When critical mass is achieved, the eagerly welcomed venture capital that forms to service innovative startups becomes a hot topic of conversation. Networking groups begin to get together to talk about how to raise money from venture capitalists. “Consultants” come out of the woodwork claiming expertise in helping new companies attract venture capital. Venture capitalists are looked upon as “masters of the universe” and treated like rock stars. University business school programs institute curricula aimed at instilling students with an understanding for the process. MBA grads and finance majors from those same university business schools decide they want to become venture capitalists. Local business magazines hyperventilate upon the sexy subject. Entrepreneurs talk in awed tones about their peers who have successfully attracted funding. Angel groups form and hold workshops or seminars about the process of fundraising. Websites with glossaries of mysterious VC lingo spring up out of nowhere.

We have glamorized venture capital beyond reasonableness. We spend an inordinate amount of time, energy, and attention on the subject of venture capital and end up mythologizing it. Because we talk about it so much – in such reverent tones – entrepreneurs unfortunately fixate on it at the expense of other critical components to building great companies. Would-be entrepreneurs start to reason that they must get venture funding in order to “really do something.” It is a convenient excuse to do nothing. Because we talk about venture capital so much, some of us start to see raising capital as the ultimate measure of success. “If I could just raise one million dollars, things would be different.”

Can we talk less about venture capital and more about great ideas and business building? Sure there are some programs that mix in subjects like building a great management team, hiring best practices, networking and relationship building, but venture capital gets the overwhelming majority of attention. What we need more of are entrepreneurs with the ability to figure out if their pet idea is something worth pursuing. At the very least, we need workshops and seminars that help entrepreneurs figure out if their idea, frankly, sucks. We need to talk more about making sure that our ideas are unique and bring some sort of new value to the world. We need to talk about how to execute better than your best competitor. We need entrepreneurs that can focus on the essentials of building great companies.

What entrepreneurs ought to realize is that venture capital follows true innovation and execution. It goes where the action is. It does not precede the action. Entrepreneurs who are willing to put the work in to become savvy about the whole process will come to understand that raising venture capital is relatively easy when compared to out-thinking and outrunning your best competition. It is much easier than keeping customers ecstatic. Raising venture capital is immensely easier than finding and acquiring the scarcest resource of all, great talent. Raising venture capital is not the end game. We need to stop perpetuating the myth.

Last week you may have encountered some colorful uses of the lexicon from Sam Zell that we are not used to hearing at the Times…But of course we still have the same expectations at the Times of what is correct in the workplace. It’s not good judgment to use profane or hostile language and we can’t tolerate that…In short, nothing changes; the fundamental rules of decorum and decency apply…Sam is a force of a nature; the rest of us are bound by the normal conventions of society.

He recently appeared on CNBC to talk about the economy, the housing market in particular, and his plans for his recent investments in newspapers and the Chicago Cubs. Watching the guy speak, you can’t help but be impressed by his dry humor, his uniquely cantankerous tone, and the unmistakable impression that he has had a fire in his belly for a long time. Here are some interesting tidbits (paraphrased):

• On selling the Chicago Cubs: “We own the Cubs and we intend to sell on our time frame and manner in which we choose, many others have opinions on how we should do this, but I don’t care. Excuse me for being sarcastic, but the idea that others are debating about what I should do with my assets leaves me questioning the integrity of that debate. There are a lot of people who want to buy the Cubs, and they would like to buy under their terms and conditions. Unfortunately, they have to deal with me.”

• On politics: “We have two Democratic candidates who are vying with each other to describe the economic situation worse. The reality is that if you live on Wall Street and you’re in the credit markets the world couldn’t be worse. If you’re a farmer and you’re getting $25 for your wheat, you’re having a great time. If you’re a CEO and you’ve got a balance sheet that’s bullet-proof, you’re in a great position. This whole thing is way out of control, way out of hand.”
  • I tend not to get involved in political campaigns.
  • “Logic can overcome Liberalism.”

• On investing: This is where I get the most value out of listening to this guy.
  • “We have been professional opportunists, when there is dislocation, that usually creates opportunity.”
  • “I never call or time markets – I only try to respond to what I think is logic.”
  • “My decision to sell Equity Office was not based on crowds, was not based on euphoria. Someone made me an offer I couldn’t understand and I thought it was a Godfather offer.” Another classic line.

• Two old dogs: Jack Welch, former CEO of General Electric (GE) was on the show and got to ask Zell a couple questions. It was a little heartwarming to see two great businessmen sharing a little camaraderie. You just know these guys are tough bosses to work for, but they keep it honest and straight.
  • Jack Welch: Sam, you’re the master of timing.
  • Jack Welch: These guys (CNBC crew) accuse me of being a cheerleader, but they wouldn’t dare say that to you.
  • Jack Welch: Sam, can we play what you’re saying every half hour (because it’s so positive)?
  • Sam Zell: You guys are opining every half hour so what do you need me for?
  • Jack Welch: Sam, thank you so much.
  • Sam Zell: Good to see you again Jack.

Watch the video here: