When we look at investing, we always think about 'how defensible is this, how likely is it that somebody is going to copy this.' E-commerce tends to be something easy to copy because it's execution.

The Chinese market is very, very unique.

If you want to be an entrepreneur, it's not a job, it's a lifestyle. It defines you. Forget about vacations, about going home at 6 pm - last thing at night you'll send emails, first thing in the morning you'll read emails, and you'll wake up in the middle of the night. But it's hugely rewarding as you're fulfilling something for yourself.

You shouldn't be afraid of failure - when something fails, you think, 'What did I learn from that experience? I can do better next time.' Then kill that project and move on to the next. Don't get disappointed.

Skype is for any individual who has a broadband Internet connection.

And the VCR did the same thing: the movie industry thought nobody would ever watch movies any more.

Today as an entrepreneur you have more options.