Well, there are some lessons that I have learnt in my own entrepreneurial journey.... and as an entrepreneurship evangelist, have had the opportunity to observe many startups start up, and fail, including my own.
Don’t underestimate the costs and time that you will require to meet your milestones – often entrepreneurs, enthused by their deep passion and conviction in the concept, expect things to happen sooner than it would, and they usually expect to achieve it with lesser resources and lower costs than it would actually require. Running out of cash, especially when things are moving in the right direction, is the single biggest horror that a startup or early stage company can face.
Be very, very careful about whom you hire as your first employees. Make sure that they are in it with some level of conviction and passion for the concept. Only commercially inclined employees will not have it in them to pull through the ups and downs, the course correction, and the challenges of the early stages of your journey.
Keep your costs low. Be frugal. Plan your cash flow and fund flow requirements well. Make sure you are well funded. Don’t assume that you will be able to raise the balance amount as you proceed along in your journey.