Scott Rafer’s 5 lessons for Entrepreneurs:
- Make the first startup simple and small. Make a million or two and get some leverage.
- Sexy sucks. boring is always better. If anyone thinks that they can get laid competing with you, it will screw up your economics.
- VC deals are mortgages not partnerships. Stick with angels as long as humanly possible.
- Demand chain integration is cheap. Supply chain integration is expensive. You’re the founder. You want cheap. See # 3.
- Employees 11-20 don’t normally raise enterprise output. Small teams create the most value per person.
Thanks to D. Cancel.