Nokia Corporation (ADR) (NYSE: NOK) is a well known, and quite successful phone manufacturer. So it's no surprise to find out that, like many other companies, they've felt a need to come out with a phone that competes with Apple, Inc (NASDAQ: AAPL)'s very successful iPhone.

Nokia has announced that they're working on 'an iPhone killer' according to this article at Forbes with the 5800 Tube. Well, since I started keeping track of Apple's stock as an investor myself (so keep in mind my bias), I've seen a number of iPod killers come and go. And I've seen on iPhone killer come and go. And they've all made similar mistakes in their approaches, so I've come up with four points to help Nokia, and other potential smartphone makers, go up against the iPhone without more flops. Because after all, those who don't learn from history are doomed to repeat it.

1) Do not announce that your device is a 'killer.'

The moment you announce that you are working on a 'killer' you've just raised expectations. Apple already has a halo of hard to meet expectations around it, leading invariably to disappointed fans when the actual device comes out (what, the iPhone doesn't make TOAST? Are you kidding me? I thought it would have a terabyte of memory and make toast!). So now you've not only set yourself up to have to beat a popular and bestselling device, but you're expected to beat it in a big way! You're not expected to just match it now, but also beat it.