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Nowadays People Talk About Paypal's Founders As Prescient Geniuses Who Would Inevitably Change The World. It Was, However, Not So Obvious That Paypal Would Taste Its First Major Success By Helping People Sell Beanie Babies On Ebay. But They Had A Vision, A Hope, And The Perseverance To Try Multiple Iterations Until They Got It Right.

It Doesn't Matter If You Call It A Boom Or A Bubble. The Startup Business Moves In Cycles, And What Goes Up Will Eventually Come Down.

A Head Start Is Rarely Large Enough To Matter, And Time Spent In Stealth Mode-away From Customers-is Unlikely To Provide A Head Start. The Only Way To Win Is To Learn Faster Than Anyone Else.

When Blame Inevitably Arises, The Most Senior People In The Room Should Repeat This Mantra: If A Mistake Happens, Shame On Us For Making It So Easy To Make That Mistake.

Every Startup Has A Chance To Change The World, By Bringing Not Just A New Product, But An Entirely New Institution Into Existence.