In my early 20s I mistakenly feel into the trap of thinking certain kinds of rounds were validation or better. Like, for some reason, I criticized and looked d

In my early 20s I mistakenly feel into the trap of thinking certain kinds of rounds were validation or better. Like, for some reason, I criticized and looked down on a company for having a convertible debt round instead of a "real Series" where they sold equity. Or I criticized a company for not having X, Y, Z investors closing rounds. The reality is that I found myself in situations, as an employee, where I had to actually explain myself to founders about my thoughts on why revenues were important. That particular startup failed to sell more equity in the necessary time period and closed up shop. In more broader circumstances, the dilution and liquidity preferences are more harmful to founders and employees. And as a founder, I specifically do non-dilutive things, such as doling out %'s of specific revenue streams or % of products created. Obtaining the same support and sometimes capital or things booked as unearned income, while keeping much more control or total control and upside.