This is part of the Capital topic cluster, which belongs to the Business Expertise Triad. In my last post I examined how first principles thinking fails. This post is going to be about a single, concrete example — about an argument that started me down this path in the first place. A couple of months ago, a friend sent me a blog post titled Startups Shouldn’t Raise Money, over at a website called
![The Games People Play With Cash Flow](https://cdn-ak-scissors.b.st-hatena.com/image/square/a8722e281a81755693a81d2fbc9b3948c34d535e/height=288;version=1;width=512/https%3A%2F%2Fcommoncog.com%2Fcontent%2Fimages%2F2020%2F12%2Fcash_flow_games_people_play.jpeg)