I can vouch for the fact the starting a business is the single most exciting thing in the world. I mean really, if you want some excitement with your life, start a business. There'll be challenges, back stabbings, achievements, downfalls, riches, bankruptcies, 10 new friends, 100 new enemies :), you'll see it all.
and while, 6 months into setting up my own establishment, I am still groping with the righteousness of my decision, I am proud to say that every day of this half an year journey has brought a new learning for me, some of which i present below.
Learning 1. Importance of a good team. You might be having the greatest business idea ever, it will not work unless you have a great team. A single wrong individual in the founding team of your business plan has the potential of ruining the whole setup, all because of the trust you place. You need to trust each other because that is important when you start; but trusting the right set of people will create the difference between success and failure.
2 of my plans failed because i chose the wrong guys to work alongside me. They never shared the vision, never gave enough time and kept assuring me that they will bounce back, but never did.
So choose the right guys, people who share your vision and are willing to go all the way to make it possible. and more importantly choose the people who are as passionate as you are but have different set of skills than you. Then you will make a great team.
Learning 2. Baniya-logy. This is an Indian learning. You need to have a 'baniya' in your team. Now, this is not frivolous; i mean it. This particular race of people are misers and will go to any extent possible to save that 10 paisa you might be tempted to spend. A baniya will make sure your expenses stay curbed, and if you're outsourcing something and paying for it, the baniya will stay up at night and make it for you himself. :)
My present business idea is still up and running because of this baniya i have alongside me. and yes, we've saved a lot of cash all thanks to his miserliness.
Learning 3. Never give away freebies. Freebies remove the trust from your products. Give a Trial Version or a 'limited number of days Trial', if you so may..but never give your products for free.
Learning 4. Never price your products according to your whims. Again, trust from your products will be lost. Analyze your competitors' products or similar services in the market and price intelligently. (Don't just price a 100 bucks less than your competition because that would mean that your client needs to pay only 100 more to get a renowned service!)
Learning 5. You are not here to make friends. Mostly you will be dealing with people who don't know you or who don't like you. These will be the guys who will also offer to help you. and when you start, it is help that you want from all sources.
So, whenever you take help in terms of finances or resources or even simple testimonials, keep a record in writing. Exchange a mail with the benefactor seeking his approval or have an agreement signed. Because if you don't, you won't believe it happening when some of your trusted 'benefactors' actually come lashing at you at a later time.
Learning 6. Build trust of your clients. A delighted client speaks good of you everywhere he goes and refers your product to every person he meets. Delight your clients, by going that extra mile; they'll love it. It will always bring you extra business.
Learning 7. Keep your best friends out of your business idea. There are many reasons to it. One, they're your best friends and 'learning 5' does not go down well with it; you will lose the friendship. Two, if you fail and get stuck in dire straits, it is your best friends who will come and help you. Three, you can always ask them for money without any interest or written agreements; they are probably the only guys who will trust you and if you cannot (are seriously not able to) repay they will be okay with that.
Learning 8. Read. You do not know what all is happening in this world. When you start reading, a magazine or a book or just blogs, you will find out 1005 new technologies which can make your business plan simple to execute or 23410 new people/mentors/forums which can help you out with queries on your start up.
Learning 9. Wait before you go public. Discuss your idea in the forums or with mentors, but don't make it public on your FB page or twitter before you are pretty sure that, 'OK, its going good now.' It will add a lot of character to you and your startup when people in your network find out about it through some other source or through a news clipping and see it as established.