I read a very interesting article (http://goo.gl/MmmC4e) about the same and felt like asking you guys.
good share @forget_sutra, all the points mentioned are so true.
My advice to first time entrepreneurs, is do not think that company incorporation , or sales pitch for your startup idea are nominal activities that can be conducted as per your timeline and convenience.
There are a lot of things that need to go right before you can incorporate your startup, as ive documented in this post.
Your first concern should be to win the support of your family and friends, without which you will be quite alone in your startup plans, and that is a huge no-no for investors who will never want to invest since you cannot convince even a casual acquaintance to acknowledge your startup activities. This point is No. 1 in the list of startup mistakes - a document written by none other than Paul Graham, head of Y-Combinator.