Cautionary Tales - Plus Encouragement - from Three Veteran Entrepreneurs

Jeffrey A. Citron, co-founder and chief executive of Vonage Holdings, David Morgan, founder of Real Media and currently chief executive of TACODA, and Josh Kopelman, founder of Infonautics and Half.com.

While a bold idea, unflagging determination and patient financial backers are all crucial to successful start-ups, entrepreneurs must also focus on less dramatic aspects of running a company, according to seasoned entrepreneurs who spoke at the 8th Annual Wharton Entrepreneurship Conference.

This means paying attention to investment relationships, exit strategies and the mechanics of building a business, including hiring and firing, marketing and distribution, said Jeffrey A. Citron, co-founder and chief executive of Vonage Holdings, David Morgan, founder of Real Media and currently chief executive of TACODA, and Josh Kopelman, founder of Infonautics and Half.com.

When looking for start-up opportunities, Citron said he targets businesses that revolve around disruptive technologies that will shake up big, preferably global, markets with huge entrenched players. He looks for businesses with products that make a major change in a large number of lives.