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.

History shows pioneers who fund massive infrastructure shifts, like railroads or the early internet, frequently lose their investment. The real profits are captured later by companies that build services on top of the now-established, de-risked platform.

Contrary to popular belief, successful entrepreneurs are not reckless risk-takers. They are experts at systematically eliminating risk. They validate demand before building, structure deals to minimize capital outlay (e.g., leasing planes), and enter markets with weak competition. Their goal is to win with the least possible exposure.

Francisco Pizarro's initial success was built on a partnership with Diego de Almagro. By negotiating a vastly superior royal deal for himself, he sowed the seeds of a bitter rivalry. This internal feud between the co-founders would fester and ultimately prove fatal to their entire enterprise and their lives.

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.

During the 1720s South Sea Bubble, hundreds of speculative companies emerged with no revenue or clear business plans, mirroring the 2020-2021 SPAC boom. One notorious company was pitched for an "undertaking of great advantage, but nobody knows what it is." This highlights that financial vehicles designed to capitalize on market euphoria are not new.

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.

Unlike decentralized deer hunting, the Rocky Mountain beaver trade was a formalized, top-down industry. Financiers like John Jacob Astor invested capital, ran newspaper ads to hire trappers as day laborers, and built a structured supply chain, mirroring modern venture-backed businesses.

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.