Elisa Camahort Page, co-founder of BlogHer, never meant to become an entrepreneur.

But one night in 2005, while talking about the lack of women political bloggers, she and her future business partner Lisa Stone decided to give critics exactly what they wanted. “We kept hearing, 'Where are the women?' And we knew they were out there, so we decided ‘Let’s totally do that,’ create a central place to shine a light about what women are writing,” she says.

Now, five years into a thriving business, she has some advice for young entrepreneurs just starting out. “First of all, ask what does the community want. We didn’t create something new and then try to lure people to it. We identified a need in the market that we knew we could solve,” she says.

Daymond John, founder of FUBU, author of the upcoming The Brand Within, and a panelist on 2009’s ABC show Shark Tank, a Mark Burnett produced conduit putting entrepreneurs face to face with celebrity investors, agrees. “I don’t make a three-sleeved T-shirt. I make the same T-shirt everyone else makes. But I brand it differently, and I market it differently,” he says.

Identifying his key customer was also a key to his success. “Apparel retailers were shying away from the African American and Latino community, but they’re the largest-growing population with disposable income,” he says. “When you find a demographic that hasn’t been tapped yet, it’s almost your duty as an entrepreneur to serve that clientele.”

But how should enterprising youth go about getting a business off the ground? One cardinal rule about which experts agree is only borrow money from family and friends to finance your venture as an absolute last resort. “They’re the last people you want to lose as you embark on this journey,” says John.

Nicole Donnelly, the founder of BabyLegs and BigRuby, says the best path initially is through bootstrapping. “Do as much as you can on your own. The rewards are so much better that way,” she says.

Adds Camahort Page, “We used our credit cards to get started and bootstrapped for 18 months. The benefit was that by the time we went to investors, we had a model, a proven revenue stream, and we knew what our business model was.”

When it comes to the next funding phase in a startup, it’s important to know what to present when meeting with potential investors.

“Keep it short and lead with who you are because they’re giving you money,” says Camahort Page. “Don’t come up with five-year projections. No one’s going to believe them. But be as detailed as possible with what your current figures are, especially the expenses,” she says.

But be sure and estimate the rate at which you’ll turn a profit, say Adrian Gostick and Chester Elton, authors of The Carrot Principle. “Most investors aren’t into long-term investments anymore. And it’s key to be profitable as soon as possible, especially in this economy,” they say.

Donnelly urges budding entrepreneurs to follow a due-diligence checklist that can be obtained from many law firms at no cost. “You have an incredible responsibility for profitability when you’re dealing with other people’s money,” she says.

Besides a proven track record, what else do investors want?

“I’m looking for knowledge,” says John. “I ask tough questions, and sometimes the answers are ‘I don’t know because I didn’t get there.’ That’s OK. But don’t say ‘I don’t know’ to every question, and convey that the issue has at least crossed your mind. Don’t let me see that I’ve blindsided you with a question.”

Does that mean that entrepreneurs need an MBA to pitch to high-caliber investors?

“In an ideal world, a candidate has both a formal education and business experience. But nothing beats hands-on experience,” John says. Add Gostick and Elton, “for years we’ve been taught that if you attend a stellar grad school then you’ll be successful. Well, that’s a fallacy. Get as much education as you can, but there is no substitute for real-life relationship experience.”

Donnelly sees the benefits of both options. “Knowing what I know now about running a company, I probably wouldn’t have started my business if I went to get an MBA first.” But she’s now enrolled in business school, seeking to build upon her experience with formal training and points to this: “If you can start a business while still in the protected environment of school, often without having to worry about the initial funding because you win grants or contests, why not do it?”

It’s the “why not do it” attitude that is vital to start—and keep a company going. Running a business is “really hard work, and you’d better love it because it will consume your life,” says Camahort Page.

John agrees. “The only thing every single successful entrepreneur has in common is that they do what they love. What makes some better than others is that they zig when other people zag. Being able to understand and anticipate trends gives them an edge that pushes them to the next level,” he says.

“It’s hard to keep that full passion about your business all the time, but having a support network is key,” says Donnelly. “At the end of the day, it’s your family and friends who know how to cheer you on and keep your momentum going.”

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Romy Ribitzky is an associate editor at Portfolio.com.