] The big thing is to focus all of your energy on is product/market fit. Get to a product that people are adopting very quickly, or that you can reliably sell repeatedly. To some extent, everything else?—?culture, management, etc?—?is secondary. Don’t take your eyes off the prize.
] Having been a CEO in 2001, I don’t think that we’re anywhere near where we were then. Valuations have gotten high in certain tech sectors in the private markets only, but they have actually corrected themselves pretty quickly. For example, enterprise software started to get overvalued privately, but after several companies went public at lower valuations than their last private rounds, the private markets corrected as well. I don’t see a massive crash on the horizon like 2001. In 2001, Nasdaq lost 80% of its value. I’ll bet any bubble believer everything I have that Nasdaq won’t drop 80% in the next 5 years.