We all make mistakes. The goal is to learn not only from our own mistakes, but the mistakes of those who came before us. Ray Dalio is one of the greatest investors of our time. His net worth (depending on market fluctuations) is about $16B. This puts him on the list of the top 25 richest men in America. One of the things I learned from him was how to profit from mistakes.

A common question I get from entrepreneurs is, “How do I know when my startup is about to implode?” It’s an important question and one that needs to be asked often. The answer is not a simple one as it depends on several factors.

When joining or building a company, it is imperative that you understand the laws around equity. As an employee, not understanding how stock options work may leave you with expensive tax bills for worthless stock. As a founder, doling out equity too liberally will leave you with a sliver of the company by the time you exit through an IPO or acquisition.

It’s easy to get excited when you receive your first term sheet. Don’t be easy.

There has never been a better time for entrepreneurship in the development of new ideas for TV, film and the web.

I like to refer to people who are attracted to flash sales as flashers. They want to get in, get a thrill, and get out. As an entrepreneur building a company, you don’t want flashers, you want fans.

When deciding to sell real estate or a company, you need to understand your position in the current economic cycle. As I’ve written before, there is a natural 8-year economic cycle – 1992, 2000, and 2008 were down years. 2016 will be no different.