“When we were working on our own startup, back in the 90s, I evolved another trick for partitioning the day. I used to program from dinner till about 3 am every day, because at night no one could interrupt me. Then I’d sleep till about 11 am, and come in and work until dinner on what I called “business stuff.” I never thought of it in these terms, but in effect I had two workdays each day, one on the manager’s schedule and one on the maker’s.”

— Paul Graham, YCombinator

Wow, this is very similar to my schedule these days.

To give a fund’s investors a 20% annual return, the firm needs to triple the money raised within a six-year period, Kopelman said. For a $400 million fund, that means returning $1.2 billion to investors. Since VCs typically don’t want the risk of holding more than 20% of the companies they invest in, they have to help build a few companies with a total of $6 billion in market value. But in the past few years only a handful of companies have sold or gone public for more than $1 billion. “You sit there and say, ‘Holy crap, that model doesn’t work,’ ” said Kopelman.

What’s a venture capitalist to do? For Kopelman and other super angels, the answer is to get small. Super angels still aim for billion-dollar exits, but their model doesn’t hinge on home runs. Instead, they can profit by hitting singles and doubles and reducing their strikeouts.

— Josh Kopelman, First Round Capital in a BusinessWeek interview.

Bits of advice from Steven Ballmer, the chief executive of Microsoft:

On work ethic:

Something that my dad always told me growing up, which is a simple piece of advice that really shaped my approach to life and to business.

My dad worked for Ford for 30 years. When I was a kid, he’d say: “If you’re going to do a job, do a job. If you’re not going to do a job, don’t do a job.” What he meant was, if you really want to accomplish anything, you have to be committed, motivated, tenacious and smart about what you do. That’s really just the essence of the American work ethic, but it’s one of the most important things I ever learned.

Lessons on leadership from growing from 30 employees to 90,000:

I’ve come to believe that to be a great leader, you have to combine thought leadership, business leadership and great people management. I think most people tend to focus more on one of those three. I used to think it was all about thought leadership. Some people think it’s all about your ability to manage people. But the truth is, great leaders have to have a mix of those things.

The most challenging part of his job:

Finding the right balance between optimism and realism. I’m an optimist by nature, and I start from the belief that you can always succeed if you have the right amount of focus combined with the right amount of hard work. So I can get frustrated when progress runs up against issues that should have been anticipated or that simply couldn’t have been foreseen. A realist knows that a certain amount of that is inevitable, but the optimist in me always struggles when progress doesn’t match my expectations.

Read the entire New York Times interview here.

“Linear analysis will get you a much-changed caterpillar but it won’t get you a butterfly. For that you need a leap of imagination.”

— Robert Hutchings, Chairman of the National Intelligence Council in the cover letter for Mapping the Global Future (National Intelligence Council 2004)