I agree with DaVEPe on the 'drag-the-teacher-along'. Really helped me!
But probabely the most important thing you should talk about to new players is: listen to decent bass players! A lot of kids out there who want to start with bass think it's as simple as hitting an E over and over again thanks to those crappy bands they have on MTV nowadays. Have them listen to complex basslines, you know: the good stuff. If they still want to play bass after that, you know they don't pick it up because they think it's easy.
And what exactly is a setup

?