"Entrepreneurs don't make good employees. What's more, they are often crummy managers."
"It's a bad idea to offer ownership in a new business to people who are making no investment but their time."
"In times like these, it is natural to worry about survival [cash flow]. But you need to remember that recessions don't last forever. Just don't make the usual mistakes. Now is not the time to cut back on your marketing and product development. Whatever you do, don't fall into the trap of cutting prices. Offer additional services instead."
Check out the rest of the Norm's column here.
Also, check out Norm's 10 Things Every Entrepreneur Needs to Know. Good stuff.