Early ventures that failed weren't seen as setbacks but as low-cost learning opportunities. This perspective, framed by his grandfather's high-risk business, eliminated fear and built foundational skills with minimal downside, making eventual success more likely.

The essence of the entrepreneurial journey is the ability to tolerate immense uncertainty and fear over long periods. It involves working for months or years with little visible progress, making high-stakes decisions with limited information, and shouldering the responsibility for others' livelihoods. This psychological endurance is the ultimate differentiator.

The entrepreneurial journey is a paradox. You must be delusional enough to believe you can succeed where others have failed. Simultaneously, you must be humble enough to accept being "punched in the face" by daily mistakes and bad decisions without losing momentum.

Sal Khan's manager insisted he have a life outside of work to avoid burnout and groupthink. This philosophy created the mental and temporal space for Khan to tutor his cousin, a side project that grew into a global education platform.

Companies like Instagram that succeed early become risk-averse because they lack experience in navigating failure. In contrast, enduring early struggles builds resilience and a willingness to experiment, which is critical for long-term innovation.

When a friend suggested using YouTube to scale his lessons, Sal Khan initially rejected the idea as low-tech and not serious enough for education. This highlights how founders can overlook powerful, existing platforms that don't fit their preconceived notions of what their product 'should' be.

Before quitting his job, Sal Khan received persistent, unsolicited calls from an entrepreneur who discovered his work. Acting as a quasi-therapist, this mentor repeatedly told Khan that his side project was his true purpose, providing the external validation needed to make the leap.

The most driven entrepreneurs are often fueled by foundational traumas. Understanding a founder's past struggles—losing family wealth or social slights—provides deep insight into their intensity, work ethic, and resilience. It's a powerful, empathetic tool for diligence beyond the balance sheet.

Finding entrepreneurial success often requires a decade-long period of trial and error. This phase of launching seemingly "dumb" or failed projects is not a sign of incompetence but a necessary learning curve to develop skills, judgment, and self-awareness. The key is to keep learning and taking shots.