These tips apply to all local musical acts as well as myself.  Are you local?  Probably.  I am too.

1.  "Fake it til you make it."  Doesn't apply.  If you're not famous on a large scale or well-respected at least regionally for being someone who creates something special, don't be arrogant/pretentious. 

2.   If you're a booking agent or manager or someone behind the scenes, then you have NO business being arrogant/pretentious since you're not the genius or creative force (certain producers excluded).  You're in a business like any other.  You could be selling cars or pool equipment all the same. 

2.  NEVER turn down the option to work with ANYONE.  Keep the option and thought open and don't let your ego sell you short.  You never know who's going to be in the audience, how much money you can make, or who you might meet.  You just never know.  You're local and not better than any offer that comes your way.  If you fail to become the next big shit, then you'll be sorry that you've excluded all possibilities in your local scene.

3.  If you're a local, then don't hand over your career/music/etc. to a manager or exclusive agent yet.  Not unless you hope to have a low ceiling.  Do as much as you possibly can on your own.  Get off your ass and figure out how to get stuff done.  When you think you can't possibly do any more for youself on your own, do more...and then finally, find the right person to represent the beginning of your team.

4.  NEVER sign a promisory note handed to you by an A&R guy.  I don't know if that's the exact term for it, but if it's not a CONTRACT that can be negotiated by a lawyer and ready to be entered into, then don't sign it.  Actually, record company or not, don't ever sign a contract unless you have a lawyer look it over with you.

5.  You don't know a darn thing.  Period.  Think I'm wrong?!  Then you REALLY don't know a darn thing.  Figure out WHAT you don't know and then figure out how to DO it.  This especially applies to many of the "karaoke heroes" that I've run into.  Nature has blessed you with a nice sounding fundamental, overtone series, and good relative pitch.  You're one of millions honey.  Get over the fact that you think the world owes you something because of this and learn how to play an instrument, write songs in different styles, learn music theory, production, etc.  Otherwise, you'll be hopeless and will hopelessly fall into the arms of a crook or jackass. 

I have to make press kits to promote my upcoming shows to radio/print while working on my third indie album now.  And why am I still an unknown after 2 albums?  I haven't written a potentially hit song yet nor do my productions stand up to that of Daughtry and the like.  =)  That's why.  But I'm hoping that will change very soon.  At least I know all of this!