Determine what your customers need, and work backwards.

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

Do something you're very passionate about, and don't try to chase what is kind of the "hot passion" of the day.

When you receive criticism from well-meaning people, it pays to ask, ‘Are they right?’ And if they are, you need to adapt what they’re doing. If they’re not right, if you really have conviction that they’re not right, you need to have that long-term willingness to be misunderstood. It’s a key part of invention.

You cannot make a business case that you should be who you are not

Though we are optimistic, we must remain vigilant and maintain a sense of urgency.

The one thing that offends me the most is when I walk by a bank and see ads trying to convince people to take out second mortgages on their home so they can go on vacation. That's approaching evil.