Comments on: The 20 Biggest Myths About Building a Business

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By: Titus Sorrels

Titus Sorrels — Fri, 03 Jun 2016 16:20:54 +0000

Good writing ! I Appreciate the info – Does someone know where my assistant could get access to a blank MHA RMA Request For Modification and Affidavit form to type on ?

By: Chad Lare

Chad Lare — Wed, 24 Jun 2015 23:57:21 +0000

Lots of good info in this post. Thanks.

By: Mindle Hastings

Mindle Hastings — Fri, 19 Jun 2015 16:25:32 +0000

Our startup is operating with 19 of the 20 myths completely understood, and so far it’s done us a world of good to go in with our eyes open. As CEO and majority shareholder, I’ve found that #1 (Founder Are Their Own Bosses) is true not only because of your customers, but also because of everyone else in the company. One of the things that makes working for someone fulfilling is having a voice in the decisions that are made. If the fact that you’re the “boss” is the predominate feature of your leadership, you’re going to have a hard time keeping loyal employees, because they won’t feel like they have real ownership in the company’s product or service.

Similarly, #2 (The Founder Should Do Every Job in the Early Days) is incredibly true. Our company is made up of four people (CEO/Software Dev, another dev, a UI/UX designer, and an accountant/marketer). There’s obvious benefits to having more developers and a designer (especially when you’re as artistically challenged as I am), but I can’t stress how much value our accountant/marketer has brought that I wasn’t even aware he’d bring. When I saw the amount of detail he put into our legal documents, I saw days of progress I would have lost on moving the business forward if I’d had to have done that myself.

If we’d not subscribed to #12 (Your First Hires Should All Be Developers), I wouldn’t have had the benefit of our accountant/marketer, nor would I have had the great insights that our designer brought to the table. Because everyone has a voice in the company, our designer recently pitched an idea that dramatically changed the direction of our work. We made the decision to pivot by consensus–no one waited for me to cast the deciding vote, because, like you said, Alex; the founder always answers to someone, and, in our company, that includes each other.

Thank you very much for the insight, Alex. It’s great to hear that some of the assumptions we’re operating from are working for a company like Groove.

By: Yoash Dvir

Yoash Dvir — Wed, 17 Jun 2015 00:58:29 +0000

Alex, as usual, your blog is pure gold and I keep recommending everyone I know to read and subscribe.
Thank you!

By: Artur Brugeman

Artur Brugeman — Tue, 16 Jun 2015 17:17:34 +0000

“It’s all about the product” – that’s one of the myths I could only get rid of by reading your blog, Alex! I remember reading your post about how first version of Groove got built, and how I finally got it: (Almost) any product can be built (as a feature set, given money). Almost none of built products actually become a business (most fail). The ‘business’ part really starts AFTER some feature set is ready.

By: Kyle Racki

Kyle Racki — Mon, 15 Jun 2015 19:24:23 +0000

I love this list, Alex.

One point of disagreement is #3. I think that owning a businesses IS the best path to get rich.

Very rarely do you get rich working for somebody else unless you can command an extraordinary salary (and not get laid off after a few years once downsizing happens). Where does that leave someone wanting to get rich?

– Rich family/relatives
– Lottery/Gambling/Casinos
– Criminal activity
– Being a celebrity entertainer
– Start a business

Out of all those options, I’d say owning a business is the most realistic path to wealth.

Now that doesn’t mean owning a business is a GUARANTEE of getting rich, but as long as that’s not your sole motivation and you’ve got the right type of personality, being an entrepreneur is a great lifestyle that, with hard work and a little bit of luck, CAN lead to wealth.

By: Dan

Dan — Fri, 12 Jun 2015 12:49:50 +0000

@Alex – Great blog post as always. Do you have any advice as to how I would retain 100% equity, but pay salaries to developers or support?

By: Manish Sharma

Manish Sharma — Fri, 12 Jun 2015 05:35:44 +0000

Thanks to share with us very informative post.

By: Mike

Mike — Thu, 11 Jun 2015 20:28:00 +0000

Good post, I’ve learned about some of these myths the hard way.

By: Kelly Smith

Kelly Smith — Thu, 11 Jun 2015 17:55:36 +0000

Just today I heard from two people that I need patents and IP before taking another step forward (we are a software business with three people, an MVP and first revenue this month). Is the IP obsession a myth or should I be more worried?