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Sequoia partner Pat Grady says software is shifting from apps that demand attention to agents that work quietly in the background. This shift will change what moats will look like, and will be especially hard for incumbents to deal with. "It's two very different business paradigms," he says. "In...

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"You can either produce excellence or you can avoid criticism. But you cannot do both of those. The reason that you don't have certain excellence that you want is because you are afraid of getting criticized. You are afraid of the judgment that comes with it. You are afraid of standing out. You are afraid of being alone. You are afraid of people looking at you. You are worried about what people think of you. There are 2 categories of things in this world: 1) Things that are up to you 2) Things that are not up to you Which category does your reputation sit in? Your reputation is not up to you. I'm the one who associates your reputation with something, not you. You just do things. What's up to you? How you act. Your decisions. Your actions. That is up to you. Your reputation is not up to you. Here's how I know that: You all have a reputation about me and it's not in my control. I get to say and do whatever I say and do up here. I am in control of saying it. I am in control of doing it. The moment words leave my lips, who has control over what is done with those words? You! You are in control of what you think of me. And there's no way everybody in this room is going to think the exact same thing about me. No way. When it comes to exceptional, what we've got to understand is you can spend your whole life trying to avoid criticism and earn reputation, and it still won't be in your control. We can waste a lot of time missing out on excellence we could have been producing if we were just simply LESS trying to engineer what we wanted other people to think about us."

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