A few reasons: + Different skill sets: VC is very much a relationship/network/finance job, founding an operating company requires execution against many more

A few reasons: + Different skill sets: VC is very much a relationship/network/finance job, founding an operating company requires execution against many more functions, especially product. + Diversification: Often people who want to be VCs have had some success in founding companies, but modest. If you look at most entrepreneurs turned VCs, they sold their companies for relatively small amounts (with some notable exceptions e.g. Rich Barton, Reid Hoffman, Vinod Khosla). They know how hard it is to build an amazing company. Being a VC allows you to use those hard won skills while diversifying your portfolio. + Lifestyle: Being a founder is great, but it's a roller coaster. Being a VC is hard work, but a bit more steady state.