Do you and your partners have the same long term vision for where you plan the business to be in 15 years?

Do you have six months of working capital in savings while you try to generate income from your new business?

In the beginning, service based companies should be touching as many potential customers as possible. Judge your daily activity by the potential it has for touching a customer.

Look to other business models for inspiration and new ideas.

Expect competition to follow your lead if you are successful and innovative.

When hiring new employees, employees about to start their third job have a higher probability for sticking. First job is a crap shoot. Second job is where you learn what you want to do. The third job is an honest effort to match to your skill sets.

Interviewing tip is not to be friends with the candidate. Make them convince you why they should work with you and do not waste time selling them on why they should want to work with you.

Great start ups have a message that makes their purpose bigger than just making money. Changing the model for business in your niche can inspire people to want to work for you. Most people are bored in their jobs and entrepreneurial companies can attract stars who yearn for this sense of higher purpose.

When you can afford them, do not be stingy with benefits. Incrementally, small companies can afford more benefits than larger companies.