Hawkins offers suggestions on how to assess one's mistakes and figure out what to learn from them. It is okay to make mistakes but it is also important to learn from those mistakes and not repeat them again, he adds.

Hawkins explains how introspection is necessary for entrepreneurs to figure out when one is right and wrong.

Hawkins talks about how he started his first company while he was in college and the lessons he learnt from that experience. Real-world learning along with book and school type learning are instrumental in one's preparation to be an entrepreneur, he says.

Trip Hawkins, chairman and CEO of Digital Chocolate, believes that persistence is a very important quality in entrepreneurs. It helps to overcome road-blocks and stick to one's beliefs no matter what others say, he adds. He talks about the notion of the big idea - doing something different than what everybody else is doing or something that nobody has thought of.