You need to raise money, develop judgment over time and gain access to the right deals.

•  Capital is the hardest or easiest to get—depending on your circumstances

•  Apply the same judgment to investments as you do to yourself

•  Good investors are more pessimistic than good founders

•  Everybody has dealflow—the challenge is getting in the good ones

Transcript: http://blog.spearhead.co/capital-judgment-dealflow