Bloomberg.com asked notable entrepreneurs, including panelists at Bloomberg Link's 2011 Empowered Entrepreneur conference in New York, what they do in their professional or personal lives to cut costs. After all, new businesses bleed cash. Entrepreneurs have to get creative at cutting corners by necessity.

Click ahead to learn how these cash connoisseurs save money with tactics ranging from strategic schmoozing to scooping up space from recently failed businesses. Oh, and one novel strategy from mogul Felix Dennis: how to save millions (yes, millions) on birthday gifts and parties.