Any tips for a successfull sewing project?

A question for all the experiences sewers/sewists out there.. What do you think are the important things to do before we dive into the project and start sewing? For example, how important is it to pre-shrink our fabrics and how do we do it? Do you have any tips on tracing and cutting out pattern pieces? Is it recommended that we do sew a "practice" piece first?" All us newbies and beginners would love to hear your thoughts, tips, and suggestions. Please feel free to leave it as a comment or put it up as a separate post. All comments and posts will be consolidated and put up as link on the sidebar.