Thinking about what might happen if we ran completely out of money — laying off all the employees that I’d so carefully selected and hired, losing all my investors’ money, jeopardizing all the customers who trusted us with their business — made it difficult to concentrate on the possibilities. Marc Andreessen attempted to cheer me up with a not-so-funny-at-the-time joke: Marc: “Do you know the best thing about startups?” Ben: “What?” Marc: “You only ever experience two emotions: euphoria and terror. And I find that lack of sleep enhances them both.

Do you know the best thing about startups?” Ben: “What?” Marc: “You only ever experience two emotions: euphoria and terror. And I find that lack of sleep enhances them both.

Marc and I discussed this paradox often. We wondered aloud why as founders we had to prove to our investors beyond a shadow of a doubt that we could run the company, rather than our investors assuming that we would run the company we’d created. This conversation ultimately became the inspiration for Andreessen Horowitz.

On my grandfather’s tombstone, you will find his favorite Marx quote: “Life is struggle.” I believe that within that quote lies the most important lesson in entrepreneurship: Embrace the struggle.

Nell: Nothing is funnier than unhappiness.
Nagg: Oh?
Nell: Yes, yes, it's the most comical thing in the world. And we laugh, we laugh, with a will, in the beginning. But it's always the same thing. Yes, it's like the funny story we have heard too often, we still find it funny, but we don't laugh any more.

Third, many entrepreneurs are afraid. Acknowledging failure can lead to dangerously low morale. Most entrepreneurs’ biggest fear is not that their vision will prove to be wrong. More terrifying is the thought that the vision might be deemed wrong without having been given a real chance to prove itself.

There were never that many women stand-up comics in the past because the power to make people laugh is also a power that gets people upset. But the ones who were performing were making jokes on themselves usually and now that’s changed. So there are no rules exactly but I think if you see a whole group of people only being self-deprecating, it’s a problem. But I have always employed humor, and I think it’s absolutely crucial that we do because, among other things, humor is the only free emotion. I mean, you can compel fear, as we know. You can compel love, actually, if somebody is isolated and dependent — it’s like the Stockholm syndrome. But you can’t compel laughter. It happens when two things come together and make a third unexpectedly. It happens when you learn something, too. I think it was Einstein who said he had to be careful when he shaved because if he thought of something suddenly, he’d laugh and cut himself. So I think laughter is crucial. Some of the original cultures, like the Dalit and the Native American, don’t separate laughter and seriousness. There’s none of this kind of false Episcopalian solemnity.