Free Entrepreneur Myths by Damir Perge Page B

is the reason. Study him. Learn from him.
     
Ideas can come to you anytime and anyplace. I funded two different entrepreneurs who had created environments conducive for idea generation. One of them made the workspace fun and child-like. The other had more adult games, such as pool tables, throughout the space. You often see the headquarters of high-tech companies in Silicon Valley emulating a fun work environment to keep employees in the state of ideation. 
     
Your brain is the most important asset you have. Nurture it and guard it as if it’s the only thing you’ve got.
     
Brain Candy: questions to consider and ponder
     
(Q1) How do you come up with ideas? Do you do it alone, or with friends or partners? Do you do it with a special purpose in mind, or is it in a bar over a few drinks?
     
(Q2) What are you doing when the ideas come to you? Are you walking in the park, running or taking a shower?
     
(Q3) Have you heard of Nikola Tesla? If so, what do you think of him? Do you think Edison or Westinghouse took advantage of him? What about Marconi?
     

Entrepreneur Myth 18 | You must be first to market
     

     
Christopher Columbus was the first to discover the New World. He did not capitalize on his discovery. Other explorers after him sailed through his charted waters and found the pot of riches. I once thought being first to market was the most important goal in any venture. Now I know better. Being first to market could get you a bunch of arrows in your back.
     
Launching into new markets
     
Ten people simultaneously, across the globe, come up with a similar idea. Out of those ten people, five don’t do shit with the idea. They sit on their ass, pontificate, pick their nose, and think of numerous excuses why they can’t get it done. Out of the five left, three of them attempt to do something with it. But because of their lack of knowledge, ambition or inability to finance the idea, they quit.
     
Two entrepreneurs are left to enter the new market. It’s between you and some other ambitious bastard to duke it out. Good luck. Take no prisoners. However, be careful of being first to market. You’ll either build an advantageous position in the marketplace or end up like Columbus.
     
Groupon was the first to dominate the coupon market on a global scale but they were not the first in the category. They revived the social buying category; now other entrants are riding their wave. LivingSocial.com is following closely behind and it seems like new coupon sites are forming daily. Just because you launch into a new market and become a leader doesn’t mean you’ll stay one.
     
Don’t worry about being first to market
     
If you’re not out in the market first, please do not panic. More important, is who sticks it out the longest as the market evolves and matures. Even when someone else launches the product or service first, you can still play on the same playground, and perhaps change the playground rules during the market’s changes.
     
Google was not the first search engine .
     
Apple was not the first computer.
     
Microsoft DOS or Windows was not the first operating system.
     
Ford was not the first car.
     
Whole Foods was not the first grocery chain.
     
Facebook was not the first social media site.
     
Being first has its advantages, but so does being second or even third. The most important consideration is how you differentiate your venture, service or product from the competition. A good example is the photo sharing sites sector. Instagram was not the first or second photo sharing site on the internet. They exploded into the market with a simple consumer solution while competitors like Photobucket and Flickr fell sleeping at the wheel. In less than a year, Instagram users had uploaded more than one hundred million photos. They’re flying at warp speed to possibly overtake the market, not because they were first to market. They made photo-sharing easier and that propelled them ahead of the