"While it might appear from the outside that everything is settled, we still haven't got David back, " says Apex general counsel Jerry Huang.

FORBES

"Investors quickly realized that IPOs were a luxury item" and that they didn't need to participate, says David Menlow , president of IPOfinancial.com.

FORBES: Hot IPOs Cooling

Another lesson learned the hard way: Don't hire virtual interns, says David Simnick, 25, co-founder of SoapBox Soaps, a health and beauty brand since 2010.

WSJ: How to Make Internships Pay Off