Michael Gracie

And Sam Angus of Fenwick & West is making sure it isn’t.

I give kudos to Sam’s list, which includes:

1) Guarding your intellectual property
2) Finding good partners
3) Taking care with the distribution of equity
4) Timing your rounds, and choosing your capital sources, carefully
5) Not going your raise alone
6) Building a good board
7) Worrying less about valuation

Never forget - execution comes first, and all of Sam’s recommendations thoughfully respect the idea that the deal alone is not going to make your company work. The points above should be easy to manage, yet entrepreneurs allow it to take up too much of their time, and mind. Those energies are better directed towards bring ideas to fruition.

Got a call a few weeks back asking for some advice about a business deal. It seems someone had done quite a bit of work on a project, only to get left on the sidelines once the real game started.

Every business person has experienced this at one time or another. You work your tail off on something, and just when you think the payday is near, the door gets closed in your face. What is important here is what you learn from it.

I heard a saying once:

“Smart people don’t make the same mistake twice; very smart people don’t make the same mistake three times.”