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Spend the first six to 12 months building a great product or service that people love, rather than chasing investors. When the time comes to engage investors, you will be meeting them from a position of strength. This makes all the difference.

Your initial instincts about investments and people are usually correct. We do a lot of due diligence in this business and most of the time it comes out where we started.

I would suggest that you only take advice from those people who have a lot of experience and who you trust as well. Also, be extremely conservative with your investments.

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.

Focus on the long term, and always do what's right to grow the company and not make short-term decisions. And outlast everyone one.

Look: invest in what you understand, what's foreseeably going to offer real value and returns, not necessarily what's trendy.

Buy with your heart, not your head. You can look at all the aspects that make a purchase practical, but that kind of thinking makes it an investment rather than a home.

The last thing you want to do, unless it's a very unusual situation, is to invest money.

I don't invest in companies where my mental model is that they need to get themselves acquired in the next few years - or ever.

My advice to the average investor in 1988 is to be patient and think long-term. It will take 18 months for confidence to get better and, in the meantime, this is absolutely no place for short-term money.