In the early days of a startup, people's compensation is whatever you negotiate with a founder and it's all over the place.

You're saying no ninety-seven times out of a hundred, and most founders find they have to make a very conscious effort to do this.

Everyone starting a startup for the first time is scared, and everyone feels like a bit of an imposter.

We've seen a lot of data at YC now, and the most successful companies and the ones where the investors do the best... end up giving a lot of stock out to employees- year after year after year.

Even though plans themselves are worthless, the exercise of planning is very valuable and totally missing in most startups today.

Every first time founder waits too long, everyone hopes that an employee will turn around. But the right answer is to fire fast.

I prefer to invest in a company that's going after a small but rapidly growing market than a big but slow growing one.