As a developer turned co-CEO, developing an understanding of the differences between cashflow, revenue, profit, and overhead was critical.
My recommendations are a little different from most other folks here, in that they relate to understanding the business as a whole and how finance figures into it:
Norm Brodsky's "The Knack"
http://theknack.info/
Jack Stack's "A Stake in the Outcome"
https://www.amazon.com/Stake-Outcome-Building-Ownership-Long...
If you're in a startup environment, Brad Feld's "Venture Deals"
https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...
The investors in VC funds are called Limited Partners (LPs), as opposed to General Partners (GPs). LPs raise money from high-net worth individuals (HNWIs), funds of funds, etc.
Maybe what you read had some qualifier attached to it like across all VC funds "on average". With funds, the outliers are everything like with successful startups. Deal flow varies greatly by VC. A similar comment, and one that holds up, is that most startup accelerators have 0 "successful" exits.
Brad Feld's book Venture Deals [1] is a great reference if you want to learn a bit more from multiple perspectives.
My recommendations are a little different from most other folks here, in that they relate to understanding the business as a whole and how finance figures into it:
Norm Brodsky's "The Knack" http://theknack.info/
Jack Stack's "A Stake in the Outcome" https://www.amazon.com/Stake-Outcome-Building-Ownership-Long...
If you're in a startup environment, Brad Feld's "Venture Deals" https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...
Maybe what you read had some qualifier attached to it like across all VC funds "on average". With funds, the outliers are everything like with successful startups. Deal flow varies greatly by VC. A similar comment, and one that holds up, is that most startup accelerators have 0 "successful" exits.
Brad Feld's book Venture Deals [1] is a great reference if you want to learn a bit more from multiple perspectives.
[1]: https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...
https://www.amazon.com/Term-Sheets-Valuations-Intricacies-Bi...
https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...
https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitali...
The subtitle is tongue in cheek but also gives you a sense of how much you can learn and how rare company you are in once you understand the details.