I look at two things while angel investing. Are you solving an important problem? Do you care about the end users.

It’s not about how much you sleep. It’s what you do while you’re awake.

Someone with less passion and talent and poorer content can totally beat you if they're willing to work longer and harder than you are. Hustle is it.

Anyone working for a big company might be skeptical that a large business, or even a strictly online business, can form the same kind of friendly, loyal relationship with customers as a local retailer. I'm saying it's already been done because I lived it.

Content is king, but marketing is queen, and runs the household.

If there's a problem, we at Wine Library never tell ourselves that once we handle this issue, we'll never have to deal with the person again. We talk to every single person as though we're going to wind up sitting next to that person at his or her mother's house that night for dinner.

IQ is a commodity, data is a commodity. I'm far more interested in watching people interact at a restaurant with their smartphone. We can all read 'Tech Crunch,' 'Ad Age.' I would rather be living in the trenches. I would rather be going to Whole Foods in Columbus Circle to watch people shop with their smartphones.