From Jason Lemkin’s Quora answers:
What’s it like to be a founder/CEO?
You won’t be able to really appreciate your successes because you will be so obsessed with the next hill and doing what it takes to get to the next level… The hardest part about being a founder is not feeling what is good, what is working. Even if you can see it — what’s working — you often don’t really feel it. There’s too much to do. It’s too hard. The odds are too tough. It’s easy to be a critic in general. It’s even easier to be self-critical when you know everything that isn’t working better than anyone else.
How can investors/board members add most value?
Help You Understand Where, When and Why You Are Doing Well. I find this is a rare trait in VCs (or board member) … but it’s immensely valuable when you can get it, especially in things like SaaS where growth takes time. It’s easy to be a critic. But the Great VCs can tell you, from experience, from similar company, when you are actually doing well — and why. This can help you understand when to Double Down. Sometimes criticism helps a founder, but usually, almost always, they are well ahead of you here. What most founders really need and don’t get enough of is objective feedback into what is working — regularly.
What’s the best piece of advice you’ve ever been given?
Celebrate Your Victories – Properly. For Real. Doing a start-up is so hard, it takes so many pieces, so many victories, over such an extended period of time … it’s so tempting to almost mechanically acknowledge a great milestone, and move on to the pie-eating contest the next day. If you don’t find a way to celebrate your victories and your milestones of pre-success and success … it won’t be any fun. At all.