How to Fix Your Business on the Fly

David Wadler, David Wegman and Bruce Wang thought they had a fantastic business idea: create a company that offers customers a means to publish, manage and distribute video online.

A year later, in 2005, they launched Vlogville, a user-generated video portal, but quickly discovered they were ahead of the curve and couldn't get funding. They tweaked the idea in 2006 to help corporate clients figure out how to post video. This time, they were on point and Twistage racked up 25 customers, including Perezhilton.com, by the end of 2007.

Twistage's tale of trial and error is, unfortunately, not uncommon.

Whether you're starting a new business or fixing your current one, here are some things to keep in mind: ...