What are some pitfalls of companies that ultimately fail?

The main problem is that companies stop doing what they were doing during YC—instead of relentlessly focusing on building a great product and growing, they focus on everything else.  In general, startups get distracted by fake work.  Two particularly bad cases are raising money and getting personal press. But the list of fake work is long.

Sam Altman in The Post-YC Slump
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What are some pitfalls of companies that ultimately fail?

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