"Old" is definitely not cool in America. Never has been.

Anybody who is an entrepreneur is a person who essentially has impaired judgment. The odds of success are zilch. This valley is loaded to the gills with a whole lot of totally insane people who honest to God believe that they can be the next Bill Gates or the next Scott McNealy. And that is genuinely stupid.

Skill at creating, exploiting, and exiting crucial alliances beats ownership of fixed assets

The difference between great and average is, mostly, having the imagination and zeal to re-create yourself daily.

Authors and publishers want fair compensation and a means of protecting content through digital rights management. Vendors and technology companies want new markets for e-book reading devices and other hardware. End-users most of all want a wide range and generous amount of high-quality content for free or at reasonable costs. Like end-users, libraries want quality, quantity, economy, and variety as well as flexible business models.

Power lies in the details, and the tenacious pursuit of such hidden levers can pay off enormously. While you don't want to get a reputation as a prissy worrywart, worrying about the details in private is important. You may think you are the world's greatest speaker, but if the auditorium's sound system is singing static - well, forget it.

The most important and visible outcropping of the action bias in excellent companies is their willingness to try things out, to experiment. If you wait until you believe you are safe, sure to be without occasional foolish feelings, you've most likely waited too long.