In 1980, I was in a band that was poised to go for it when one of the core members chickened out. With my dream on hold, I took a day job in venture capital that worked out better than I could have imagined.

During the past 27 years, I have been an early-stage investor in some of the greatest technology companies, including Google, Facebook and Palm. I'm also a co-founder of Elevation Partners, where my partners include Bono.

But I've kept performing in bands, and I've served as an adviser to the Grateful Dead and Pearl Jam. Along with Bono, I spent nearly five years trying to figure out how to fix the music business before I accepted that it doesn't want to be fixed. So I decided to lead by example.

Click here to read what Roger McNamee has learned about how much to invest, working with new technologies and the benefits of recording everything.