The most effective operators, dubbed 'dolphins,' can fluidly move between altitudes: operating strategically at 10,000 feet with founders, managing at 5,000 feet, and executing tactically in the weeds at 1,000 feet. This ability to oscillate is a key trait to hire for, especially in advisory or early-stage leadership roles.

While context switching is a PM's tool, it becomes destructive without focus. A leader's job is to protect their team by setting crystal-clear goals and outcomes. This allows product managers to context-switch *productively* within a defined scope, not be pulled in unrelated directions.

The hardest transition from entrepreneur to investor is curbing the instinct to solve problems and imagine "what could be." The best venture deals aren't about fixing a company but finding teams already on a trajectory to succeed, then helping change the slope of that success line on the margin.

Competing to be a founder's "first call" is a crowded, zero-sum game. A more effective strategy is to be the "second call"—the specialist a founder turns to for a specific, difficult problem after consulting their lead investor. This positioning is more scalable, collaborative, and allows for differentiated value-add.

At scale, the biggest threat isn't a lack of opportunity but mental overload. The key is to treat your focus as a finite resource and actively protect it. This means becoming comfortable saying "I'm done for today" and disappointing people, realizing that protecting your mind is more strategic than satisfying every request.

Contrary to the popular belief that it's always detrimental, for product managers, context switching is a core strength. Fluidly moving between customer, engineering, and marketing conversations is essential for integrating diverse perspectives to bring a product to life.

Unlike operating companies that seek consistency, VC firms hunt for outliers. This requires a 'stewardship' model that empowers outlier talent with autonomy. A traditional, top-down CEO model that enforces uniformity would stifle the very contrarian thinking necessary for venture success. The job is to enable, not manage.

Lior Susan highlights the biggest mental hurdle for former operators becoming VCs: internalizing the power law. Operators are builders wired to fix problems and believe they can turn any situation around. In VC, success is driven by a few massive outliers, requiring focus on winners, not on fixing every company.

To manage three distinct businesses, Haney relies on two core principles. First, an ability to constantly prioritize the single most important task across all domains. Second, a focus on pace and urgency, operating under the mantra that "compression of time equals value."