#entrepreneurship

How convertible notes and SAFEs convert, worked cap and discount math, stacked SAFE dilution, the liquidation preference problem, and 2026 market terms.

How business credit files work, what PAYDEX and lenders really check, the 2026 SBA underwriting change, UCC liens, and credit-building scams to avoid.

How a venture fund works for LPs: fees, reserves, the J-curve, what one outlier must return, 2026 Venture Monitor data, and term sheet points for founders.