I think this is the key: "For me, trust and respect is driven by competence, but assumes a bi-directional loyalty." Anyone who assumes a uni-directional loyalt

I think this is the key: "For me, trust and respect is driven by competence, but assumes a bi-directional loyalty." Anyone who assumes a uni-directional loyalty in a business (or really any) relationship is asking for trouble. These days, I don't think many employees will assume a company is loyal to them, therefore their default behavior will not be loyalty toward their employer. The whole startup/VC relationship, when done well, aligns interests such that bi-directional loyalty becomes more of a win-win. In the same vein, employees with equity are more likely to be in a "bi-directional loyalty" relationship with their employer. I also like Brad's one-mulligan rule. It recognizes that one breach can be a mistake; two is a pattern