One additional piece I would add that a lot of start-ups tend to miss is the need for Marketing and in today’s social world that doesn’t cost a lot of cash. The entrepreneur has to get themselves out there, setup an interactive website that shows your personality, start tweeting and getting a following, start writing a blog, and last but not least setup a Facebook page. This does take time, but will payoff in huge ways within 6 months of starting the process.

Once you are generating traffic and leads then automate your follow up process so you can keep your costs down by not hiring sales personnel to follow up on every lead you generate whether their hot or not, or worse yet cold calling.