Despite commanding armies of tens of thousands, Inca generals were so disoriented by the unheard-of capture of their divine emperor that they offered no resistance. This complete bewilderment allowed a handful of Spaniards to dictate terms to a vastly superior force.

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.

Once easily accessible gold was gone, the Spanish conquest of Peru transitioned from looting to institutionalized exploitation. Pizarro began granting `encomiendas`—huge tracts of land with thousands of indigenous laborers. This shifted the economic model from a short-term gold heist to a long-term colonial system based on forced tribute.

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.

After executing Inca emperor Atahualpa, the Spanish installed his brother as a puppet ruler. This co-opted the existing power structure, making the conquest seem like a restoration of the natural order to local chiefs and smoothing the transition of power.

The Spanish conquest of the Incas succeeded largely because they inserted themselves into an existing civil war. By siding with the southern Inca faction against the northern one, they gained crucial local allies, transforming the conflict from a foreign invasion into a complex, multi-sided war they could manipulate.

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.

The Spanish conquest was plagued by intense internal rivalries. The promise of gold in Quito sparked a race between three separate Spanish expeditions, led by Benalcátha, Almagro, and Pedro de Alvarado. This competition nearly erupted into open warfare, showing how the lure of wealth fractured the invading force.