Illusory superiority is defined by Wikipedia as overestimating one’s desirable qualities and underestimating undesirable qualities, relative to other people.
Every founder considers themselves superior and should be funded accordingly.
This is a flawed view of the startup world in which investors can see many startups while the founder sees far fewer.
In fundraising, there’s competition for startup investment.
To overcome illusory superiority, consider the following:
Maintain awareness of illusory superiority throughout the fundraising process.
Remember how many other startups are raising capital and the challenge that imposes.
Look at startups outside your own circle to see how they compare.
Always be learning about startups and the startup world.
Get an independent view of your startup to see how it compares to other startups.
Look for critical views of your startup to see how you can improve.
Through constant improvement, you can overcome illusory superiority.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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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.