3. Ruthless focus.
Nic Haralambous, founder of Nicharry.com (e-commerce); co-founder, former CEO of Motribe (mobile): Do one thing and be excellent at it. Do that one thing incredibly well for long enough and eventually you’ll get noticed. Do it for long enough, well enough and keep getting noticed and you’ll have a real business.
The other lesson is quite tech/ online specific and relevant to the current climate:
Raising money doesn’t make you a great business, profit does.