The 10 Most Common Mistakes Entrepreneurs Make when Raising Venture Capital
Most Common Mistakes Entrepreneurs
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Being an entrepreneur is not about being unique. Millions of entrepreneurs, both successful and not successful, have followed this road before you. Well, lucky you! That means you do not have to invent the wheel again. We provide you with an overview of common mistakes entrepreneurs make in their journey to success. Read & learn! Author: Eva Hukshorn, EFactor
Transcript of Most Common Mistakes Entrepreneurs
Author: Eva Hukshorn
Most common mistakes entrepreneurs make BEING AN ENTREPRENEUR IS NOT ABOUT BEING UNIQUE. MILLIONS OF ENTREPRENEURS, BOTH SUCCESSFUL AND NOT SUCCESSFUL HAVE FOLLOWED THIS ROAD BEFORE YOU WELL, LUCKY YOU! THAT MEANS YOU DO NOT HAVE TO INVENT THE WHEEL AGAIN WE PROVIDE YOU WITH AN OVERVIEW OF THE MOST COMMON MISTAKES ENTREPRENEURS MAKE IN THEIR JOURNEY TO SUCCESS READ & LEARN! If you would like more assistance, email [email protected], we are more than happy to act as your coach to create your ul;mate roadmap
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Author: Eva Hukshorn
1. Having a perfect product, but no customers
2. If you hire employees which are still employed by others, check their agreements
3. Do not surround yourself with advisors which have not experience in dealing with start-ups,
entrepreneurs of external fund providers like informal investors or venture capitalists
4. Communicate!! With your partners, with your employees, with your customers
5. Underestimate legal matters
6. Cash out before cash is in
7. Have just 1 idea and holding on to long
8. Most Entrepreneurs are know-it-alls with too much hubris. Hence, do not forget to do sufficient
market research
9. Get ride of the overhead!
10. Make sure you have (international) intellectual property protection
11. No experience in sales, finance, products, legal
12. Make sure to comply with local laws
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Author: Eva Hukshorn
13. Be explicit on what it is exactly what you do, without talking for 10 minutes. Train this
14. Afraid to appoint a CEO among partners
15. Be clear on who owns what amount of share, manage expectations from the start what their
role is
16. When an external fund provider like an informal investor or venture capitalist is showing
interest, do not forget to negotiate other things than valuation: dividends, redemption rights,
anti-dilution protection et cetera
17. No focus, normally this happens because of lack of planning
18. Forget about small customers and only focus on 1 large customer
19. Make sure the other party signs a non-disclosure agreement when you disclose product features
20. Overselling, please don’t!
21. Hockey sticks in business plan, they just make you not credible
22. Don’t be afraid of sales, it is a numbers games, so JUST DO IT!
23. Admit that you are NOT good at certain tasks or DON’T have the expertise. And then solve it
24. Founding an idea is not everything, you also have to execute it. Cherish does people who help
you do this
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