"When you're an entrepreneur, time is your enemy. You need to solve the problem of "simultaneity" -- hire the team, build the product, raise money and close deals -- all in parallel. If you have only 80% of the data surrounding a decision, you simply make the call and move on. When I was an executive at a public company (Open Market), we used to think about every quarter like an hourglass, with the sand running out every 90 days and a mad scramble to close as many deals as possible before time ran out. At an earlier stage company, that hourglass metaphor is similar, but the sand running out is the cash on your Balance sheet! In short, entrepreneurs learn to fight hard against the passage of time.

When you're a VC, you have a very different relationship with time. VCs seem to love the passage of time. When you're evaluating a deal, more time means more information..."