Gary Vaynerchuk

You have to respect your parents. They are giving you an at-bat. If you're an entrepreneur and go into the family business, you want to grow fast. Patience is important. But respect the other party... My dad and I pulled it off because we really respect each other.

When I hear people debate the ROI of social media? It makes me remember why so many business fail. Most businesses are not playing the marathon. They're playing the sprint. They're not worried about lifetime value and retention. They're worried about short-term goals.

I saw someone the other day with yellow on their eyelids, and it looked so fresh. But I thought if I did that I'd look like a clown. So I went and I bought some yellow eye shadow from M.A.C. and I noticed that when you mix it with water it works better. So I tried it, and I looked like Big Bird. I will never do that again.

My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.