Ron Garret lists top 10 entrepreneur myths. Here are the notable ones:
Myth #1: A brilliant idea will make you rich.
An idea is just an idea in your head, unless you follow it up with execution. I have plenty of ideas, but am just working on Burp! for now. Ideas never made anyone rich, a solid business will.
Myth #3: Someone will steal your idea if you don’t protect it.
This is a huge myth. Even we were protective with our Burrp! idea initially. Now we are more talkative about it. Infact a lot of idea refinement and validation happens when you talk about your ideas with others. Again, as the above point stated. Just stealing an idea is no use, unless you can build a business around it.
Myth #10: Having no competition is a good thing.
A lot of entrepreneurs who are starting out, think that having no competition is a good thing. Having no competition is really bad. Having competitors who suck, is good. If you can figure out a way to make something that people actually want, is better than the existing offering in the market and still make money in the process, then you have a winner in your hands.
Brilliantly summarized by Ron:
Success in business is not about having a brilliant idea. Bright ideas are a dime a dozen. Business is about taking a bright idea and assembling a team that can turn that idea into a product and bring that product to customers who want to buy it. It’s that simple. And that complicated.