So you decided to go for it...you have a great idea and a promising path to implement it. You have skills, passion and a good support system. You are ready to make a significant impact...at least within a given niche.
It takes a special personality to be willing to leave the safety of a good paying job and seriously consider entrepreneurship.
Not everyone is fit for entrepreneurship, though. Although we all make mistakes along the way, certain personalities are more prone to certain bad habits than others. As you rub elbows with other entrepreneurs, you will notice certain trends.
NMangels.com lists a fun and insightful list of entrepreneurs to watch for, from an investor's perspective. In no particular order, they list the Paranoid Entrepreneur, the Harvard Entrepreneur, the "Selling to Google" Entrepreneur, the "Like Facebook" Entrepreneur, the "Drinking Their Own Kool-Aid" Entrepreneur, the "My IP is Very Valuable" Entrepreneur, and finally the "Has-Been" Entrepreneur. Check out this post for details on each type of entrepreneur, it is a fun and informative read. If you find yourself on that list, just take it as a learning opportunity. It's not everyday that people tell you openly what they think.
Although not all startups need investors, many tech startups have to raise funds to develop their promising product, especially for high-risk high-reward ventures. Although there are amazing research grant opportunities for startups to fund their research and development, sometimes partnering with investors to help bring your product to life is inevitable.
The New Mexico Angels blog was gracious enough to turn the tables and warn about certain investors to watch for. In that article, they list and describe the SHARK ANGELS, the LITIGIOUS ANGELS, the SUPERIOR ANGELS, the CONTROL FREAK ANGELS, the TUTORIAL ANGELS, the HAS-BEEN ANGELS and the BROKERS POSING AS ANGELS.
As a bonus, they also warn entrepreneurs about "special advisors", because obviously there are always people willing to prey on your ambitions and sell you their precious advice (some more precious than others).
Still want to be an entrepreneur? Congratulations! Enjoy the roller coaster and a potentially very rewarding experience. But all in all, stay honest! You don't want to be another Theranos.