Peter: The one [question that I ask people starting businesses] that I think is always REALLY good is, “What is the salary of the CEO?”
Sarah: What’s the right answer for that?
Peter: Less than 150k, even after a series A. That single question is incredibly important—are people doing it for equity, or for cash? I remember when LinkedIn was getting started, Reid took 15k a year. It was the minimum salary for getting health insurance—it really sets a tone for everything in your company.
—Last night PandoDaily’s Sarah Lacy had a chat with venture capitalist/god Peter Thiel. The rough transcript of the whole chat is worth reading, especially if you’re interested in doing your own thing (which, aren’t we all? It’s the aughts! Make your own job!). Also of note:
Peter: The most important thing is doing something you believe in. You shouldn’t start a startup for the sake of it, you shouldn’t join a startup for the sake of it … There is so much more to it—the happiness, the culture.