The shoe business is a $40 billion market, with $2 billion already being done through mail order, supporting the investment thesis that the internet would surpass mail order.

Tony and Sanre started a company building websites in the late 1990s, solving the problem of getting traffic to those sites by linking them together, which created a powerful network effect.

Fleek, a marketplace for secondhand clothing, started with just three people and no website, demonstrating the importance of taking unscalable actions to launch their business. The founders would go to wholesalers in London, pick a box of clothes, and sell them to shops around the city, earning $6,000 repeatedly. This hands-on approach helped them understand the market better than building a website would have.

The idea for Nike came from my track coach's belief that lightweight shoes were neglected by major manufacturers, leading me to consider starting a shoe factory in Japan instead of Germany.

During the early days, we faced challenges in raising funds, leading to personal sacrifices from the team, including Tony selling his apartments to keep the company afloat.

Zappos was undercapitalized for a long time, relying on debt and credit to build the business, which was a risky but necessary strategy.

During the early days, I had to prove my concept without a website, relying on initial sales and mock-ups to validate my business idea.

Steve Jobs was initially reluctant to create an app store, but was convinced that opening the platform to developers would enhance the iPhone's capabilities.

My mentor Steve Blank advised me not to be afraid to pivot when things weren't working out, which led me to reconsider our approach to the business.