Many founders don’t consider this one until it’s too late. The excitement and adrenaline of getting started leads to a “kumbaya atmosphere” where all things are equal. This spills over into salaries. Sooner or later, the amount of time, effort and energy expended by the partners is no longer equal, but their salaries are. Tensions begin to rise.

Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.

There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.

“The single biggest problem in communication is the illusion that it has taken place.”– George Bernard Shaw

Angel and venture capital investors may receive hundreds or even thousands of executive summaries each year. With their time being limited and the competition for their attention intense, it is extremely important that the entrepreneur provide executive summaries that “Wow!”

You can be a successful entrepreneur. You’ve just graduated and are ready to put all of that knowledge and energy to use. Admittedly, a great deal of your practical knowledge was picked up outside the classroom – like the time you broke into the Dean’s office with.. how long ago was that? Nevermind, the statute of limitations hasn’t passed.

Knowing how to effectively make cold contact, whether in the form of a phone call, an email, or an invitation to connect on LinkedIn, is a skill every entrepreneur needs in his or her tool belt. And we’re not talking sales tactics here; it’s all about networking.