http://dealbook.nytimes.com/2011/11/15/the-wisest-entrepreneurs-know-how-to-preserve-equity/

There is a difference between knowing the path and walking the path.

It's easy to say Keep as Much of Your Business as Possible.

However, in practice, it is hard to do.

It is, in particular, hard to do ethically. Case point: Zynga clawbacks.

So repeat after me: Valuation is temporary; control is forever.

Very insightful point. How much is VC money necessary? Or perhaps: how much VC money is necessary? It seems to me that many start-ups could make do with less for a lot longer -- but they don't. Am I missing something or are a lot of people taking money they don't need?

You're missing something.

The hype makes it seem like a lot of people are taking money they don't need.

The reality on the ground in Silicon Valley in 2011 is that most startups are cash-starved.

This phenomenon goes by many names.

Naval Ravikant says there are two kinds of startups: the kind that has no trouble raising at any price, and the kind that cannot raise anything.

Reid Hoffman puts it another way: Silicon Valley has two speeds: full speed ahead and not going anywhere.

There's a big difference between the full-speed startups (who get most of the press) and most startups (who struggle to stay alive).

Very nice lessons to learn. Thanks for sharing.