Reid Hoffman

A good mission and values statement should be specific and rigorous enough so that some competent players will feel a strong alignment, while others will understand that the company just isn’t a good fit. You may lose people who do not feel strong alignment with your company or group, but you want to lose those people — this allows you to build much stronger alignment with those who choose to join.

A good career plan accounts for the interplay of the three gears — your assets, your aspirations, and the market realities.

To achieve massive success, you need to have a big new opportunity — one where the market size and gross margins intersect to create enormous potential value, and there isn’t a dominant market leader or oligopoly. A big new opportunity often arises because a technological innovation creates a new market or scrambles an existing one.

you usually need more money to blitzscale than to fastscale, because you have to keep enough capital in reserve to recover from the many mistakes you’re likely to make along the way.

Years later, Steve Blank and Eric Ries would dub this a “minimum viable product” (MVP). For LinkedIn, the MVP included a user’s professional profile, the ability to connect to other users, a search function to find other users, and a mechanism for sending messages to friends.

Remember: If you don’t find risk, risk will find you.

While Jeff leads with compassion, that alone won’t necessarily inspire people. If you’re trying to create a cohesive culture, there are three specific beats a drum major can lay down. “Number one is to have clarity of vision,” Jeff says. “Two is the courage of one’s conviction. And three is the ability to effectively communicate those two things.

The most meaningful way to differentiate your company from your competition, the best way to put distance between you and the crowd, is to do an outstanding job with information. How you gather, manage, and use information will determine whether you win or lose.

When Brian Chesky was pitching venture capitalists to invest in Airbnb, one of the people he consulted was the entrepreneur and investor Sam Altman, who later became the president of the Y Combinator start-up accelerator. Altman saw Chesky’s pitch deck and told him it was perfect, except that he needed to change the market-size slide from a modest $ 30 million to $ 30 billion. “Investors want B’s, baby,” Altman told Chesky. Of course, Altman wasn’t telling Chesky to lie; rather, he argued that if the Airbnb team truly believed in their own assumptions, $ 30 million was a gross underestimate, and they should use a number that was true to their convictions. As it turns out, Airbnb’s market was indeed closer to $ 30 billion.

entrepreneurs don’t think what they’re doing is crazy — though other people do, because it’s threatening to the status quo.

Twitter came close to melting down in the same way, but managed to recover in time to build a massive business. When Twitter began its rise in the late 2000s, it became infamous for its “Fail Whale,” a whimsical error message that appeared whenever its servers couldn’t handle the load. Unfortunately for Twitter, the Fail Whale made fairly regular appearances, especially when big news hit, such as the death of the recording artist Michael Jackson in 2009 (to be fair, Twitter was hardly the only website that had these issues when the King of Pop passed away) or the 2010 World Cup. Twitter invested serious resources into rearchitecting both its systems and its engineering processes to be more efficient. Even with this strenuous effort, it took several years to “tame” the Fail Whale; it wasn’t until after Twitter made it through the 2012 US presidential election night without melting down that the company’s then–creative director Doug Bowman announced that the Great Blue Whale had been put to death.

You turn the flywheel once and it keeps spinning on its own.

starting a company is like jumping off a cliff and assembling an airplane on the way down. If you run out of money for the fuel and parts you need to get airborne, no one will ever get to find out how efficiently you spent it along the way!

Peter doesn’t believe in beating the competition, he believes in escaping it altogether — either by entering an emerging field with no natural competitors or by moving so quickly and decisively that competitors have no hope of catching up.

If you’re in permanent beta in your career, twenty years of experience actually is twenty years of experience because each year will be marked by new, enriching challenges and opportunities. Permanent beta is essentially a lifelong commitment to continuous personal growth. Get busy livin’, or get busy dyin’.