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Second, we have to make the most of the strengths we have, the amenities that many of our competitors cannot replicate. But again, those advantages won't mean much if we don't do a great job with the basics of our business.

Business is a string of seemingly impossible problems looking for solutions. Each problem you solve creates a new barrier to entry for your next competitor.

We know businesses can't compete without reliable infrastructure.

Our biggest competitor is ourselves.

Our philosophy is that we want to be an ecosystem. Our philosophy is to empower others to sell, empower others to service, making sure the other people are more powerful than us. With our technology, our innovation, our partners - 10 million small business sellers - they can compete with Microsoft and IBM.

It's harder than ever to build an enduring company. As soon as a product strikes a nerve with customers, competitors emerge globally because the costs to start are so low.

We're very focused on making News Feed really good, making our photos experience really good, making messaging really good, and creating great location apps. That's the nature of a platform business of our scale. Most companies that are relevant to us will have some overlaps in some competitive way.

We got bigger, much scarier competitors. We ended up with Microsoft, a company with all the money in the world, the way I look at those guys. And IBM, another company that, historically, dwarfed us.

The tech community is a closely knit group, which is why it's so powerful. All of these companies have an affinity for each other, even if they compete with each other.

If we're building high quality companies, if the customers like the products, if the technology innovation is real, then the substance is going to win out in the end.