Larry Cheng

And there's a balance of saying, let's not screw up this whole thing while we go for it, but be aggressive within a range.

And so it's more risk adjusted where we live.

But you're totally right.

Venture is a different ballgame.

When you have a portfolio, it can work great.

When you're the founder, there's risk there.

Yeah, probably the first question of the framework is, do you need to raise capital at all?

And you can build great businesses without raising capital.

You can bootstrap it all the way.

And there have been some phenomenal outcomes.

And the first delineation is that.

And what you should feel in your business to raise capital

is that you are missing the opportunity and there's something you could be investing in quite accretively if you had a bigger balance sheet.

You should feel that in your bones.

If you don't feel that, maybe you don't need to raise capital.

Certainly don't raise capital because your friends are raising capital and you see press releases of companies raising capital.

That's the worst reason.

But if you feel like there are investments that you are not making,

or you're too risk averse with your thin balance sheet to actually make the right choices, then that's where I think you should start looking at it.

So let's just say you're in that bucket of, OK, let's raise some capital.