To-do's & Not-to-do's in a venture -- in summary:

 

1. Avoid categorization where possible :) (To-do)
2. Do not be over optimistic (Not-to-do)
3. Take calculated risks (To-do)
4. Do not overspend (To-do)
5. Listen to your users/Seek opinion & feedback/Be proactive (To-do)
6. Perform usability studies (To-do)
7. Research your market and nail down the requirements (To-do)
8. Do not over-do (To-do)
9. More talk(marketing) & less walk(development) (Not-to-do)
10. Keep it(a product/service) simple and yet configurable (To-do)
11. Don't give up on your dreams (To-do)
12. Learn from mistakes (To-do)
13. Ignore profitablity plan/exit criteria (Not-to-do)
14. Bootstrap if possible (to-do)
15. Develop a brand (to-do)

 

Ah..that was simple rather than trying to categorize things(point#1) into:
-Things you've done well in the past
-Things you could have avoided and should avoid in future
-Things you could have done better
..etc..etc..

Funtingo, supposedly a photo sharing service currently looks so amateurish and unusable at the moment. Check the demo here.