The startup world is open to anybody and it seems like everybody comes through it at some time or another.
I receive calls daily from entrepreneurs who are seeking to start a business, raise funding, or hire a team member.
I can always tell who is the serious entrepreneur and who is the pretend-preneur- someone who likes the idea of running a startup but is not committed to the work required to make it a success.
That’s important because a pretend-preneur who raises funding will ultimately waste it and there are too many good startups to invest money in those who aren’t going to see it through.
Here are some telltale signs of a pretend-preneur
They are more worried about job titles and credit for the work.
They don’t seem too focused on the customer and what it will take to make them happy with the product as that’s ‘a detail to figure out later.’
They focus on the superficialities of the business and not the core functions of building the product and selling it.
They look for ways around the hard work rather than working their way through it.
Problems are the fault of everyone else and there’s nothing that they can do about it.
They don’t know who their customers are and it doesn’t bother them.
They think funding will solve all problems and life will be easier after the raise.
They don’t know their numbers but someone else in their organization does and that’s good enough.
As an investor, be on the lookout for these signs.
Let’s go startup something today!
Copyright (c) 2020, Hall Martin and investorconnect.org. All rights reserved.
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.