My grandfather looked at me, and after a bit of silence, he gently and calmly said, “Jeff, one day you'll understand that it's harder to be kind than clever.”

Always remember that it's much easier to apologize than to get permission. In this world of computers, the best thing to do is to do it.

So any student who wants to get into psychology, right now the students are like lemmings. They say, “Well, it’s popular to study brain science, I’ll do that.” Or, “It’s popular to do neural networks; I see 30,000 people doing it, it must be good.” And my advice is if a lot of people are doing it, don’t waste your time.

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.

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.