So many of my rookie mistakes could have been avoided by first-hand exposure to other, more experienced technology entrepreneurs.

For those working menial jobs or putting in 100-hour weeks for corporations, the lure of starting your own business can seem like a great way to get more flexibility, upside, and ownership.

I am a big advocate for having an open discussion about team norms and preferences. At The Muse, some of us like to start working at 7:30 A.M. Others focus best from 10 P.M. to 2 A.M. Create a culture where it's acceptable not to be working when someone else is working.

Most weeks, I work 100-plus hours on TheMuse.com. There are definitions of 'work-life balance' that would say I have none.

Sure, you're an intelligent and highly capable individual, and you are learning a lot on the fly as you build your company. But you also need to come to terms with the fact that there are things you have chosen not to be an expert in.

My first company failed completely. And it failed at about ten months old. I had about 12 months of savings, so when it failed I was thinking: 'Do I go back to work?' And at that point I believed so deeply in what I was doing that I couldn't imagine anything else other than trying to make this business work.

Understanding your employee's perspective can go a long way towards increasing productivity and happiness.