Most Startups Fail From Indigestion, Not Starvation

The conventional wisdom is that startups die from running out of money. But many successful founders argue that more startups die from doing too much — chasing too many markets, building too many features, hiring too fast. Sequoia Capital's famous "default alive" memo argues the real skill is ruthless prioritisation, not fundraising.

Source: Sequoia Capital — default alive memo; Paul Graham essays