The most valuable lesson I learned in dealing with the ups and downs was to invest in my employees - to do all I could for them when the times were good.
No matter how well things are going, failure and disaster are just around the corner. So celebrate the good, but be ready for the bad.
When my generation grew up, our only sources of knowledge were books, teachers, parents and friends. The encyclopedia was an item of luxury. We faced big limits in what we could learn, where we could be and who we could reach.
After my health suffered due to the stress of running my second company, I had to switch careers. But I still didn't want to go back to the corporate world. So I became an academic.
Ask any venture capitalist, and they will tell you that they consider the experience and completeness of the founding team to be a more important factor in their investment decision than the technology that is being built.
Business executives need to start by spelling out and communicating their values. Then they need to lead by example. This means getting rid of the bad apples and declining opportunities that bring instant wealth at the cost of selling one's soul.
The goal should be to build a sustainable lifestyle business that does good for employees and customers - and that steadily builds wealth.
What the tech industry often forgets is that with age comes wisdom. Older workers are usually better at following direction, mentoring, and leading.
Despite what some investors say, older age is an advantage in the startup world. You know more about industries and markets, and have ideas for products that the world actually needs and a better ability to motivate and manage than a kid out of school does.
Most business schools are geared toward churning out investment bankers and management consultants.
When I became an entrepreneur, I had the knowledge to develop and manage budgets, market products and review legal contracts.
You may not believe in anything called a work-life balance, but your body certainly does. You need to monitor and nurture your body.
I became an academic so that I could share my knowledge and experience with students.
When I start getting embroiled in heated debates and feeling stressed, I just turn everything off and disconnect from the world. I simply tell my colleagues and friends that I am not well and need to cancel all meetings for a day or more. I take it easy - go for a long hike, take a vacation somewhere, or just stay at home and read.
If you don't have savings, and your co-founders are as poor as you are, and if Mom and Dad won't loan you money, then your best bet is to find people that know you - your friends. If they, too, won't help, then you're stuck seeking out angel investors.
Recruiting talent is no different than any other challenge a startup faces. It's all about selling.
