Just want to write few of the learnings I can recapitulate today out of my experience last year with travelomate.  I would focus on the required things you must do or think upon, before you decide what you are going to do. I really honor if you already have done all the things for anything you going to do in market, but would insist anyways to do an exhaustive analysis before you actually dive in.

Before I write down anything else, I would like to drop in a single learning which I carry out throughout every task and forms critical importance of all the steps

1. Focus on all the small things You, for sure will be able to appreciate this point when you go out in the market. This is something which is going to give you much added advantage over everything else with a comfortable entry barrier. With people to work and care taken while execution of every single step, things always results in beautiful outcomes.
2. Gather lot of related market data for analysis Lets come back to analysis now assuming that above mentioned sort of advice will always be given an utmost importance. First part of every plan starts with market or industry analysis. Even if your idea or plan seems overwhelming enough for you to skip this thing, you should be very strict to yourself gathering negative data for you too to make you strong enough to fight against them when the right time comes. Read lot of related blog (I prefer Google Reader ) as others’ experience is always going to help you a lot. I would rather advice you to make an account over delicious and preserve all your bookmarks there so that you can share with me or even yourself later
3. Not only this… but ….  principle This is why I am writing this blog. As you may have already figured out by now, you are going to be remembered for one “extra” thing which makes you distinguished and will be adding value to your brand. Now it makes sense to give lot of importance to that “extra” thing. Its a very common practice in fact, to focus on “extra” values you providing deviating from your core, e.g., lets assume that you are creating wishlist of books and then doing analytics over wishlist to suggest best deals to users from your supply chain. Your aim should not be just managing wishlist and doing intelligent analysis over that, but the aim should be “Not only providing best deals on books, but also suggesting people to buy books which they like and has good deals available”. Now always remember that “not only” part forms core of your business and you ought to make it sure that you are very strong in this part. “But” part is something from which you are going to be distinguished. Its always a learning process and you ought to make it sure that you are very flexible and adoptive to market behavior for this part.

Would like to conclude by someone’s status I read somewhere

“Build it and they will come”