Once in a while, I see my fellow TV investors praise a business just because they like the entrepreneur behind it. That kind of thinking might make you feel warm and fuzzy inside - but let's get back to reality.

As far as I'm concerned, Twitter has wiped out Facebook. I'm done with Facebook.

Imagine how foolish you'd look if, like one clever salesman who once pitched to me, you tried to license your product to a big industry player without knowing they just launched a competing product. With the right background research, he could have avoided that and other landmines - and so can you.

Don’t let the dark clouds of greed confuse you

I actually think being an entrepreneur is a state of mind. If you're going to be an entrepreneur, my thesis is that you have to sacrifice everything for some period in your life to be successful. You have to be myopic and completely focused and unbalanced in every way. Once you've achieved success, you're free to do whatever you like.

All businesses require capital, management and labor, and business executives, wanting to grow and maintain profitable enterprises, have a strong incentive to keep costs, including labor, as low as possible.

If you put Canada into $1.5 trillion in debt and interest rates go up just 200 basis points, you cannot provide the services to 36 million people that were guaranteed to them in the social contract they have with Canada. That's a very, very scary prospect. You can't burden this economy with that much debt. The risk you take on is insurmountable. You have to assume for the next 50 years that rates don't go up? That's insane. That's irresponsible. That's stupid.