Entrepreneurs make a lot of mistakes in meetings. One is being not prepared with some of the basics. Not being able to describe their value proposition is a key one. They’ll talk about how great the product is but they really won’t explain exactly what problem it solves from the consumer – their customers point of view.
Another one is not being able to answer the question about team. Like who’s going to be on your team? Who are you’re working with? How you see a team developing? I think having that understanding is really key and saying “once I get financing I know I need an engineering manager or chief technology officer,” that’s acceptable, but not being able to describe how you’re going to move beyond yourself is not.
I think another mistake is probably coming in and saying “we have no competitors… we’re so different we’re so new that we don’t compete with anybody.” Everybody’s got a competitor. You’re competing with the guy who wants to keep his wallet closed at the end of the day and so that’s the competition right there. So you always need to know what the competition is for the dollar that you’re trying to extract from your customer.