Don't quit your day job

Sometimes in our boredome with what we are presently doing, though it is paying the bills, we look to new ventures.  This is fine, but do not be quick to leave what is paying your bills for this new opportunity.  I like the 40-15 rule.. Keep your full-time job until your new venture, which is only taking 15 or so hours generated half of your current income.  This formula allows you to maximize the time you are spending with this venture and also establishes a benchmark for a possible transibition.

See the future

Too many businesses do not see future trends.  Example, how did Blockbuster Video not take that the the video/dvd rental business was not changing?  If Netflix did not get their attention then Redbox should have been all the data they needed to know things were changing.  They were either stubborn, prideful or
or just not very informed.  You must be alert to any changes in your industry.  Be ahead of the trends.  It was after Walmart past Sears that they figured out retail was changing.

You never have enough

Never turn down credit at reasonable terms.  Yes, credit cards and lines up credit, all with good terms can be a business saver in a crunch.  I would not use them for running my day to day business, but in a cash crisis, credit is like oxygen.