If you want to do something, one of the smartest things that you can do is go find someone that’s done it and to try to get them to show you how they did it, to show you where the potholes are. What are the right steps to get there? ... And not just in terms of where to go to school, but what are the things that are really tough that you have to overcome, and how did you overcome it.

Don't screw it up. Don't take it for granted. Try new things, even if you're old. Do the right thing, because if you do the right thing, the money will follow. Decide what you stand for. Finally, don't worry about being cool—be warm.

My last piece of advice is the one I could have used the most. It took me a long time to learn. And it is this: You are not a slacker if you cut yourself some slack. When I was your age, I didn't believe in vacations. I didn't believe in weekends. I pushed everyone around me to work very long hours. In the early days of Microsoft, my office overlooked the parking lot—and I would keep track of who was leaving early and staying late. But as I got older—and especially once I became a father—I realized there is more to life than work. Don't wait as long as I did to learn this lesson.

Sensitivity. Be sensitive in every way possible about everything in life. Be sensitive. Insensitivity brings indifference and nothing is worse than indifference. Indifference makes that person dead before the person dies.

Failure is the most likely outcome of entrepreneurship. Hence there is absolutely nothing wrong with failure. It is the default outcome. Success on the other hand is rare and unpredictable. Very few find it. However what can help entrepreneurs succeed is when an ecosystem learns from failure.