1) There are no shortcuts to lasting success. Prepare your mind for toil, sweat, and maybe some tears. Starting your own enterprise is for big boys and girls!
2) Become an expert in your field first. Don't try to start a music label without having been in the business for a while and add as much book knowledge as you can to accompany your experience.
3) Discipline your spending habits. Set aside money for your endeavors. You should be the chief investor in your company.
4) Hone your craft. Whatever your lane is in music, make sure your offering is at professional grade.
5) Find another way to make money other than music. If you do, you won't be desperate and take a bad deal to put food on the table.