The stereotypical successful entrepreneur is Mark Zuckerberg - the young college dropout who dreamed up a crazy idea while in his dorm room.

The IPO is no exit for the entrepreneur; it's the start of purgatory.

Student loan debt is the reason I don't advise students who want to become entrepreneurs to apply to elite, expensive colleges. They can be as successful if they go to a relatively inexpensive public college.

You will find that every successful entrepreneur has suffered many setbacks. These entrepreneurs just forget to mention these when they are doing interviews with the 'Wall Street Journal' or Bloomberg TV.

Most successful entrepreneurs share their knowledge as a way of giving back. They do not demand compensation. Those who do are usually trying to take advantage of you.

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.