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Most startup entrepreneurs unnecessarily spend half their time and give up half their equity in search of funding from angel investors and venture capitalists. Tens of millions of dollars are available to them for free from partners who not only don't want their equity, they don't even want to be paid back.

Every venture capitalist says at some point, 'I wish I could run this company myself' - to be the entrepreneur instead of the investor.

It's a great story for us whenever an entrepreneur makes a crazy amount of money and we get to tell the world about it. For the entrepreneur? Not so much. Hitherto unknown relatives, entrepreneurs seeking angel investments, money managers and supposed baby-mamas all come out of the woodwork with dollar signs in their eyes.

The idea is that angel investors are supposed to be wealthy people supporting people who need funds, typically who are not wealthy, and don't have the ability to do it themselves.

I don't think a lot of people have been entrepreneurial about venture capital.

I'd been a great angel investor, but professional venture capital was clearly not the right thing for me.

If a company is profitable, the founder is in control. If it's not, investors are in control.

Every time a twenty-something CEO turns down a multibillion-dollar offer for a company that has little or no revenues, it hits a raw nerve in me. Unlike most professionals, I am not shocked by the seemingly bizarre behavior of those founders who pursue their vision beyond all rational thought or monetary reward.

You know what works in venture capital? A group of incredibly smart, connected people who have the financial wherewithal and risk appetite to make multi-million dollar bets on unproven ideas and inexperienced founders. People who can make decisions quickly, and who spend their time trying to help entrepreneurs make the most of that cash.

I met with several public company CEOs to learn about their experiences of going public and listened to as many earnings calls as I possibly could.