Over the past 10 years, and particularly through the bull market that lasted well into 2021, investors have chased the most promising startups and their founders. Among them was “John,” whose bravado, assuredness, and larger-than-life charisma were assets that spoke of his zeal and commitment. But now, in a sharply changing investment environment, these same personality traits have become a liability as investors ask him tough questions about performance and capital requirements for his business. Instead of engaging, John’s immediate response has been to shut down the conversation. “I’m not worried about getting funding,” he said, despite his latest pitch for additional capital being turned down a dozen times. “This isn’t my first startup. I’ve rung the bell three times before, and I will this time too.”