But as a founder your incentives are different. You want above all to survive. This is a bit like in the early stages of a poker tournament, where you might fo

But as a founder your incentives are different. You want above all to survive. This is a bit like in the early stages of a poker tournament, where you might fold even quite strong starting hands to all-in bets where your expected value is positive - because you're not just betting the number of chips in your stack, you're betting the entire remainder of your tournament.