Top 10 Angel Investor Mistakes Made by New Startup Founders
I was asked a question by one of my readers this morning which got me thinking…
The Question was….
“Andrew….What is the #1 BIGGEST mistake new startup founders make when hunting for Angel Investors?”
Good question – and it got me thinking…
So in no particular order – my…
Top 10 Angel Investor Mistakes Made by New Startup Founders:
- Not having a game plan to find the right angel investors – shooting out arrows and thinking at least one will land
- Thinking all Angel Investors are just focused on making money
- Underestimating just HOW LONG it takes to find, engage, convince and lock in the right Angel Investors
- Focusing on the money instead of the chemistry between you and the potential angels
- Not understanding the underlying motives/needs of angel investors
- Having no clue about the difference between a good and a lousy deal
- Thinking a great idea is enough…
- Being overly concerned about ‘protecting your idea’ (an idea which is probably in the market in at least ten different ways already…)
- Asking for an NDA
- Looking for money instead of relationships
- Bonus…….Never taking real action
The reality is this list could quickly get into the hundreds and that’s not because Startup Founders aren’t really smart….
Its just because its new and somehow new founders come with all sorts of assumptions that just aren’t true….
So what should you do if you are a new Startup Founder?
Three partial solutions for you:
1) Find a good mentor
2) Research your socks off
3) Come along to the free webinar (Really recommend it! Well, I would wouldn’t I…)
Good luck and let me know your thoughts below. Also, feel free to reach out if I can help with #1 above.
PS – Just watched this video and found it useful. Hope you find it valuable too. Check it out!