Ron has put up a top ten list of Myths and classic mistakes that geeks make when trying to raise money for a new Business. Even if the list is addressing mainly the start-ups in the IT field, most of the issues presented are addressing any kind of small business start-up and it makes an interesting reading:
This is one I really like:
And here is the list of them all:Having no competition is a good thing.
Reality: If you have no competition the most likely reason for that is that there's no money to be made. There are six billion people on this planet, and it's very unlikely that every last of them will have left a lucrative market niche completely unexploited
- 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
