At a basic level venture capitalists are arbitrageurs: they have access to more information than those with the capital, and access to more capital than those with information, and they profit by exploiting the mismatch.
I always make it a rule to let the other fellow fire first. If a man wants to fight, I argue the question with him and try to show him how foolish it would be. If he can’t be dissuaded, why then the fun begins but I always let him have first crack.