin Stein Advisor
Very experienced (40 years) corporate,securities and real estate attorney.
"Its a new world with new rules." Actually the basic rules of any business still apply. You need to create a product, sell the product and make a profit.
Steve Owens
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0
Steve Owens Entrepreneur • Advisor
Finish Line - A Better Way for Small Companies to Develop Products
I can sell my idea.
Josh McCormack
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Josh McCormack Advisor
Owner, InteractiveQA - Marketing, Web Dev, Testing, Data & Market Analysis
Worst myths:
  • Don't worry about revenue.
  • Build it and they will come.
  • What you're making needs to be feature rich and perfect before you release it.
Rob Gropper
1
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Rob Gropper Entrepreneur
Director at PetHero, SPC - Member at Eastside Incubator - Principal at Tuxedo Technologies Group
that you can't make a sale until you complete your MVP.
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