The Truth About Truemors Guy Kawasaki dispels rumors about the vitality of social media sites, gossips about his own successful site and explains how you, too, can get in on the social media craze.

He's known as the former chief evangelist for Apple Inc. and the managing director of leading VC fund Garage Technology Ventures. Guy Kawasaki, who's devoted much of his career to empowering entrepreneurs, has become one himself with the launch of social media site Truemors earlier this year. Truemors, short for "true rumors," works this way: Users post short rumors and news bits by calling a special phone number, sending a text message, e-mailing or posting directly online. Users then rate the rumors according to whether they think they're true or not.

Truemors is a functioning illustration of what it takes to launch a web startup these days. It didn't involve gobs of VC funding or years of development and testing. It may or may not turn into a big moneymaking enterprise, but entrepreneurs can learn a lot from Kawasaki's experience with getting Truemors off the ground and onto the internet. The startup guru took a few moments away from his new venture to answer our questions.