20 Tips on being an entrepreneur (based on failure)

I am giving a talk tomorrow to some economics students. I was asked to offer some tips.

I'd value your feedback. All I've got is 80% failure and 20% "doing ok" to fall back on.

Tips on entrepreneurship (in no particular order of obvious cliché)

1. No business plan survives first contact?
2. Market research only goes so far...
3. ...skin in the game is what counts
4. Be very careful who you take money from: friends and family cash could cause you heartache. Consider the motivation of others and what they want
5. Don't lie to yourself and others about risk
6. Put some of your own money in: feel the pain and the pleasure?
7. Find a good lawyer early and keep control: Shareholder agreements are essential?
8. Failure is your friend: fail fast fail often, but learn learn learn
9. Don't delay the pivot: sunk cost is the enemy
10. Marketing is way harder than you think
11. Run your operating budget Jan to Dec: June to June for accounting?
12. Don't listen to the negative comments on strategy but be hyper self critical on tactics
13. Hiring good people is the hardest thing?
14. Perseverance is everything. BUT you also need a half decent idea and a clear business model.
15. Toughen up: only the strong survive
16. Always take breaks, phone in the other room when you sleep
17. Obsession is good, mania is not
18. Trust your instincts but make sure they are informed: don't just do something because you feel it, feel it but be able to back it up with your or someone else's experience?
19. Don't focus on the endgame or the money, focus on delivery of your idea and making customers and people happy. The rest will come, maybe
20. Be a bit of a extrovert, and be nice. Help people without asking for anything. Build relationships based on content, knowledge. SMILE: Your customers want something to believe in, give them that