If you put these five things together – you can’t use money to attract talent, you can’t advertise, you can’t take risks, you can’t invest in long-term results, and you don’t have a stock market...

Fundraising is an extreme sport!

The most important thing is not to let fundraising get you down. Startups live or die on morale. If you let the difficulty of raising money destroy your morale, it will become a self-fulfilling prophecy.