It's difficult to get large groups of people, to the extreme levels of focus and productivity that you need, for a startup to be successful.

... how much time you should be spending on hiring? The answer is 0 or 25 percent.

When lack of structure fails, it fails all at once. What works totally fine from 0-20 employees, is disastrous at 30.

The tenth social network, and limited only to college students with no money, also terrible. Myspace had won.

You want an idea that not many other people are working on, and it's okay if it doesn't sound big at first.

You also want people who are maniacally determined and that is slightly different than having a risk tolerant attitude.

One thing I tell startups all the time is that the best way to grow is to make their product better.