Morten Lund is as entrepreneurial as it gets. He has invested in more than 80 companies around the world, most famously Skype.

The first couple minutes of this video, a speech Lund gave about entrepreneurship at Le Web ‘08 in Paris, are rough going as they get the presentation set up. But the remaining 10 minutes are a gold mine of insight and inspiration.

It comes at a time when Lund has just failed badly. Really badly. Like, they’re-coming-to-take-my-house-away badly. He went “all-in” on a newspaper project that bombed, and lost 30 million euros as a result.

He’s not too bothered though. My favourite quote:

I started with nothing as a student [but] I probably had more fun [at that time] than I had last year when I was thinking about buying a private jet.

But the most valuable lesson I take away from his speech is this: An entrepreneur is someone who is more willing to fail at something that matters than to succeed at something that doesn’t.