3. Learn from every “no,” w/Walker & Company’s Tristan Walker

One of my favorite quotations is from Robert De Niro in the movie 'Ronin,' which is 'If there is a question, there is no question.' And the parallel in entrepreneurship is 'If you don't have an absolutely solid theory of competitive differentiation, you do not have competitive differentiation,' and it's really important to have competitive differentiation.

The first truth of entrepreneurship and investing is that the very big ideas are contrarian because the contrarian is part of the reason why a bunch of large companies and competitors haven't already done it, why a bunch of other entrepreneurs haven't already succeeded at it. That leaves the space for the creation of something, and to create something big, you have to have that initial space.

You don't have to wear a food-stained hoodie to succeed [in Silicon Valley]. Neither do you have to play World of Warcraft or write code until sunrise. You only need to have a sense of curiosity.

The most scalable ideas don't have to tackle dramatic problems; they have to tackle neglected problems.

You have to gird yourself for a string of rejections. Some entrepreneurs simply develop thick skin. Others treat it like a normal part of their work day. You know, wake up, brush your teeth, listen to people crush your dreams. It's a living.

The best ideas make you want to say 'yes' and 'no' in the same breath.