Here are some of the key new rules I have learned by starting my own company, investing as an angel in other startups and mentoring many more new entrepreneurs over the last few years:
1. Do incorporate a company, but keep it simple.
2. Create a business plan online, but don’t wait for funding.
3. Work out of your spare room, and keep your own records.
4. Find do-it-yourself facilities for hardware prototypes.
5. Create and register intellectual property online.
6. Use virtual assistants online to supplement your efforts.
7. Use low-cost subscription software and cloud computing.
8. Take advantage of social media and free websites for marketing.