Avoiding these 5 common mistakes will help to increase your chances of receiving the venture capital funding that you need to get your ideas off the ground and running.

1. Relying Too Much on The Idea – When a venture capital firm looks at your idea, they will make the decision on whether or not it will succeed. What these firms are looking for is that you have plans for growth that are realistic and you will need to show them those plans.
2. Not Being Clear When Explaining Your Opportunity – Venture capital firms are not going to waste their time trying to figure out the details of your opportunity. They will be much more willing to help with financing if your goals, plans, and growth opportunities are clear.
3. Lying About Credentials – There are people in every venture capital firm that are paid to do extensive background checks on the entrepreneurs who are applying for financing. Don’t overstate. Make sure your information is accurate.
4. Mistakes or Errors in Your Plan – You must trust the venture capital firm you are seeking financing from enough to share all the key information about your plan. Trying to mislead them will only get you rejected.
5. Not Knowing Which VC Firms Finance in Your Industry – It is important to not spend your time cold calling venture capital firms that do not finance in your industry. This is a costly mistake that many entrepreneurs make. We recommend that you cold call and email venture capital firms that are relevant to your industry and the stage of your business.