Default Alive or Default Dead?

Paul Graham argues that founders should ask early whether their startup is default alive or default dead, because overhiring is the biggest killer of startups that raise money. He notes that many founders cannot answer the question, and that the danger of worrying too early is small compared with worrying too late. He advises treating fundraising as only a plan A, with a written plan B. He cites Airbnb, which waited four months after raising money at the end of Y Combinator before hiring its first employee.