They raise money on the extremely small chance (<1%) they could be worth billions of dollars.
The #1 rookie move I see is not painting this picture.
VCs would much rather invest in something with a perceived 2% chance of being worth $2 billion than a perceived 20% chance of being worth $200 million, even if the maths suggest the probabilistic outcome is the same amount of net cash.
VCs are swinging for the fences and unicorn hunting.
Paint that picture. Or don’t Uber down to Sand Hill.