Many first-time entrepreneurs overspend, said Tim Chang, a venture capital partner at Norwest Venture Partners. It is one of their biggest mistakes when they first receive funds, they operate as though they were larger. To this end, entrepreneurs need to be "disciplined." (Watch the interview for ways to discipline yourself.)
Additionally, another big mistake entrepreneurs make is thinking too big and losing focus. "Startups don't die of starvation," Tim said. "They die of indigestion." Essentially, Tim means that startups have to focus on that one thing they do best and deliver on that promise. The bells and whistles can come later.
Finally, when I asked Tim what he looks for in an entrepreneur, he said, "talent." The ideas and technology are all the same, for the most part, he said. The differentiator is the quality of the people.
thank you for sharing your candid insight. Microsoft has a so-called talented team and cant figure out search. Yahoo is supposed to have a talented team and they cant innovate search. why is it that these tech giants with self-professed genius teams cant get any traction in search? bottomline is they are not as smart as they think they are, poor leadership and a lack of search innovation inventory available. Searchengines will always be a mystery and LocationEngnine Networks will be search solved. We can appreciate the gentleman who recognizes the value of a grey haired, disiplined, serial prolific entrepreneur. Online customer service has been our guiding light foundation for over 8 years. End result is a network for which there is no competition. Proof is in the pudding, warning:dont eat it all at one time you might ruin you appetite and get indigestion. Tip of the Day: Do you know the dirty little word you'll never hear vc's make?.......... "bubble":) AdviceLocator.com http://www.killerstartups.com/Search/mylocator-com-vertical-locator... http://www.killerstartups.com/Search/mylocator-com-vertical-locator.. .