The code to making money online has been cracked: sell stuff worth buying. The fairytale about riding "Daily Active Users" to fame and fortune is dying a well-deserved death. Instead, build something useful and market it well.
Many startups celebrate the venture capital shortcut. Sometimes it works, other times it creates monsters: Zynga exists to exploit us while Groupon clumsily victimizes the naive. Nether sells anything worth buying and it shows.
Real companies are designed to make money sustainably. They grow because they're growing, and leave no one holding the bag. Just look at Freshbooks, 37 Signals, Valve Software, or any of these guys. They all build things worth buying.
This doesn't mean venture capital is always bad or unnecessary, it's just that the cost of launching a company today is amazingly, incredibly low--especially if you can code yourself. Per-unit costs of storage, bandwidth, processing time and even payments are shockingly low, and you pay only for what you use. Why bring in money if you can bootstrap?
If people are paying for your product, it means your product is worth paying for. Grow only as much as you can grow on your own merits. Build a company, not a bubble.