At the University of Maryland Start-Up Boot Camp last week in College Park, Jim Chung, left, presented his list of common mistakes to avoid as a startup.

Chung is director of the MTech Venture Accelerator program at the university.

Here's his list (paraphrased):

Common Mistakes:

*) You have technology that's looking for a solution (as opposed to tech that immediately solves an existing problem).

*) You make too many assumptions about market share you stand to gain (you engage in top-down assumptions vs. bottom-up validation and lack customer understanding).

*) You have a "nice to have" vs. a "need to have" solution.

*) Thinking: "We have no competition."

*) You have no clear revenue model or path to profitability.

*) Your team is incomplete.

*) You don't have any metrics to measure your progress.

*) Lack of focus.

*) Failure to address the risks head-on.