Q: How many Status options or Pipeline Steps should I have?
A: Of course this number will vary by workflow, field and entity type, but as a general rule, you want to have the fewest number of options that you can get away with. Once you get more than 5-7 options in a drop down menu of any kind, usability can get more difficult as it is harder for people to know what all the different options mean, and when it is appropriate to choose one over the other. Reducing the options in your menus (Status, Pipeline Step, List Fields, etc.) is a great way to reduce complexity and simplify your workflow. Fortunately, each Project can use a different set of Steps and Statuses by configuring its Tracking Settings. Learn more here.
Q: How do I create my own entities?
A: You can use one of the numerous custom entities that are included with Shotgun to track whatever you need to track. Just activate, rename and go. You can do this in the Site Preferences page, under the "Entities" section.