Bill Gurley (@bgurley) is the legendary General Partner at Benchmark, a position he has held for the last 20+ years.
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He is responsible for their Uber investment, and he is widely considered one of the best VCs to have ever lived.
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Here are 17 of our favorite takeaways from studying Bill and his investment philosophy.
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VC Tech Stack: 88 tools used by tier one VCs
Investment Memo Template: our boilerplate template for memos
Venture Media List: 132 people and places to learn the game
ChatGPT Prompts: prompts to give VCs more leverage
Diligence Question Bank: 84 questions to ask founders
"It is imperative to understand ways in which a smaller private company can gain the upper hand on a large incumbent. One of the most successful ways to do this is to change the rules of the game in such a way that the incumbent would need to abandon or destroy its core business in order to lay chase to your strategy."
โIf you canโt sell, venture capital is not a good industry to be in.โ
โBeing โrightโ doesnโt lead to superior performance if the consensus forecast is also right.โ
โThe collective venture community needs to get its head around the new reality as fast as possible. The more people see whatโs really going on, the quicker that will happen.โ
โThe number-one risk of being outside the Valley was always, โCan I get the executive talent?โ You could always get programmers. You could always get customer support people. Now, with hybrid, maybe you can get the executive talent, too.โ
โPick a profession in which you have a deep, personal interest. Thereโs nothing thatโs going to make you be more successful than if you love doing what youโre doing because youโre going to work harder than anybody else because itโs going to feel like work. Itโs going to feel like fun.โ
โAll the great investors Iโve ever studied have felt macroeconomics is one of the silliest wastes of time possible.โ
โThe minute you set a very hard rule, you might be setting yourself up for a mistake. And venture, I have found, is a world where that happens frequently.โ
All Revenue is Not Created Equal: The Keys to the 10X Revenue Club
In Search of the Perfect Business Model: Increasing Marginal Utility
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We started our careers in venture. After about a week, we had a realization.
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We had no idea what we were doing.
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Turns out, we werenโt alone.
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Junior VCs donโt get training. Youโre forced to figure it out on your own.
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Learning the rules, tools, and players takes FOREVER to learn. Thatโs why we made the ultimate VC resource library to speed up the learning curve.
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