1. Be formal: Even if you are an IT guy with the next BIG idea and are working out of a garage, don't present yourself that way. Get your start up registered formally and take care of the legal issues first, even if this takes time and money. Get a bunch of decent looking business cards printed and use them when you make contacts. People will take you seriously only if you take yourself seriously.
2. Get bottom dollar: While getting business cards is necessary, don't spend a fortune on the perfect design. Get a good but quick design. Bargain on every penny you spend and maintain books. When we wanted a small number of T-shirts for Thiray, we figured the cost were sky-rocketing unless we order thousands. We found an artist and got the few painted with fabric paint instead.
3. Build a team: This is probably the most vital and difficult step. You need to find able people and delegate things, you can't do everything by yourself. Get people for their skill and attitude not for experience, references. Every member of the team should feel something very important is at stake for him/her in the startup.
4. Sell first: There is no better way to find out whether your idea will work unless than taking it directly to your target customer's scrutiny. Come up with a minimum desirable product at the earliest, give it to beta customers for free trial ( selling doesn't mean making money, sell your idea first ) and get feedback / review.
5. Go Viral: Never forget to ask a satisfied customer to refer your product to his contacts. Building a network of trusted users is probably the single most important thing in business which will eventually make your cash box ring.
