Concentrate your resources on a small number of high-conviction bets
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A list of truths from Sam Altman, relevant to startups
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Take risks on high-potential people with a fast rate of improvement 1 0 2You really want to build a business that gets a compounding advantage with scale 1 0 2Maximizing a startup's chances of success is more important than retaining a large amount of stock 1 0 2The value of a company is not determined rationally but is essentially a bet on its future success 1 0 2The way to get big returns in venture investing is not by trying to avoid losses, but by trying to ensure you get some of the big hits 1 0 1When raising money, a startup should focus its whole attention on it so it can get done quickly and get back to work 1 0 2Treat investors as saying no until they unequivocally say yes, in the form of a definite offer with no contingencies 1 0 2The amount a startup should raise depends on the startup's needs, not on the amount investors are willing to invest 1 0 2Underestimating the amount you hope to raise sends useful signals to investors 1 0 2If you're raising money from many investors, roll them up as they say yes 1 0 2