If you are an entrepreneur who is raising money and do not know what a liquidation preference is, allow Ensmarten Saturday to enlighten you. You are not alone. One of my many surprises as a venture capitalist was the number of entrepreneurs that simply do not understand many of the terms on a term sheet.…

In our work with entrepreneurs, there are a number of perception gaps. One of the biggest is that early stage valuation is a science. Many believe that if they just knew the parameters then they could get more outside investment.  Most of the time, this is simply not true. Very few businesses ever receive outside…