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" Everyone on the founding team ought to invest the time in a coding bootcamp. "

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" Visionary CEOs are not 'just' great at assuring world-class execution of a tested and successful business model: they are also world-class innovators. "

" Not all new ventures are at the same stage of maturity. "

" In winning companies, everybody pulls in the same direction. "

" It typically takes multiple iterations and pivots to find product/market fit - the match between what you're building and who will buy it. "

" The business model is both the starting point and the scorecard for Customer Development progress. "

" Skunk works were emblematic of corporate structures that focused on execution and devalued innovation. "

" Out of electronics school, my first assignment was to a fighter base in Florida. My roommate, Glen, would become my best friend in Florida and Thailand as we were sent to different air bases in Southeast Asia. "

" One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends. "

" The food replacement category is what it sounds like - companies are substituting plants or food grown in a lab to replace meat, fish, eggs, milk - or, like Soylent, to package nutritionally complete meals into a drink. "

" On Day One, a start-up is a faith-based initiative built on guesses. "

" Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model. "

" Unfortunately, as you hire more people, the casual, informal 'do what it takes' culture, which worked so well at less than 40 people, becomes chaotic and less effective. "

" The art of entrepreneurship and the science of Customer Development is not just getting out of the building and listening to prospective customers. It's understanding who to listen to and why. "

" A startup is not just about the idea: it's about testing and then implementing the idea. A founding team without these skills is likely dead on arrival. "

" Entrepreneurial education in grades K-12, if it exists at all, still focuses on teaching potential entrepreneurs small business entrepreneurship - the equivalent of 'how to run a lemonade stand.' "

" For busy young adults, the lure of meal substitutes is simple - it's all about convenience - the level of effort to open a bottle or package is minimal, and the time from thinking you're hungry to eating is almost zero. "

" We now understand the distinction between startups - who search for a business model - versus existing companies - that execute a business plan. "

" Market type influences everything a company does. Strategy and tactics for one market type seldom work for another. "

" Very often, if a founder is waiting around for someone else to tell him what to do, the company is near death. "

" Great VCs do everything they can to make you successful. But just like your bank, credit card company, mortgage holder, etc. they are not confused where their long-term loyalty lies. "

" At 19, I joined the Air Force during the Vietnam War. "

" The music and movie business has been consistently wrong in its claims that new platforms and channels would be the end of its businesses. In each case, the new technology produced a new market far larger than the impact it had on the existing market. "

" Not all startups are alike. One of the key ways they differ is in the relationship between a startup's new product and its market. "

" Commencement Day has a sobering finality in that it's the end of the prescribed path. "

" By the beginning of the 21st century, entrepreneurs, led by Web and mobile startups, began to seek and develop their own management tools. "

" Visionary CEOs don't need someone else to demo the company's key products for them. They deeply understand products, and they have their own coherent and consistent vision of where the industry/business models and customers are today, and where they need to take the company. "

" Visionary CEOs are product- and business-model-centric and extremely customer focused. "

" The stock market clearly values companies that can deliver disruptive innovation. "

" Describing something as the 'Woodstock of...' has taken to mean a one-of-a-kind historic gathering. "

" Learning how to keep track of inventory and cash flow and creating an income statement and a balance sheet are great skills to learn for managing existing businesses. "