In general, it's best if you're building something that you yourself need.

The role of the board is advice and consent. If the CEO does not lay out a clear strategy and tries to get the board to set one, it will usually end in disaster.

Ideas by themselves are not worth anything, only executing well is what creates value.

You have to let your team get all the credit for all the good stuff that happens, and you take responsibility for the bad stuff.

Firing people is one of the worst parts of running a company. Actually in my own experience, I think it is the worst.

Most startups are not nearly focussed enough. They work hard...maybe, but they don't work hard on the right things.

A third advantage of mission oriented companies, is that people outside the company are more willing to help you.