Smart entrepreneurs focus on building a great business -- and not on how and when they will sell their companies or go public. However, it's critical to envision your exit goals early on, because they will inform your fundraising decisions.
One of my portfolio companies has venture capitalists and angels stampeding over each other to invest. All of this when a recent WSJ report bemoaned the fact that Web startups have hit a cash crunch. So which is it: a stampede or cash crunch?