10 Dos and Don'ts for Online Retail Startups

5. Be agile and wear heavy armor. You don't know what you don't know, Neblett said, noting that startup companies must not be tied to a single idea. Go where the opportunity is, he said. You're going to face competition along the way, but you need to defend yourself.

What Not to Do
6. Don't lose the bootstrapper mentality. Even if your company is successful and growing, don't forget the strategies that got you to that point, Neblett said. For example, continue to test and experiment ways to improve your business (e.g., new products, sales channels, technologies, etc.). However, if you fail, fail quickly and move on.