Leonard Brody is a very smart guy. But many smart people smartly say that one should always hire people who are smarter than themselves. In fact, to Brody, founder and CEO of crowd-sourcing company NowPublic - thinks "smart is a commodity, something that you hire." He's got a point. Too many smart people often mean too many Chiefs, and not enough Indians. The best quality an entrepreneur can have is to have "drive and resiliency," he said. "The difference between being an entrepreneur and everyone else is the ability to be punched in the stomach 10 times and get back up and be ready for the eleventh." That's the difference between an entrepreneur and someone who punches a clock.

He also says make sure you're "extremely passionate about" the cause, and not a mercenary. Too often, businesses fail. If you're passionate about, the money will eventually flow.

Finally, stay away from the Mafia. "Great source of funding. Not great on the payout."