Check out the latest Bplans blog to find out the easiest mistakes to avoid. A handful of successful entrepreneurs were asked the following question, including myself: What are the most common mistakes made that are easy to correct? For me, it’s all about timing. Whether you make it too early or too late, that “too” can cause problems. Startups need to get started at just the right time.
This plays into the market, your team, and your valuation. Determine the prime time for fundraising, and give yourself a window of about seven months for each round. Yes, there are some stories about companies that “get rich” overnight, but those are often flukes and very rare.
Setting your valuation too high is another common flub. Not getting legal counsel on your side happens far too often, usually because it’s seen as too costly, too time consuming, or you simply think you can do it yourself. Always get a second opinion—a strong one—to help balance out your startup. There are so many startup failures that are rich with lessons. Take heed and you can sidestep common mistakes.
