I spend some time in the tech scene in the community that I’m currently in now. Last month I even went to a fancy dinner with free cocktails in a stunning room. Lot’s of tech people but I couldn’t help but realize something:
None of them seemed to be making any money on their projects, and most of them are doing everything wrong.
I’m no expert. My business hardly turns over enough money to buy chocolate and bacon (which are the only things I want) but everything is growing and it starts with revenue.
Lots of these guys had fantastic devices and tremendous ideas. One had the fastest keyboard for typing. But all these well to do tech communities gurus were talking about things like NDAs, Patenting Ideas and Angel Investors.
I’ve only been doing this stuff for a short time but I’m confident these things are a waste of time (especially at startup level.)
This article illustrates the characteristics of building businesses successfully.
I think everyone in that room would probably gain from reading that article alone.
Also, to define what a start up is read Paul Graham’s definition. That’s right Techos = A startup isn’t an APP company. I imagine a drywalling company could be an amazing startup. I’m currently reading The Millionaire Next Door (hint: READ THIS BOOK) and it turns out that being a millionaire is more about Dull Normal Businesses than anything else.