Lessons learnt while mentoring startups?

If you've done your own startup before and now mentor other startups on the side, what are some things you've learnt (in the process of mentoring them)?

1. You can rarely tell an entrepreneur what they need to hear without triggering a defensive action. The smart ones understand that the negative feedback is the most valuable. Everyone agreeing with you and cheering you on is not valuable feedback.

2. Entrepreneurs tend to value advice based on case studies more -- things that other startups also used and worked for them.

3. Similarly, startups tend to chase the current news in the media. "We can create a startup without a business model too, and then get acquired by Facebook".

4. Many want a shortcut to traction (which never happens) without putting in the long hard work needed after launch. Almost every entrepreneur has that realization after the launch hype goes away, that "okay, so this thing won't be an overnight success after all".

5. Startups are obsessed with financing. Raising money is now looked upon as the ultimate success indicator. It's not. Building a profitable business with traction is.

6. Many are excited about their startup until launch (subconsciously thinking it's the finish line), and often give up a few months after because getting traction is hard. The ones that win are the ones that stick it out with hard work. Pinterest only has 10K users 9 months after launch. Imagine if they had given up.