We suffer from strong survivor bias. Each day CrunchBase sends me a list of companies, most that I've never heard of and many that I can't understand how they're being backed, and it reinforces the idea that you can go out and build a great product and VCs will rain money down on you on your path to success. However these are the exceptions that prove the rule.<p>Some advice from someone in the trenches.<p>First, assume that you will never raise a dollar of outside Angel or VC money. Smart, great board, great product, it won't matter. An investor's null hypothesis is that you will fail and it is incredibly difficult to convince them otherwise. If you're the CEO and you don't have Brad Pitt like charisma and you're not a sociopath then it will be very very hard to raise capital.<p>Second, be prepared for the dreads. The worst part about it is that once these wounds are opened they will be there for life. You're going to wake up at 4:00 and won't be able to sleep because your mind is churning, trying to find some solution to your problem. This usually boils down to insipid growth rates and lack of capital to properly execute.<p>Third, there will always be 100 things to do and you get to pick 3. What you have will be imperfect. You won't have the metrics you need, and you'll be apologizing for everyhing. It also makes it that much harder to get others to see your vision.<p>Fourth, the longer it takes you to raise capital the more your team will doubt your competence.<p>Fifth, you will be rejected every day. VCs, customers, partners, potential employees. This takes a massive psychological toll even as you're get back up to put on that brave face. Unless you are a sociopath it is bound to chip away at your confidence and it may be that split second of doubt that hurts you in your next meeting.