The hierarchy of from whom founders should take advice: Founders who've done it twice > Founders who've done it once > Venture capitalists who've never done it > Business school profs > Everyone else
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Here's where I'll push back a bit: The been-there-done-that crowd is great but only gives good advice if they're thoughtful and insightful. Choosing one, I'll take the latter.
My sample size is small, but I'll take the been-there-done-that crowd. There's a lot of bullshit false wisdom in the latter group and they deliver it with the same confidence.
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Generally agree, but will add that you need to strongly filter for survivor's bias. Depending on the sector/niche and type of biz, you see alot of btdt founders that succeeded via gameman-ship and not really biz fundamentals.
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It will always be there. The longer they’ve been in the game without exiting the sample the less likely it will be survivorship bias.
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