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" Move fast. Speed is one of your main advantages over large competitors. "
Sam Altman
Move
Large
Over
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" If a company is profitable, the founder is in control. If it's not, investors are in control. "
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" I don't invest in companies where my mental model is that they need to get themselves acquired in the next few years - or ever. "
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Invest
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" Set a clear, easy-to-understand vision for your company, and make it be a mission people believe in. "
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Clear
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" There's this famous observation that I totally believe: Great startup ideas are the ones that lie in the intersection of the Venn diagram of 'is a good idea' and 'looks like a bad idea.' So you want most people to think it's a bad idea and thus not compete with you until you get giant. But for it to secretly be good. "
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Ideas
Great
Good
" All throughout my life I have been deeply immersed in startups, either because I was running one or investing in them or helping them. "
Sam Altman
Life
Running
My Life
" If you look at people who have an iPhone or Android and are under 40 and are dissatisfied with their bank, it's actually quite a large market. "
Sam Altman
People
Look
iPhone
" It's easy to say, 'I'm going to build something that already exists,' but it's difficult to clearly and succinctly describe something new. "
Sam Altman
Easy
Build
Going
" The hard part of running a business is that there are a hundred things that you could be doing, and only five of those actually matter, and only one of them matters more than all of the rest of them combined. So figuring out there is a critical path thing to focus on and ignoring everything else is really important. "
Sam Altman
Doing
Business
Focus
" The way to build billion dollar companies is to first build something people love. There isn't really a shortcut there. "
Sam Altman
Build
First
Dollar
" A lot of people don't love their bank. "
Sam Altman
Bank
Lot
Love
" Companies generally work better when they are smaller. It's always worth spending time to think about the least amount of projects/work you can feasibly do, and then having as small a team as possible to do it. "
Sam Altman
Think
Work
Time
" Seed investing is the status symbol of Silicon Valley. Most people don't want Ferraris, they want a winning seed investment. "
Sam Altman
Seed
People
Winning
" I don't think people spend nearly enough time thinking about what they like and what they're good at. "
Sam Altman
Time
Good
Thinking
" The only way to generate sustained exponential growth is to make whatever you're making sufficiently good. "
Sam Altman
Growth
Good
Whatever
" That culture of frugality and discipline is really important for the Y Combinator mindset. "
Sam Altman
Mindset
Discipline
Important
" I believe in the future, and to be a good investor, you have to believe in the future. "
Sam Altman
Believe
Good
I Believe
" Whether or not money can buy happiness, it can buy freedom, and that's a big deal. Also, lack of money is very stressful. "
Sam Altman
Money
Happiness
Freedom
" Intelligence is usually easy to tell in a 10-minute conversation. Determination is harder. "
Sam Altman
Determination
Tell
Easy
" Anonymity breeds meanness. "
Sam Altman
Breeds
Meanness
Anonymity
" Never put your family, friends, or significant other low on your priority list. Prefer a handful of truly close friends to a hundred acquaintances. "
Sam Altman
Never
Close Friends
Family
" Making money is often more fun than spending it, though I personally have never regretted money I've spent on friends, new experiences, saving time, travel, and causes I believe in. "
Sam Altman
New
Believe
Fun
" Everyone is looking for the hack, the secret to success without hard work. "
Sam Altman
Work
Hard
Hard Work
" I think the mistake people make most often when they invest in other kinds of startups is they say, 'This is totally different.' And so the things that matter, like making a product that people desperately want, like talking to customers, they throw this out the window. That is a recipe for heartache and tears. "
Sam Altman
Tears
People
Think
" One thing that founders always underestimate is how hard it is to recruit. "
Sam Altman
Always
Underestimate
One Thing