4. Not working with a lawyer: An entrepreneur likes to do every thing on his own, hesitant to spend money on advisors, especially lawyers. This is a common practice with entrepreneurs who are boot-strapping. But this approach is dangerous when it comes to raise funds. Trying to save money on legal advice is a guaranteed way to run into problems. So it is necessary for entrepreneurs to have a lawyer as an advisor.

5. Depending on lawyers too much: Not consulting a lawyer is dangerous but depending totally on him is even more fatal and foolish. Since it is your own business, you should understand the terms of the deal that you are going to make. Telling a potential investor "I don't know; let me check with my lawyer" when asked simple questions isn't a good way to instill confidence.

6. Not following up: After having the coffee meeting with the investor, don’t pretend that the job is done. Investors often take some time and angel investors most likely have another full-time job. Hence, there is a good chance that it might slip off their mind. So you should keep following up and remember that it is okay to push them if they are not giving a firm yes or no answer.