8. You pay for Things that could be Free

Spend 30 minutes researching the free alternatives to all the great paid products people will tell you about. Even good venture lawyers will give you free advice if you're nice to them. They know you can't afford them now but want to build a relationship over time.

7. You don’t have an Intellectual Property

If you are planning to seek investors, or your idea is in the space in which big players are there, you need to register all your patents, trademarks, copyrights, and trade secrets early. Intellectual property is also often the largest element of early-stage company valuations for professional investors.

6. You have an Inexperienced Team

Investors fund people, not ideas. They look for people with real experience in the business domain of the startup, and people with real experience running a startup. You must find a partner who has “been there and done that” so that there comes a balance between your passion and his experience in the team.