I knew pretty close to nothing when I raised my first round of financing. I have been programming since the age of five (with an Apple II/c then!) and got my CS degree at Stanford, but I never had any formal business education. I started the company that became PBworks in 2003 after working for a large company (Legato, now part of EMC) and a smaller one (There.com, now defunct), as well as starting a non-profit called the California Community Colocation Project (also defunct, though our lasting contribution to mankind is OPG v. Diebold). So I've been at it for almost 8 years, which makes me somewhere between a "veteran" and a "long-in-the-tooth loser" depending on your worldview.

Investors did not help a lot in the education process, but I received mentorship (both formal and casual) that proved invaluable throughout the process. One of the reasons why I am passionate about mentoring startups is that a huge number of people gave me a hand - and an education - as I tried to figure out the whole thing.

If you get nothing else from this: get a good mentor or two. Silicon Valley is built on people helping people to a degree that just isn't common in the rest of the business world.