There are some things you have to learn through experience and failure rather than in a classroom. During this video of an entrepreneurial conference at Stanford Business School, the four successful panelists mull over their own experiences and enlighten the audience with a few pieces of the advice and life lessons they’ve gathered over the years. The panelists describe the pieces of the puzzle that were vital to their successes, such as “having a smart, high-energy team that learns very rapidly” and having passion and persistence. Watch, listen, and learn a thing or two.