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Would the equivalent for employees be: never work for a "serial entrepreneur"?

It clearly depends on what you are looking for and their record. If they've created a couple successful startups, and left after they were successful, large and losing the startup culture, then that seems like a reasonable bet.

If they just bailed at the first sign of difficulty, ... well how are you going to learn that?

No because if you stay on good terms with a "serial entrepreneur" then you could easily end up an early employee of his next company. How many stories have you heard (On Mixergy?) of CEOs being on their 3rd and 4th startup before one takes off and is successful.

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