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Many entrepreneurs, and the venture investors who back them, seek to build billion-dollar companies.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

Every venture capitalist says at some point, 'I wish I could run this company myself' - to be the entrepreneur instead of the investor.

There are lots of ways to make money in venture capital, and there are even more ways to be mediocre. The industry has too much money and too many smart people chasing too few great entrepreneurs.

Venture capitalists are like lemmings jumping on the software bandwagon.

Venture capitalists certainly create value for themselves, but they also singularly create value for the rest of the world.

Most startup entrepreneurs unnecessarily spend half their time and give up half their equity in search of funding from angel investors and venture capitalists. Tens of millions of dollars are available to them for free from partners who not only don't want their equity, they don't even want to be paid back.

I think one of the key differentiators I bring to the table as a venture capitalist is a solid understanding of the public markets and how they operate.

Investors are always biased to invest in things they themselves understand. So venture capitalists like Uber because they like driving in black town cars. They don't like Airbnb because they like staying in five-star hotels, not sleeping on people's couches.

Very, very few entrepreneurs who accept a 51 percent partner in a new venture will get rich if they are also expected to run it. Control is mandatory.