Over the last four years, I have had four exits per year. Wow, right? Except that an “exit” doesn’t necessarily mean a positive one. Thankfully, most of mine were positive. As an investor, an exit is not a super emotional event. If we make a great return, our investors say “thanks for doing your job.” And if we don’t, they question whether they want to invest in our next fund. Either way, it is not a major personal life event.

But for an entrepreneur, the exit is a major milestone. The reality is that VCs do pretty well financially when there is a win, but the entrepreneur does amazing. The entrepreneur can go off and buy a sports team. VCs can’t afford one.