Everyone is passionate about something. Usually more than one thing. We are born with it.

A sure sign of failure for a startup is when someone sends me logo-embroidered polo shirts. If your people are at shows and in public, it's okay to buy for your own employees, but if you really think people are going to wear your branded polo when they're out and about, you are mistaken and have no idea how to spend your money.

You learn in life that a lot of things are the result of effort, but some things, in terms of scale, are random.

Only morons start a business on a loan?

Don't start a company unless it's an obsession and something you love. If you have an exit strategy, it's not an obsession.

The key is having great players. But there are a lot of teams that have All-Stars and haven't been able to put it together.

Sometimes you buy the horse, sometimes you invest in the jockey. It really comes down to the actual business and the upside.