STAY FOCUSED

Many budding entrepreneurs make the mistake of information overload. They come to that first investor meeting armed with every possible fact, and they want to share all of it to show how well-prepared they are.

“What’s really important is to not go into the weeds of all the details because what you’re trying to do is give them enough information that they want more information,” Ms. Lefcourt advises. “Your goal at meeting no. 1 is to get people interested enough that they want meeting no. 2.”

However, entrepreneurs will need to demonstrate their knowledge of the marketplace,

IT ALWAYS COSTS MORE THAN YOU THINK

One of the most difficult early tasks for entrepreneurs is figuring out exactly how much cash is needed to move to the next level. Ms. Lefcourt has some simple advice on that point: “I always tell entrepreneurs to make sure that you budget for longer and more money, more resources because everything is harder and takes more time than you ever imagine it will.”

But don’t sweat it. She said smart venture capitalists are flexible about funding and can help the entrepreneur figure it out along the way. Freestyle has often recommended more or less capital to the companies it has worked with, for example.

“You should know a little bit about what you’re going to achieve, and by when, and the capital you think it will take,”