In this amazing year 2014, my resolution is to share as much as I can, so here I am sharing most important lessons i learnt in last 5 years by running multiple ventures namely ( Qwerz, Startup4Startup,MDU.li, Uni2vesity, Socio Medio, Skilled Interns ).

1. Name your Startup very carefully - Due diligence has to be made when you are naming your startup. Name of the Startup will hint about the type of product / services you are offering / for whom you are offering.
If you name it in rash or the name is unrelated to business, chances are that you will end up the prospective clients with lots of confusion which can be brand deteriorating.

2. Focus on niche market
If you are bootstrapping or looking for faster growth rate. -
As per my experience, growth rate in niche business is higher since you already focussing on very limited audience. Also it's specialized product / service that you are offering where competitors will be lesser ( many of the times ).
When you are offering multiple services in multiple domains i.e. product offering is generic, growth rate will be very less or linear for quite a long ( assuming same kind of situations in case of niche business like same marketing budget ).

3. Never Run out of Cash -
When you bootstrap, you will always have limited money to sustain for limited period of time. You should work your ass out. You must hustle, meet people, explore, talk, talk to media guys for free PR, reiterate the business plan, get feedback from prospective users, research, know you are exactly doing what you are doing, and almost everything you can possibly do.
Consequences – If you won't maintain a speed then you will end up with practically no money in bank account, you will be starving so will your baby startup and team ( if you have any ).

4.Documentations
Document Agreements – Documentation is so damn important for any human being that it has to become behavior.
Why ? Because if in case you get into verbal agreement and the other party happens to be more powerful than you, then it will haunt you like ugly witch does ( although I am not sure how bad the latter would be but it will certainly be scary like hell ).
Be on safer side, Document every agreement, keep copies of them, preserve them. Always have exit clauses and liability constraints. Future increment in costs would be advisable since clients get choosy sometimes.

Document Processes – Document every minute details of all the processes you have in your startup. Why ? Because you won't like to repeat briefings to your staff again and again. You can have SOPs ( Standard Operating Procedures ) for different departments to ensure smooth and streamlined functioning and to track the progress efficiently.

5. Have minimum commitment time with your startup -
When you startup, stick with it for some time dedicatedly. If you will keep on working on multiple startups simultaneously then chances of being successful in any of them will be lower.
Startup is a baby, and your startup is yours. It needs to be raised with extreme care. You need to raise one a bit old to gain experience and replicate. If you will try raising 5 babies at once, then you will be surrounded with lots of noise, shit, diapers.
Master art of raising startup by successfully raising at least one.

6. Choose carefully your Co-founders -
I started multiple startups with multiple founders. And the process was maddening. We are human beings and human beings are egoistic, afraid of risks, expects returns from zero investment ( eh ! )
When you are choosing your co-founders give stress on : their vision and synergies you can find while working together. Quite often, great buddies make bad partners so document every clauses carefully to create boundary between personal life and professionalism.
It's advisable to have co-founders expert in different skill sets than you. Why ? Since you are startup, you will be having limited capita. Having co-founders good in another skill set will add more value to business than having multiple ones of same skill sets.
1. There might be times, when you want someone to come on board but due to some reason he/she couldn't invest. For that matter, you need to understand concept of sweat equity which is a bit complicated, more than the conventional equity division process.
2. Negotiate well ( for equity, of course ! )
3. Don't give away equity at once, have clause of granting of equity on yearly basis. It will increase dedication from the side of co-founders.

7. Seek Help
there might be times when you will need help. don't over think too much. approach someone who you think can help. seeking help is must done. we are human beings, and we need help.
for that matter, you want me to help , I am a click away.
I hope this will help you understand why things don't work and hopefully won't repeat these mistakes.