Design for High-Performance Equilibrium
TeamAn equal partnership only works if every member contributes at the highest level; otherwise, top performers will leave and the group will trend toward mediocrity.
Hall of Masters
Bill Gurley
빌 걸리
Investing and capital allocationBorn 1966
General partner at Benchmark; early investor in Uber; blog Above the Crowd
916 records in all
- Principles 362
- Episodes 227
- Quotes 327
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Principles
54 basic records of 362
Principles are our summary of their public statements.
Prioritize Trust Over Scale
StrategyChoosing a boutique model that limits size allows for full context sharing and deep trust, which are often lost in larger, hierarchical organizations.
Maintain the Swagger
ResilienceHigh-level performance requires an unwavering belief in one's ability; once self-doubt or overthinking creeps in, the magic disappears.
Refound the firm every generation
LeadershipNew partners should act with the same ownership and agency as original founders to adapt the firm to the current market.
Return to core principles
StrategyWhen a strategy leads to 'wandering in the woods,' success is found by returning to early-stage focus and right-sized funds.
Bet on proven operators
HiringHiring partners who have been successful founders or early employees at era-defining companies can provide a fundamental advantage in spotting trends.
Minimize Self-Promotion for Founders
BrandA firm should stay in the background to ensure the credit for success remains with the entrepreneurs rather than the investors.
Service Provider Mentality
MindsetFounders should view themselves as service providers to their customers rather than assuming their product or capital is a gift the market should be grateful for.
Don't engage with bad actors
RiskInteracting with spammers, even to unsubscribe, confirms that an account is active and increases its value to attackers.
3 more supporting quotes are in the member records.
Understand the limits of VC power
FundraisingVenture capitalists generally have the power to block actions through preferred rights, but they rarely have the legal mechanism to force a sale against a founder's will.
2 more supporting quotes are in the member records.
Master the art of listening
ManagementListening is a rare and powerful skill that makes others feel understood and respected, which is essential for building deep professional trust.
Supporting quotes
I never wanted to be executing a plan that cut against his better judgment.
Source Bill Gurley Be Like Dave, 2015 (opens in a new tab)
2 more supporting quotes are in the member records.
Focus on Cash Flow Over Accounting
Capital allocationThe true value of a company is driven by its ability to generate cash, not by non-cash accounting changes that do not affect actual operations.
3 more supporting quotes are in the member records.
Prioritize curiosity over obedience
MindsetAvoid the trap of simply following rules or status; instead, focus on exploring personal capabilities and interests.
3 more supporting quotes are in the member records.
Leverage Community for Content
ProductBuilding content through community contributions can reduce production costs to near zero, creating immense leverage.
2 more supporting quotes are in the member records.
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