We've got thousands of investors counting on us. And we're a team of thousands of employees all counting on each other. That's fun.

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.

All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.

If you are going to do large-scale invention, you have to be willing to do three things: You must be willing to fail; you have to be willing to think long term; and you have to be willing to be misunderstood for long periods of time.

We innovate by starting with the customer and working backwards. That becomes the touchstone for how we invent.

Infrastructure web services had to happen.

It’s very important for entrepreneurs to be realistic. So if you believe on that first day while you’re writing the business plan that there’s a 70 percent chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt.