Focused on winning his civil war, Atahualpa fatally misjudged the Spanish. He saw the small group as a potential asset—a source of mercenaries, horses, and superior swords to be captured and repurposed. He never considered them an existential threat to his empire, which sealed his fate.

The Spanish didn't defeat the Inca Empire at its height. They arrived after a smallpox epidemic killed the emperor and a subsequent brutal civil war between his sons shattered the empire. This left the civilization politically fractured and militarily exhausted, making it ripe for conquest by a small force.

Despite their aggressive plan, the psychological toll on the 168 Spaniards facing an army of thousands was immense. A firsthand account reveals their sheer terror, noting that many "urinate without noticing it out of pure terror" while waiting in hiding for the ambush to begin.

Facing mutiny, Francisco Pizarro drew a line in the sand, offering a stark choice between returning to poverty or pursuing riches through extreme hardship. This dramatic act served as a powerful filter, weeding out the uncommitted and forging an intensely loyal core group—the "Famous 13"—who would stick with him through anything.

In a surreal display of dominance, Francisco Pizarro held a formal dinner with Atahualpa just hours after slaughtering thousands of his followers. He then had a mattress prepared for the Inca emperor to sleep beside him, a bizarre and intimate assertion of absolute control.

Conquistador expeditions were entrepreneurial ventures, not state campaigns. Leaders like Pizarro formed partnerships, raised private funds, and invested in high-risk "island hopping" operations hoping for massive returns. This model privatized both the risk of failure and the rewards of success, mirroring modern venture capital.

The conquest of the Americas was a highly legalistic endeavor. Conquistadors sought official royal charters, essentially operating under a franchise model. This legal cover was crucial not for legitimacy with the natives, but to protect their claims from rival Spanish adventurers, blending brute force with bureaucratic procedure.

Francisco Pizarro's invasion of Peru was heavily influenced by the recent success of his cousin, Hernán Cortés, in Mexico. The fall of the Aztecs provided a tangible model for conquest, proving that small bands of conquistadors could topple vast empires. This precedent made it easier for Pizarro to secure funding and royal support.

Pizarro's ambush wasn't an improvisation but a standard Spanish colonial tactic: "theatrical terror." This strategy used a sudden, overwhelming, and performative display of violence to psychologically shatter a numerically superior enemy, a method honed in previous American conquests.