Matt Mullenweg notes that entrepreneurs inevitably cycle between being celebrated and vilified. Surviving this requires ignoring the noise and focusing on core principles and customers, recognizing even today's tech giants faced similar periods of extreme negative sentiment.

As a founder, you'll likely experience a predictable social journey. First, people dismiss your ambition. Then, they diminish your early efforts. Once you gain traction, they become fans asking for perks. Finally, they claim they supported you all along. Understanding this pattern helps you ignore the need for external validation.

The public has a "homeostatic set point" for how much success a company deserves. Being seen as "overrated" invites criticism, while being "underrated" encourages people to champion you. The goal is to be perceived as deserving of even more success.

A founder must simultaneously project unwavering confidence to rally teams and investors, while privately remaining open to any evidence that they are completely wrong. This conflicting mindset is essential for navigating the uncertainty of building a startup.

When a business flatlines, the critical question isn't which new marketing channel to try. It's whether the founder has the motivation and long-term desire to reignite growth. This "founder activation energy" is a finite resource with a high opportunity cost that must be assessed before choosing a path.

A founder's credibility acts as a multiplier on the perceived value of their narrative. An entrepreneur like Elon Musk, with a track record of success, receives a "multiple expansion on trust," allowing their futuristic stories to attract capital at valuations and scales that a first-time founder could not achieve.