Your brand is formed primarily, not by what your company says about itself, but what the company does.

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.

Determine what your customers need, and work backwards.

We like to pioneer, we like to explore, we like to go down dark alleys and see what's on the other side.

Real estate is the key cost of physical retailers. That's why there's the old saw: location, location, location.

Am I going to regret leaving Wall Street? No. Will I regret missing the beginning of the Internet? Yes.

Lowering prices is easy. Being able to afford to lower prices is hard.