For when I can’t find this later:

Rachleff’s Law of Startup Success: The #1 company-killer is lack of market.

• When a great team meets a lousy market, market wins.
• When a lousy team meets a great market, market wins.
• When a great team meets a great market, something special happens.

 

The Pmarca Guide to Startups, part 4: The only thing that matters