In the late 1990s, when I launched my first venture, the first thing you did as an entrepreneur was to raise capital. You didn’t build a product, prove customers would buy it, prove you could make money selling it, and then raise money for expansion. You raised millions from investors, and then figured out the rest. It was ass-backward. And for most of us, it’s ancient history. Venture capital firms will continue to invest millions in teams with great track records, launching ventures that have potential to be worth $100MM in 3 years, but that doesn’t describe what most entrepreneurs really do today.