Lessons Learned: E-Loan's Larsen says be frugal

Most entrepreneurs are advised to be frugal. But carrying out that frugality is not all that easy. That's where practical advice comes in. Chris Larsen, who is CEO and founder of Prosper, a startup microfinancing company, and who started E-LOAN back in the mid-90s and took it public in 1999, has some very basic pieces of wisdom for entrepreneurs. According to Larsen, try to have meals with entrepreneurs who're in the later stages of funding than you are, since they'll typically have more capital than you. In other words, if you've got a Series A round completed, don't make it a habit of having meals with seed-round entrepreneurs. You'll likely be stuck with the bill each time. Also learn what he has to say about being executed and served a banquet all in the same day, and why sometimes, you might not want to take too many showers.