I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.

Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.

On the Internet, companies are scale businesses, characterized by high fixed costs and relatively low variable costs. You can be two sizes: You can be big, or you can be small. It's very hard to be medium. A lot of medium-sized companies had the financing rug pulled out from under them before they could get big.

You don't want to negotiate the price of simple things you buy every day.

I strongly believe that missionaries make better products. They care more. For a missionary, it's not just about the business. There has to be a business, and the business has to make sense, but that's not why you do it. You do it because you have something meaningful that motivates you.

One of the huge mistakes people make is that they try to force an interest on themselves. You don't choose your passions; your passions choose you.

Be proud of your choices, not your gifts.