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Don't worry yourself with the semantics; this is extremely sound advice. VCs are starting to say roughly the same thing nowadays too, albeit in a way with somewhat less finality. It's a shame it took a huge economic hoo-ha for people to start using common sense again, though.

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I thought most VCs refer to start-ups/companies as "deals" ;)

I'd much rather be called a "deal" than a "project" -- the former implies that someone's investing in your start-up; the latter is just demeaning.

I don't really agree that a "project" is demeaning, if the person creating that project properly recognizes it as such. Some things are businesses, some aren't. I've worked on tons of "projects" in the past which had no real business potential yet were still very fun and rewarding.

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