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Any Business Plan Won't Survive Its First Encounter With Reality. The Reality Will Always Be Different. It Will Never Be The Plan.

On The Internet, Companies Are Scale Businesses, Characterized By High Fixed Costs And Relatively Low Variable Costs. You Can Be Two Sizes: You Can Be Big, Or You Can Be Small. It's Very Hard To Be Medium. A Lot Of Medium-sized Companies Had The Financing Rug Pulled Out From Under Them Before They Could Get Big.

One Of The Huge Mistakes People Make Is That They Try To Force An Interest On Themselves. You Don't Choose Your Passions; Your Passions Choose You.

Effective Process Is Not Bureaucracy. Bureaucracy Is Senseless Process.

Percentage Margins Are Not One Of The Things We Are Seeking To Optimize. It’s The Absolute Dollar Free Cash Flow Per Share That You Want To Maximize, And If You Can Do That By Lowering Margins, We Would Do That. So If You Could Take The Free Cash Flow, That’s Something That Investors Can Spend. Investors Can’t Spend Percentage Margins.