Often, disputes arise from misunderstandings and/or lack of disclosure. Make it a point in everything you do to be completely transparent and provide full disclosure. If a business deal is ever anything less than crystal clear, refrain from getting involved. Usually it’s the deal which seems too good to be true that ends up being the worst—and everyone involved will remember you for it. I also stay away from doing business with friends or family because they’ll expect more from you in any deal and they’re more emotionally vested, which causes disputes or just generates headaches. And should the deal go sour, you will lose a good friend (or never hear the end of it) regardless of how many times you’d disclosed the risks.

—Manny Khoshbin, president of The Khoshbin Company and author of Contrarian PlayBook; arrived in America at 14 nearly homeless and now has a nine-figure net worth