Or, more likely, the entrepreneur is (perhaps negligently) allowing their managers to spend investors’ money. Only the profoundly lucky entrepreneurs generate e

Or, more likely, the entrepreneur is (perhaps negligently) allowing their managers to spend investors’ money. Only the profoundly lucky entrepreneurs generate enough positive cash flow to cover the more likely losing investments and help pad out ~15% profit to make the VC funds worth maintaining. The idea that businesses are inherently efficient is hysterical.