Fundraising is incredibly easy. You just call a few investors, tell them how great your idea is, and they write you a check. If your idea is really good, they don’t even ask for equity. They’re just so excited to be a part of your company they can’t wait to give you money.

OK, that’s not true at all.

Companies that successfully raise capital do so because they convince others that their idea is going to be a winner.

The truth is that fundraising is hard. Most people try and fail, no matter how great their preparation, their perseverance, or their idea. That’s because there are far more people looking for capital than there are people writing checks, and therefore an entrepreneur needs to do everything possible to ensure they can successfull...