....from StartupNetwork.com/blog 

1. Ideas are a dime a dozen.

There’s a pretty big misconception many saddened entrepreneurs looking to raise money from angel investors realize - AFTER they spend a lot of time, effort, and aggravation getting there. Investors don’t pay for thinking. They pay for doing.

If you’re coming around with just the idea for a business you’re going to get almost nowhere. Even if you have a phenomenal plan that’s detailed and displays lots of credible evidence you’re not likely to get anywhere.

Of course there’s exceptions but they’re so incredibly infrequent. Very senior people leaving the corporate world can circulate a memo describing their new endeavor and possibly succeed. Inventors and scientists who have well thought out plans may succeed. BUT EVERYONE ELSE WON’T.

Unless you’re inventing something that is leaps ahead or yet undiscovered or undelivered (read: energy, biotech, science) ideas can be exciting - they can create interest - but you’re not going to get a check.

In most industries there’s an abundance of ideas and a lack of resources. Furthermore lots of great ideas run into a meat grinder of objections that have nothing to do with the idea but all about its distribution, market size, uniqueness, timing, cost, etc.

So, if you’re starting up a company and you’re not really doing it - but you’re long on thinking about and describing it - strike 1.