I agree with your last sentence, but... You don't have to be dumb to be inexperienced. An awful lot of startup founders are young and were propagandized endle

I agree with your last sentence, but... You don't have to be dumb to be inexperienced. An awful lot of startup founders are young and were propagandized endlessly about being entrepreneurs, etc. Downside risk is an alien concept to many of them. Many of them do not actually know how to cut expenses because they've never known a time when the now-no-longer current fluffy, cushy environment wasn't standard.