Business is the marketplace of ideas.

On the Internet, there are an unlimited number of competitors. Anybody with a Flip camera is your competition. What makes it even worse is that YouTube is willing to subsidize the cost of your bandwidth. So anybody can create and distribute for free basically, but the real cost is marketing. And that's always the big cost - how do you stand out and what's the cost of standing out? And there's no limit to that cost.

One thing we can all control is effort

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.

Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don't do it.

Relaxing is for the other guy.

I think you’ve got to be very, very careful when you start making blanket statements about what people say and think, as opposed to what they do. It’s a very, very slippery slope.