For the serial entrepreneurs among us: it's important to keep in mind that you only get one shot with friends and family money. If you don't succeed, and decide to move on to another idea, your friends and family will be very reluctant to invest in yet another venture. This can be problematic if you're the sort of person who likes to jump from idea to idea.

I financed a company a few years ago with a small amount of money from family, and ultimately it didn't take off. I'm now very hesitant to approach them again. I wish I had been a little more cautious before deciding to take that route...