The article Max mentioned, 4 ways to get rejected by an angel, had a follow up piece on Venturebeat, 4 MORE ways to get automatically rejected by an angel investor.

The follow up calls out:

• Having a big monthly burn
• Pretending this isn’t risky
• Not interviewing the Angel
• Not having an exit strategy

I particular like the part about pretending this isn’t risky. I can’t even begin to remember all the ideas I’ve heard that are sure things. Working with an investor should be a healthy relationship, not one started on a false premise.  Everyone knows startups are risky.  If they weren’t, everyone would be doing them, and be a huge success.  Be honest and give all the facts, but show why your calculated risk has a good chance of working out well for both of you.

Some good points in Jason Cohen’s post today on VentureBeat about the mistakes that entrepreneurs often make when pitching to angel investors.