The article emphasizes the inevitable cycles in the startup landscape, highlighting that every period of growth is usually followed by a downturn. The author uses historical examples, like the Dot-Com Bust, the Global Financial Crisis, and the recent Pandemic Boom, to illustrate this pattern. Each cycle begins with euphoric growth, often fueled by easy capital and optimistic narratives, but ends with corrections that expose the unsustainable nature of many startups. Founders often forget this rhythm, blinded by success stories that dominate media coverage. They tend to replicate high-risk behaviors without considering fundamental business principles. Key lessons emerge from these cycles. Cash discipline is critical; startups with efficient operations and real margins are more likely to survive when funding dries up. Relying on customer value and building trust helps maintain a loyal customer base, even when the market cools. The article also stresses the importance of preparing for downturns while the market is favorable. Founders should build reserves, negotiate strong contracts, and focus on creating lasting value instead of chasing fleeting trends. The author warns against the dual dangers of ignoring cycles and obsessing over them. A balanced approach is necessary. Founders should maintain a Stoic mindset: anticipate downturns, prepare for them, but don’t let fear dictate decisions. The message is clear: winter always comes. Those who plan for it, even during prosperous times, will be better positioned to weather the storm.