Inevitably, there will be times when everything seems to go wrong in your startup. It is 2 am, your third MVP still pleases hardly anyone, and you ran out of ideas a long time ago. Troubles are brewing on your team: they doubt your abilities as the CEO and think they should get real jobs and forget about this crazy entrepreneurship idea. The university is breathing down your neck to vacate its premises, and your personal bankroll is reduced to triple digits. The joint venture you aimed for has fallen through, while a competitor from another university has gotten exactly the terms you wanted with the company you targeted.

There are low points on every entrepreneur’s journey—you cannot escape them. What matters most is ...

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