if you want to create and capture lasting value, don’t build an undifferentiated commodity business.

value in a startup is not the creation of stuff, but rather validated learning about how to build a sustainable business.

These lessons have become dogma in the startup world; those who would ignore them are presumed to invite the justified doom visited upon technology in the great crash of 2000. And yet the opposite principles are probably more correct: 1. It is better to risk boldness than triviality. 2. A bad plan is better than no plan. 3. Competitive markets destroy profits. 4. Sales matters just as much as product.

I realized that the basics of business are straightforward. It’s largely about risk. If you’ve got a big downside and a small upside, run the other way. If you’ve got a big upside and a small downside, do the deal. Always make sure you’re getting paid for the risk you take, and never risk what you cannot afford to lose. Keep it simple.

Thou shalt not invest in a needless business. Thou shalt not trade time for money. Thou shalt not operate on a limited scale. Thou shalt not relinquish control. Thou shalt not let a business startup be an event over the process.

No es práctico que tú continúes siendo el chef, capitán de meseros, y lavaplatos mientras crece tu empresa. Al aferrarte a todos los pequeños detalles, en realidad estas restringiendo el crecimiento de la empresa.

The main thing I’ve learned in 40-plus years as an entrepreneur is that nobody knows anything.

Nobody knows if your idea is good or bad. You don’t know if it’s good or bad. You need to test your idea, trial it, collide it with reality.

That’s the only way to learn.