Jason Calacanis

Calacanis was one of the first entrepreneurs to turn blog writing into a business. He co-founded Weblogs -- the publisher of Engadget, Autoblog, and Joystiq -- in 2003 and sold it to AOL for a reported $25 million in 2005. More recently, he has chronicled the travails of his search start-up, Mahalo, in a series of essays that he publishes in his e-mail newsletter and on his blog.

From "What to do if your start-up is about to fail"

"If you're going to hit the wall, you should do so with three or four months of capital left in the bank. You should cut down to your core staff and tell them, 'We have 120 days of cash left and we're going to try to land the plane safely. If you want to leave at any point during the 120 days you'll get the reference of a lifetime from me. If you help us land the plane safely I think we'll all be better off because of it.' "