When I was trying to popularize the concept of the Internet - ten or 15 years ago - I came up with this concept of "the 5 Cs." Services needed to have content, context, community, commerce, and connectivity. After that, when I was trying to think of what the key management principles were to build into the culture, I started talking about the Ps. The P's were things like passion, perseverance, perspective and people. I think the people aspect is really the most important one.

Keep your eye on the prize and focus on your mission. Remember what you’re trying to do, what your value is, why it’s important, and at the same time, change course and direction. If the market’s telling you different things how are you going to adjust to that?

Because I do think - not just in building AOL - but just the world in which we live is a very confusing, rapidly changing world where technology has accelerated.

[On swinging for the fences] Ultimately, you have the potential to build a significant business with the potential to have a positive impact on millions of people's lives.

I think what people love about the Steve Jobs story is not just the track record at Apple, but that comeback story, that he was thrown out of Apple, came back and built the company even greater. And that perseverance is so important in terms of entrepreneurship. And nobody is a better role model for that, for all entrepreneurs all over the world than Steve Jobs.

One of the problems with computers, particularly for the older people, is they were befuddled by them, and the computers have gotten better. They have gotten easier to use. They have gotten less expensive. The software interfaces have made things a lot more accessible

I want to find people who have had to work hard and who have learned from their failures. Perseverance is no guarantee you’ll succeed, but without it, it’s almost guaranteed you won’t.