If you don't give people a chance to fail... you won't innovate... if you wanna be an innovative company allow people to make mistakes.

When I'm introspective about the last few years I think the biggest mistake that we made, as a company, is betting too much on HTML5 as opposed to native... because it just wasn't there. And it's not that HTML5 is bad. I'm actually, on long-term, really excited about it. One of the things that's interesting is we actually have more people on a daily basis using mobile Web Facebook than we have using our iOS or Android apps combined. So mobile Web is a big thing for us.

For the first time we're allowing developers who don't work at Facebook to develop applications just as if they were. That's a big deal because it means that all developers have a new way of doing business if they choose to take advantage of it. There are whole companies that are forming whose only product is a Facebook Platform application.

The most important thing is to keep your team as small as possible.

As much as possible, avoid hiring MBAs. MBA programs don't teach people how to create companies.

Starting a business is not for everyone. Starting a business - I'd say, number one is have a high pain threshold.