I was just talking to a new entrepreneur about a term sheet and I realized that trying to understand all those dang terms on a term sheet was super tough because of all the legalese there, and also it's hard to know the implications of terms if you haven't experienced them first hand. It took me 2+ years of investing to get to some basic understanding of the terms and I'm still not even close to being an expert at it.
Searching on Google, I found some excellent posts from Brad Feld that explains some of the basic terms in a more easily understood way. Here are links to them:
Information and Registration Rights
Anti-Dilution
Redemption Rights
Liquidation Preference
Drag Along Rights
Protective Provisions
