Imran Khan

over obsessing about the valuation of your business is not the right thing to do because at the end of the day, a founder job is to create business. What is the value of the business? That's the job of an investor. So a founder who obsesses with valuation, they're not doing their day job, which is building a business. If you're a founder, I think you should go public.

over obsessing about the valuation of your business is not the right thing to do because at the end of the day, a founder job is to create business. What is the value of the business? That's the job of an investor. So a founder who obsesses with valuation, they're not doing their day job, which is building a business. If you're a founder, I think you should go public.

I'm a big proponent that companies should go public earlier than later, and we can talk about it.

I'm a big proponent that companies should go public earlier than later, and we can talk about it.

I'm a big proponent that companies should go public earlier than later, and we can talk about it.

I would challenge that in that case, the founder failed to build a culture. Because I think if you look at some of the greatest companies has been created in the public market. Look at Amazon. Amazon stock was incredibly volatile in late 90s, early 2000s. But Jeff Bezos retained their great talent. If you look at Facebook, they went through tremendous volatility.

I would challenge that in that case, the founder failed to build a culture. Because I think if you look at some of the greatest companies has been created in the public market. Look at Amazon. Amazon stock was incredibly volatile in late 90s, early 2000s. But Jeff Bezos retained their great talent. If you look at Facebook, they went through tremendous volatility.

I would challenge that in that case, the founder failed to build a culture. Because I think if you look at some of the greatest companies has been created in the public market. Look at Amazon. Amazon stock was incredibly volatile in late 90s, early 2000s. But Jeff Bezos retained their great talent. If you look at Facebook, they went through tremendous volatility.

And two of them were existential threat for the business, right after IPO, the whole mobile issues. And then a couple of years ago, their cost structure went completely different directions, but the team's still there. I think when you build a business, you need to really ask a question. Are you hiring mercenaries or are you hiring missionaries?

And two of them were existential threat for the business, right after IPO, the whole mobile issues. And then a couple of years ago, their cost structure went completely different directions, but the team's still there. I think when you build a business, you need to really ask a question. Are you hiring mercenaries or are you hiring missionaries?

And two of them were existential threat for the business, right after IPO, the whole mobile issues. And then a couple of years ago, their cost structure went completely different directions, but the team's still there. I think when you build a business, you need to really ask a question. Are you hiring mercenaries or are you hiring missionaries?

If you're hiring mercenaries, yeah, you have to care about your stock price and this mercenary is going to jump as soon as your stock price goes down. But if you hire missionaries who believe in the company's missions, who believes in your leadership, I don't think the stock price make that big of a difference.

If you're hiring mercenaries, yeah, you have to care about your stock price and this mercenary is going to jump as soon as your stock price goes down. But if you hire missionaries who believe in the company's missions, who believes in your leadership, I don't think the stock price make that big of a difference.

If you're hiring mercenaries, yeah, you have to care about your stock price and this mercenary is going to jump as soon as your stock price goes down. But if you hire missionaries who believe in the company's missions, who believes in your leadership, I don't think the stock price make that big of a difference.

And actually, if the stock price goes down and those employees leave, it's probably a good thing for the companies.

And actually, if the stock price goes down and those employees leave, it's probably a good thing for the companies.

And actually, if the stock price goes down and those employees leave, it's probably a good thing for the companies.

So I think that will change because what happened in last decade, there were a lot of liquidity. In 2021, 2020, there was a lot of liquidity. And by the way, last decade between 2011 to 2021 was great return for private equities. However, I think going forward is going to be very, very tough for a couple of reasons.

So I think that will change because what happened in last decade, there were a lot of liquidity. In 2021, 2020, there was a lot of liquidity. And by the way, last decade between 2011 to 2021 was great return for private equities. However, I think going forward is going to be very, very tough for a couple of reasons.

So I think that will change because what happened in last decade, there were a lot of liquidity. In 2021, 2020, there was a lot of liquidity. And by the way, last decade between 2011 to 2021 was great return for private equities. However, I think going forward is going to be very, very tough for a couple of reasons.