Here are some traps I saw other entrepreneurs fall into.
(Of course, some of these I fell into myself multiple times !)
Watch out when you hear these lines.
# 10. “Let’s add Social Networking features and use AJAX. It’s the hottest trend around. Will help with valuations”
# 9. “He has 30 years experience in the Industry and can open doors for you with Whos-Who. Rest is easy for you. He wants to be on a retainer and not on sales commission”
# 8. “When Infosys and Wipro started there was no competition. They had all the time to grow. Now time is money. It’s a VC funded world.”
#7. “I don’t care about making money. Just love the challenge as it is”
#6. “We are friends first and business partners next”
#5. “They are old school, brick&mortar … won’t get it right on the web”
#4. “I am unable to sell because there is no marketing investment here. We need customers who call us, not other way around”
#3. “Just build the traffic, you can sell it Google or Microsoft – when they take India more seriously”
#2. “Just getting 0.5% of people in India as our customers … just 0.5% … means we will blow our revenue plan out of the water”
#1. A VC saying “I want you to raise more money sufficient for the next round as well now … so you can focus on building the business and not waste any time fund raising”
What do you think … did you hear these any time before?
What else would you add in your top 10 list?
Sridhar Turaga's blog 
I have heard most of these in my last 10 years Some more here
1. Lets get the customers first. We can worry about the delivery and profitability later.
2. Our sales cycle is long and so this is natural
3. We need to diversify very fast or we lose the market
4. With 100 people we have acheived $ 25 M and hence employing another 100 would takes us to $ 50 M and the economies of scale would turn us profitable
5. The Capital Market is weak and not a good time to startup