When I started my last Internet company RadicalMail, I made the mistake of moving too quickly and it cost my company $30 million.
'Internet Speed' dictated that we move fast.
But here's the top 10 mistakes I made on a personal level:
1) Vet your partner(s). I could have done a much better job at this.
2) Repeat #1, in case you missed it the first time.
3) Read every contract. Understand every contract.
4) Nothing has to happen today. If it does, it's probably the wrong deal.
5) Understand 'dilution' before you raise outside money.
6) Realize that 'dilution' isn't always a bad thing (it can be very good).
7) Set Expectations. If you're in a relationship, make sure your partner is on board with the 'start-up' lifestyle.
8) Set Boundaries. Know what you're willing to give up to reach your goals. Stick to that.
9) It's never too early to get legal advice. Or hire a good accountant. Or find a mentor.
10) Enjoy. Maybe this should be #1.
I had a blast at RadicalMail.
I made some money.
I learned a lot. I worked with a ton of excellent people.
Use the above as a guidepost - and let me know your biggest tips.
We can start a list together.