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Many startups seem to be powered solely by excitement over the new business (occasionally mixed with some Red Bull and Starbucks). Startup founders typically devote every waking moment to their companies, and probably even dream about it too. But while pure passion can propel entrepreneurs 24/7 for a while, eventually even the most committed startup teams need to learn to manage their time.

Startup entrepreneurs live, eat and breathe their companies. Catching a quick catnap under your desk counts as a good night's sleep. But how do you get the same level of commitment from mere employees?

Typically, the answer has been to award them significant chunks of the company in the form of stock and options. It’s not just greed. Sharing equity in your business early on can lead to complex problems as your company grows. Luckily, there are ways to motivate workers without giving away the store.

Working virtually sounds like heaven to many startups. After all, not having a central office staffed with employees saves money on rent, utilities, parking, etc., freeing you to invest in research, development or marketing.

On the other hand, operating virtually is no panacea. Before you make the virtual leap, you need to figure out exactly what working virtually means to your business.

Mentoring startups has a lot of benefits: It gives something back to the community and helps other entrepreneurs avoid some of the mistakes that you've already made. And it's also a lot of fun to meet entrepreneurs who are so passionate about their business. Sometimes, though, that passion can make it hard for startups to focus on the business basics, like pricing, market research and finding your niche. 

Approaching investors for the first time is a daunting exercise for any startup. Regardless of whether you’re raising venture capital, approaching angels or still trying to figure out where to get started, it’s critical to stay level-headed about what you’re really pitching - and what it’s actually worth.

The best way to do that is to leverage the hard-won experience of real-world startup. So we asked a panel of eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) about their startup funding successes (and failures) and the lessons they learned.

Have you thought about joining a startup, but have no idea what you could possibly offer? Perhaps you are looking forward to graduation and want to pick some skills that will help you work for a startup when you leave school. Maybe you want to change your career and get into the exciting world of tech startups, but do not know what it takes to succeed in that type of high-pressure environment. Perhaps it is time to look into Startup School.

The software venture that switched to a dog-walking service. The dating site that morphed to data storage. The e-commerce play that transformed itself to make board games. We’ve seen them all.

Actually, we’re lying. We just made them up. But you get the picture: There are times in the life of a startup - especially in its early life - when change is necessary.

As a startup, “if you cannot nail a presentation, you’re done.” That is what Katie Rae, managing director of TechStars Boston, said after the accelerator’s Demo Day yesterday. 13 TechStars companies went on stage to pitch their products to investors, and every single pitch passed with flying colors.

Getting the pitch right is one of the most important parts of a startup's life cycle. It is vital to nail the Demo Day pitch, of course, but learning how to give a thoughtful, dynamic presentation is a skill that pays benefits far beyond the stage.

The conflicting (frequently unsolicited) advice startup entrepreneurs too often hear is enough to make you tune it all out. Either you’re told that you need to go big and grab all the angel or VC money you can get your hands on, or that you should start small, do it on your own, and retain control of your company.

But bootstrapping a startup is not easy, requiring discipline and fortitude, as well as ingenuity. But entrepreneurs who have done it have discovered some best practices to increase the odds of success.

Conflict between founders and team members is among the most insidious problems that can cripple a startup company. Problems can arise on teams of just two or three people, and even in startups that work with regular freelancers or independent contractors. Often, conflict starts so subtly you hardly notice it. But if you don’t take steps to stop the problems, these clashes can hurt your authority, your team’s morale and ultimately your business.