Summary - (1) make money fast, (2) say no to new features unless necessary, (3) dominate small core markets, then expand, (4) really listen to feedback, (5) really listen to your team, (6) trust your users.

Every time I see one of these letters, it saddens me to think how strongly the current SV model pushes growth before value. You might say it's best for VCs but not for founders, but does even the VC see the upside they might have gotten with more patience?

What these stories seem to say...Groupon isn't a deviation; it's the most successful incarnation of a broken and widely promoted growth model whose typical end state is this.