Oh, wow, no. This books is just terrible.
It’s much simpler to pick an old thing and do it slightly better than everyone else.
That is not true by any stretch of the imagination. Better products routinely fail because they came out a bit later than their inferior competitor. Furthermore things are often not as simple as they appear from the outside, once you jump in you see a million and one complications that you didn't even know existed.
Build a business service based on whatever the cutting edge of the internet is. Don’t just make Facebook pages for people, get your customers some fans, set people up on Twitter, fuel conversations, get mentioned on blogs and look after their pages. Do what every other media agency does, but go the extra mile.
That is not a business based on the latest internet technology, that is a business that uses the latest marketing platforms available. You think the big companies aren't doing this on a larger scale?
All you need is a few hundred thousand dollars in revenues to sell the business for one million.
This is an incredibly deceptive statement. A product that generates six figure digits can be sold for millions but not all businesses work like that. If you're revenue is in the people who are doing the work (eg. consulting companies like alluded to above) the business itself isn't worth any money.
Start out by working for free.
I tell highschoolers who are starting out with HTML or basic computer repair to charge minimum wage when doing jobs for friends. Consultants are worthless if they don't value themselves and working for free is admitting that you assign precisely no value to your work.
As soon as you start getting more work than you can handle, start hiring people.
This is possibly the worst advice I have ever heard for a consultant. Employees take a lot of money commitments, only hire more people if you are sure that you can keep them busy for at least a year. If you hire people the first time you hit a spike in business you are setting yourself up for disaster.
Every company is for sale. Every company has a price. It’s not just entrepreneurs that are selling either; there are entire businesses called ‘roll-ups” who’s only purpose is to buy other companies. These businesses buy different operations in a region, combine them together, fire all the back end staff and become a national company with significant margins.
In general buying the company is a simple way to buy the IP. If you have a good idea and either a patent or years of work it becomes cheaper to buy than to copy. This isn't a way to make millions, you need the killer idea first.
Lawyers supposedly help, but they don’t. They add layers of complexity and remove layers of profit.
That is just untrue. I've talked to entrepreneurs who said that layers saved their asses from bad contracts, lawsuits and other pitfalls that would have ended them. Lawyers can be a burden but if used right they are a great resource in a litigation heavy business environment.
Write a book. If you don’t have anything worth writing about then partner up with someone who does and write their book for them.
Or make crap up and hope gullible people buy it. Books are becoming harder and harder to make money off of.