During times of distress, great startups often emerge. Hewlett-Packard rose up at the end of the depression and FedEx was born during the oil crisis. Recently, tiny Airbnb came to be. During the "no-money-to-pay-the-rent crisis, the founders started renting out extra space to travelers on a budget. The big lesson learned is that difficult times often lead to opportunity. 

See:Travel the world with Airbnb

So John Battelle has some lessons and advice. The founder of Federated Media, Industry Standard, and the author of "The Search" tells entrepreneurs to sell as little of the company as possible.Batelle also preaches to admit what you are not good at and realize what you are good at.

See: John Battelle on conversational marketing

This episode is brought to you by our sponsor Smule, the creators of  iPhone applications like Ocarina, has a cool "Feel the Love" contest running. Users who have Leaf Trombone can register to win $500 at http://www.smule.com/. You just need to sign-up, and get as much love from your friends as possible.  They can listen to your registered performance, and send you love using Leaf Trombone or Leaf Trombone Lite- which is free!   Whoever gets the most love wins! 

See: Smule.com for details