Creating the right advisory board for your startup can be the single most important step you take in building a new business.

What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.

Too many startups get in the habit of continually raising more and more money, which has the deleterious effect of both pushing out profitability and limiting your exit options. The less rounds of capital you need to raise, the more of your company you get to own.

Just as the music industry couldn't combat the financial impact of digital piracy, major corporations will have to rethink how to maintain margins when many of their most profitable items can be easily manufactured at home.

The answers to all a startup's challenges are out there. By setting up the right mechanisms for gathering feedback, the road to success can be a less bumpy ride.

No first-time entrepreneur has the business network of contacts needed to succeed. An incubator should be well integrated into the local business community and have a steady source of contacts and introductions.

Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.

Digital products are, for the most part, services that empower consumers to achieve something that they couldn't do before. Every screen must reflect your value proposition.

New ideas for innovation grow out of the minds of each new generation. Having an institution of higher learning that can help young people put those ideas into action is critical.

For a startup to overcome obstacles and succeed, it must foster limitless thinking. By hiring students into their first career job, you get to set their framework for how a company functions and instill them with your values for your company's culture.

You need to begin to network with angels and VCs while you are still ideating. It is easier to ask someone you know for funding than a stranger. Build your financial network by attending as many industry functions and reaching out for advice from experts online.

Venture-backed startups with billion dollar market caps are called 'unicorns' because they are supposed to be rare mythical creatures that few entrepreneurs will ever ride.

Social media and personalization are providing both brand advertisers and end-users with hyper-targeted choices and opportunities for double-digit growth.

Too many investors overvalue companies in the near term while undervaluing them in the long term.

YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.

Television programming is the number one topic on Twitter, and dozens of start-ups in the social space are linking second-screen experiences. People no longer need to sit on the same couch to enjoy a show together.

With less and less television being watched live, consumers are enjoying the freedom to record at home or in the cloud, watch locally or on the go, and binge watch entire series that they never had the time to enjoy.

The strength of brand loyalty begins with how your product makes people feel.

For all founders, going public is a momentous milestone that has to be experienced to be fully understood. It is the culmination of years of hard work and personal sacrifice.

By maintaining an active feedback system at every stage of a startup, founders can reduce their burn rate, increase their virality coefficient, and retain key hires.

Networking is all about connecting with people. But then again, isn't that what life is about? The more time you can find to get out of the office and build true friendships, the farther your startup will go. Entrepreneurs need to remember to spend as much time working on their business as they do in their business.

Every new startup business creates new opportunities. It doesn't matter whether you have a new app for college students or a home medical device for senior citizens; there are other multibillion noncompetitive corporations that are spending millions of dollars trying to market their goods and services to your same audience.

You don't need to be an engineer or a tech person to benefit from technology. You can hire them.

On average, it takes as much as $100 million in paid media for a brand to be a household name in America. Marketing partnerships are the best form of off-balance sheet financing one can ever find. Smart startups use this technique to scale their companies and build their brand equity.