As I meet with more and more bootstrappers and see their stories play out, here are the most common traps I see themselves getting into:
1. Raising money without really knowing whether the extra spend will generate a return
2. Getting distracted by offshoot ideas rather than focusing on the core
3. Spending more time on raising money than on really listening to customers and prospective customers
4. Spending more time on the big partnerships or bigger customers than on the bread-and-butter business.
5. Believing someone else has the answers (new hires, consultants, partners, etc)
6. Forgetting to focus on what people really want and are willing to pay for
It all comes back to: focus on what core customers want first, and don’t get distracted by the rest.