They start their life already bankrupt.
I don’t mean they are in bankruptcy, I mean that early stage funded startups are always marching towards bankruptcy — starting the first minute after that last raise.
It takes a certain type of person to accept this and be able to move on. A rare bread called the founder. Founders have the ability to see reality but are able to push it aside for a while — through sheer will — and press on as if the cliff is not close.
But it always is.