1. Never do business with your friend. If you have to do it, then never mix friendship and business. See that your friendship never gets affected by your business.
2. Believe in technology, but never depend on it. I agree social networks like twitter and facebook are a great means of advertising and marketing. Utilize it to the maximum but never stop with that. Technology has not reached to all levels yet.
3. Marketing is everything. You might be having an outstandingly brilliant idea/concept. But its never going to benefit you unless you know how to market it. I suggest, instead of outsourcing the marketing and publicity area, do it by yourself and learn it. If its your idea, no one can ever explain better than you.
4. Study the market before you start. Market study is the most important thing in business. Before doing that do not invest too much. Also, ‘market study’ is area specific. Your urban market study will never help you in rural areas.
5. Never invest too much in the beginning. Unless you are a billionaire, never put too much money into your business in the beginning, how much ever you believe in the future prospects of it.
Well, this is from what I’ve learned from my earlier and current startups. If youhave different views please share it.