Silicon Valley is not the center of the industry, your local Starbucks is.Minorities, women, and employees over the age of 40 would disagree with the notion that the industry is truly a meritocracy.
But the biggest myth, which is heralded by investors and entrepreneurs alike, is that the best reason to start a company is for passion, not money.
“Do what you love and the money will follow.”
That is the proverbial nonsense spewed at every startup conference, entrepreneurship column, and it’s printed on inspirational posters hanging in workspaces. Inc. Magazine, one of the leading publications for the startup industry, even published a tear-jerking article on “How to Turn Your Passion Into a Business.” The story leaves out a few interesting points. How did Bombacino receive FDA approval so quickly, if she did so at all? How did she ingratiate herself with the insurance companies that have always been opaque and insulated against small, outside companies? “This is a very worrisome story,” says Arindam Nag, a former editor of Dow Jones. “I don’t think I have ever heard of a new company in this space that has been able to make so many moves so quickly.” Inc. isn’t the only publication to cover this utopian fallacy. Carmine Gallo, the author of The Innovation Secrets of Steve Jobs, claims in his Forbes article that one of Jobs’ principles of success was “do what you love.” It was supposedly his passion that made Apple a multi-billion dollar technology company. This is a bizarre statement for someone with an alleged knowledge of Steve Jobs to claim. Steve Jobs was not passionate about technology. Steve Jobs was not passionate about technology when he started Apple. It wasn’t until decades later that he was renowned as a passionate leader — passionate for building one of the most profitable corporations in the world. He is not alone in this passion. It can hardly be believed that leaders of companies that manage franchises, sell socks or provide accounting services are truly passionate about their work, as the startup industry believes. Rather, these founders and CEOs are passionate about building a strong company, something measured by its bank account. Passion can lead to success, as long as your passion is money.
