This is good analysis. As the owner of a business, I often find myself bewildered at the valuation-centric, IPO-gazing startup culture that has developed especi

This is good analysis. As the owner of a business, I often find myself bewildered at the valuation-centric, IPO-gazing startup culture that has developed especially in tech. Most businesses in technology are nothing like the VC-funded, exit-oriented, and/or hyper-growth culture would have you think. Yet it seems like the glitz of a great IPO or being able to shell out for a $200 million annual corporate event blinds many to the reality of most businesses. I have wondered how much of this naïveté contributes to the failure rate of technology startups. I’m on my second business and I intend for it to be my last, though time will tell. The key thing I’ve learned is that hyper-growth, IPOs, and VCs aren’t really good for anyone other than the equity holders. Once you start selling ownership in your business, your customers are no longer your first North Star.