I ran a firm for 15 years & a farm for 3. When I want work done I reach into my own pocket and pay for it. Never talk about "payoff later"https://twitter.com/MorlockP/status/826550107894054914 …
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Replying to @MorlockP
Now, in some very rare circumstances, that can work. At startups "there's a payoff later" is written on paper and denominated in shares.
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Replying to @MorlockP
The downside is $0 and the likelihood is 95%. So the potential upside has to be documented...and big.
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Replying to @MorlockP
I've never read Hayek, but my understanding is that he;'s big on "price is a signal". I like that. If your idea is rock solid and will >
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Replying to @MorlockP
almost certainly pay off at 10 : 1, then you'd be a fool not to max out your credit cards right now and hire talen to make it happen.
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Replying to @MorlockP
at the VERY least, you'd happily sign over 10% of your billion dollar business idea, bc 90% of a billion is still better than 100% of nada.
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...so when someone tells me "idea is so so great, but I don't have cash, and won't surrender equity"...well, that price ($0) conveys info
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