Michael Moritz has shared many insights in his interviews and writings, but my favorite is his list of rules for venture investing from a 2004 profile in Fortune.
1. Avoid capital-intensive businesses.
2. Take measured steps.
3. Never underestimate the difficulty of changing consumer behavior.
4. Don’t begin a rollout until you’re sure the recipe is working.
5. A business Wall Street is prepared to throw hundreds of millions of dollars at is not one he should be in.