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I don't think a lot of people have been entrepreneurial about venture capital.

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

The problem with taking venture capital is if you take $5m from someone, it may feel great; you may feel like they're validating your business model. But they're giving $5m out to 20 different people, hoping one of them will be a hit. They don't really care if it's you.

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.

The venture business is a bit of an apprenticeship business, so the firm I worked for didn't let me make an investment until I was 30. That was probably a very smart thing.

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.

I was an investor doing well and decided to be an entrepreneur.

I'll say this: I can't think of one instance in my 20 years in venture capital in which I have wanted to sell a company before the entrepreneur.

The idea is that angel investors are supposed to be wealthy people supporting people who need funds, typically who are not wealthy, and don't have the ability to do it themselves.

Venture capitalists are professional money managers. We are provided capital to invest as long as we can return it to our investors with a strong return in a reasonable amount of time. A strong return is three times cash on cash. A reasonable amount of time is ten years max.