What this teaches
Graham on the emotional reality of raising: why fundraising is demoralizing by design, why investors herd and stall, and how to keep morale and the company alive through the process. Written mid-financial-crisis.
Why it matters
The best treatment of the psychological side of fundraising: expecting the misery makes founders far more resilient.
Key lessons
- Have low expectations; deals fall through constantly and it isn't personal
- Keep working on the company during the raise: it's your best leverage
- Investors' delays are strategy, not incompetence: force decisions
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