Lessons Learned: Love and healthy balance sheets

Chris MacAskill, co-founder of photo-sharing site SmugMug, says the No. 1 reason his company is doing well is because he and his son - who also co-founded SmugMug -- love what they're doing. "Find out what you love," said Chris, who's been an entrepreneur three times over. We first met when he brought one of his companies - Fatbrain.com - public back in the Internet heyday. Back then, MacAskill took VC funds and on their advice and encouragement brought the company public. But going public before a company and a CEO is ready isn't so wise in hindsight, Chris tells me. Having lived through the boom and bust, one of the other big lessons he's learned is to keep a healthy balance sheet. As I like to say, operate as though you're heading into a nuclear winter.