Top 5 Internet Business Myths

When you want to start your new career as an online venture capitalist, you should always be keenly aware that there are classic mistakes that most newcomers all do. These are actually common in offline businesses as well, it's just that many times people have more realistic expectations for an offline businesses. Especially when you want to raise money for your online businesses, there are several things to consider. Many potential entrepreneurs believe in self created myths about starting their own business, and end up banging their heads against the wall for that reason. Here are the top 5 Internet business myths:

Myth 1) A great idea is all you need to get rich.

In reality though a brilliant idea is never enough to start a successful businesses. Think about McDonald's Could you make a better burger than McDonald's? Most people would say they probably could or they know someone who does. Now ask yourself, could you replicate that process, think it out and teach it to thousands of branches across the world in a profit maximising way? Not likely, which is why McDonald's is a huge success and you should stick to your grill. Having a great idea is only the beginning, it is just as important to know how to run a business.

Myth 2) Someone will copy your idea if you don't patent it.

In reality no one will be bothered by stealing your idea, until they have seen it make money. And then it will probably be too late for them to get in on the product. Patents have their place though, it makes it easier to sell an idea to investors if a patent is obtained. But otherwise you are better of putting that time and money into your business. Many aspects of Internet business are cover by international copyright.

Myth 3) What you think of something is the truth.

Lose the ego if you want to be successful in businesses. It is easier to find a market and sell something, than to create a market yourself. Always keep your eyes on the ball, which means: Focus on what the customer wants, not what you want.

Myth 4) Financial Models are useless.

It is true that financial models are not something you can base your future earnings on but they do serve a purpose for taking to the bank or investors if you want to borrow money. A good financial model should be able to point out difficulties before your project goes live and so save you and the investors a lot of money.

Myth 5) Focus on delivering a quality product and you will get customers.

It is true that if you have a good product then you will also find some customers, but who is to say how many? The competition in most niches areas is fierce and without marketing you will find it hard to get enough sales for your business to become truly viable. It pays to be creative here, think about offline marketing for your online business. Get cheap flyer printing services and spread the word to as many people as you can whenever you can.