Skip the first 1:30 and you'll listen to his unvarnished perspective, in detail, on the phases of starting a web based company. From prototype, to alpha, to beta and launch. The building of a company and the transition of a nerd to CEO.
Interesting points (some tongue in cheek):
* Each engineer is worth $500k and each marketing person subtracts $250k from valuation
* Concentrated on efforts building a great application
* Initial revenue projections are bull; revenue/user (in his case) was more important