Ben Horowitz explains the biggest mistake founders make pitching VCs

“The big mistake people make is they try to appeal too much to the venture capitalists. That’ll drive us crazy because it’s a little bit of a sign of anti-courage.”

Ben shares an example of being pitched by founders who are conservative in their estimates because they know ‘VCs like conservatism.’ However, what VCs want to hear is what you actually believe — not what you think they want to hear.

“Anything that shows a lack of conviction or courage or belief in what you’re doing is what always ends up worrying me. Either you believe it or you don’t. Either you’re committed or you’re not. Either you have the courage to build the company or you don’t.”

Importantly though, as Ben points out, courage doesn’t mean that you don’t feel fear. He recalls the quote from boxing coach Cus D’Amato:

“The hero and the coward both feel the same thing, but the hero uses his fear, projects it onto his opponent, while the coward runs. It’s the same thing, fear, but it’s what you do with it that matters.”

Full video: Kevin Rose “Foundation 23 // Ben Horowitz“ (Nov 2012)