7. Raise Twice As Much Money As You Need

But don't spend double the amount of money you get, Chesonis warned. He told partners that despite raising extra funds, stick to the original plan.

"Just make sure there is enough of a cushion behind it because things happen," he said.

Chesonis said each of his 15 startups after his time at Paetec has gone through its ebbs and flows, and some had more of a cash cushion than others. He encouraged partners not to go through early financial struggles if they could help it. Of Chesonis' 15 new businesses, 14 are still in business.