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I’ve worked for 9 venture backed startups, here’s what I’ve learned from the failed ones (7) and the successful ones (2). There are caveats obviously to each of these points but these are the patterns I’ve personally seen.
Failed startups:
- wasted a lot of money on partying, office leases, overcompensating under qualified staff, hiring before they actually need a person, spending money on champagne problems
- bad cofounder relationships, and also people with bad external relationships: divorce, bad ex cofounder etc.
- cofounder ego too high and too stressed, affecting mood/culture of employees
Successful startups:
- very frugal with money, no partying, no fancy dinners, founders very financially aware
- cofounders have explicitly clear communication with staff, immediate and long term vision clarity
- work really hard and don’t get distracted by status games (conference talks, raising money etc.) 4 replies
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