Simple answer, don't rely on other people to fix a broken plan...
=)

0. Have integrity, people who manage money spend a lot of time dealing with professional liars and thieves. This doesn’t mean volunteering information that weakens your negotiating positions, but rather a warning that any BS will be uncovered eventually.

1. find a product/service niche unique to your physical geographic area, as this helps keep competition to a minimum while you grow (off the public web? Even better)

2. provide value to a happy customer

3. make small revenues in an early profit-mode, and try to stay liquid (cash, and not credit)

4. start small, but keep your legal, accounting, and customs positions clear

5. never table your own assets… debt-financing is foolish when they are often predatory loans

6. find the grants, tax credits, and labor assistance programs… The American Chamber of Commerce has many great people that often provide US state business advice for free

7. Early equity is worthless if your product is still theoretical, and dividing up imaginary space-cash is a fools errand… listen when senior people without an interest in your firm give you advice. Also, when working with academic/institutional incubator programs be aware of the legal traps. I have seen many stakeholders get nailed by nasty legal loopholes that claw-back or dilute company shares before an IPO or asset transfer. Usually it is developers/engineers/managers getting legally robbed, but sometimes it is the early investors too. Again, this alludes back to #0, and why people avoid bandits.

8. Always make it more profitable to cooperate with your team, than rip you off. Most large companies know a soft target when they see one, and will often renege on small companies/contracts as policy given the legal power asymmetry. Consumer and small B2B is a hard market too, but the risks are lower than dealing with a firm above a $3B market cap. Note, this is one reason service based companies tend to survive better, as they have limited risk-exposure per customer.

9. Never get emotionally attached to physical locations (keep your office a sparse coffee/laptop space). If you can’t find a free startup incubator space in your area/school, than you may have to lease or rent dev space. In general, sooner or later these commercial leases are always a rip-off, and this is the second biggest money drain after labor. Get your legal people to explain the lease before you sign, and think worst-case scenario here... I have seen viable firms bleed out due to con-leases, and this is especially dangerous to retailers. “The only winning move is not to play”… putting cash in the pockets of a bunch of young people crammed into their garage or warehouse is a good tradition.

11. Avoid recurring expenses and subscriptions, as a company one needs to plug as many cash leaks as possible. Once, we had to pay $9k for a legal journal no one used because some trademark lawyer passing through the previous year wanted it for something (replace L exisN exus with something less draconian, and you will make money for sure).

12. Finally, ask yourself if you would advise your parents to invest in your friends business if they were a competitor. If you have to second guess this question, than you probably don’t have a sustainable business plan yet.

YMMV, just remember business mistakes always cost money.