Steve Jobs' memo to startups
I can't say he was mistaken, since he was only saying he disliked it.  But I don't think there's anything wrong with selling a company at any stage.  Steve's problem with selling seemed to be that you're shirking work by doing it.  But that isn't necessarily, or even usually, true.  A lot of people who sell startups go on to do other things, and often bigger things.  If we were still running Viaweb, we could not have started Y Combinator.