So it's worth some real up front time to think through the long term value and the defensibility of the business.

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

I believe in fighting with investors to reduce the amount of equity they get and then being as generous as you possibly can with employees.

... fire fast when it's not working. It's better for the company, it's also better for the employee.

Move fast. Speed is one of your main advantages over large companies.

If you don't need it yourself, and you're building something that someone else needs, realize you're at a big disadvantage.

You also really want to take the time to think about how the market is going to evolve.You need a market that's going to be big in 10 years.