I just read an interesting quote on SAI and I thought that I should share it here:
Entrepreneurs should NEVER lie. Even exaggeration blows your credibility.
Obviously good salesmanship is important, as is how you present information. But having listened to thousands of entrepreneurs tell their stories over the years, I can tell you that the thing that immediately raised my suspicions was any statement that damaged the credibility of the entrepreneur.
Some entrepreneurs just don’t know what they’re talking about when they make grandiose claims and projections. Some have no idea how hard it is to succeed, what successful companies’ financials look like, etc. That’s called “cluelessness,” and it also hurts your credibility. But it doesn’t hurt it as much as lying.
A good principle to live by.