JOANNE WILSON: Hedging your bets as a founder in a startup by keeping your toes in three different companies is a recipe for failure. Starting a company is a 24/7 commitment.

    Being pulled into two or three directions sends a signal to your team and your potential investors that you are not confident of your concept.

    See what other startup mentors have to say about juggling multiple startup goals.

    I would never invest in a company where the founder is trying to juggle a few different startups at the same time. Choose a path with one idea and see what happens. You might have to zig-zag or make a turn but at least you are fully committed towards the success of one startup.

    I have met with entrepreneurs who are straddling a few concepts at once, trying to figure out which one sticks. When I hear that, I begin to see red flags moving in front of their face and circling around their head. That is generally the last time I meet that entrepreneur.

    (Read more from Joanne Wilson.)

    (Read about startup mentor Joanne Wilson.)