There is empirical evidence that what you suggest is true. Almost every single successful entrepreneur who goes on to start another company does it by raising money from others rather than investing their own.
If they were confident in their skill and outcome they would plow in their own $40M rather than raise it from XYZ Partners again.
I was told by an early mentor that entrepreneurs should never risk their own money. I don't know why, especially if you believe success in startups is a skill.
Don't risk your own money if you can risk someone elses under terms you can live with.
The concept of an "exit" meaning success is odd.... on one hand, yes, someone started a business, got it going, and convinced someone (with deeper pockets, usually) to buy it from them. That's certainly a success for the entrepreneur, no question about it - but it doesn't directly say anything about the profitability or longevity of the business they sold.
Back on topic- why would you risk your own personal money if you don't have to? Businesses fail. Shit happens. Nothing is for sure. That money could poof be gone. Back to zero.
"Businesses fail. Shit happens. Nothing is for sure." This is another way of saying luck is involved.
So it is fine for successful entrepreneurs to take other people's money if they acknowledge that skill alone isn't enough to become successful.
However it is deeply frustrating for somebody to claim their success was 100% skill while at the same time betting other people's money for their next venture, implicitly saying their future success is partially dependent on luck.
If they were confident in their skill and outcome they would plow in their own $40M rather than raise it from XYZ Partners again.
I was told by an early mentor that entrepreneurs should never risk their own money. I don't know why, especially if you believe success in startups is a skill.