This is a guest post by Flybridge Capital Partners’ investor Jeff Bussgang.

We have a number of portfolio companies that are raising money. When I talk to my CEOs that in the midst of this process, almost all of them complain about the same thing. They dislike the fundraising process and can’t wait until it’s over. They view it as a distraction from their day job and a non value-added chore.

I love the CEOs I work with. But when I hear these complaints, which echo those of other entrpereneurs I know, I can’t help but think how dead wrong they are.

Raising capital is a core part of building a valuable business. Whether you are raising a $250K seed round or navigating a $100 million IPO, the capital markets — in all of its various forms — are a fundamental constituent in the business-building journey.

Developing expertise in raising capital is more than a necessary evil, it’s a competitive weapon. If you have a stronger balance sheet than your competition, you can push off monetization decisions and focus on product-market fit. You can take more risks on partner deals, focusing on long-term value creation, not short-term gain.

If you have a larger cash horde than your competition, you can make aggressive hires, attract better talent, perhaps even make acquisitions. Adding some debt onto your balance sheet will lower your cost of capital and your dilution, which is better for existing investors and the management team. In other words, being able to efficiently access the capital markets is as core to business-building as product management, go to market and your profit formula.

I admit that fundraising can be painful — and certainly I felt the pain when I was an entrepreneur and had to explain the same story over and over again to prospective investors of varying intelligence and sophistication — so, all joking aside, I am sympathetic to the complaints.

But in the process of fundraising, I always gathered valuable feedback from savvy investors who understood the market and had a broad perspective. Seeing my firm through their eyes gave me valuable insight and often caused me to make adjustments along the way — in many cases, critical adjustments to our business model or approach based on the feedback.

A cynic might suggest that I’m supposed to have this perspective because, as a venture capitalist, I’m bound to think that my role in the start-up ecosystem is an important one. But that’s not entirely true.  For example, I have huge respect and passion for product development and the role of the product manager. I spend alot of time with my portfolio companies on their go-to-market strategy, partnerships and scaling sales.

But I do think the cultural pendulum in the startup world has swung too far away from requiring entrepreneurs to be financially savvy. The best entrepreneurs develop acumen across a range of business-building disciplines, including general management and finance.

They view fundraising as one of the multiple dimensions that are a core part of their job, not an ancillary distraction or necessary nuisance.

Being an entrepreneur is a really hard and lonely journey. Entrepreneurs need to “major” in some disciplines and “minor” in others. They can’t be so focused on, say, product development that they can ignore a major discipline like fundraising. Whining about fundraising, particularly to investors in the midst of the financing process, isn’t a winning approach.

This post originally appeared on Jeff Bussgang’s personal blog.

Jeff Bussgang is a general partner at Flybridge Capital Partners. Jeff currently represents the firm on the boards of Cartera Commerce,ClickSquared, DataXu, i4cp, Plastiq,  SavingStar, SimpleTuition, tracx, and is a board observer ZestFinance. 

 Jeff was previously a director at Brontes Technologies (acquired by 3M),BzzAgent (acquired by Tesco), Convoke Systems, go2Media, and oneforty (acquired by HubSpot), among others. 

He serves as a Senior Lecturer at Harvard Business School and teaches a class on entrepreneurship and lean start-ups.

We reported in mid-November that the company was looking to raise $200 million at a $5 billion valuation. Investment bank JP Morgan, Lightspeed Ventures and Amazon.com all participated in the current round. One year ago this week, Amazon invested $175 million in LivingSocial. The daily-deals site has raised a total of $808 million in private funding and has spent $353 million to buy companies such as SocialMedia.com, TicketMonster and Urban Escapes. The current investment values the company at $6 billion.

LivingSocial is the No. 2 daily deals site in the U.S. after Groupon, which filed for an IPO in November. One of the criticisms of Groupon has been that it is very costly to have that many sales team members, and LivingSocial follows the same model. LivingSocial is based in Washington D.C. and claims to have a human sales representative in every city with a deals presence, according to Bloomberg.

Earlier this year, LivingSocial also had plans to file for an initial public offering, which would value the company at $10 billion, but scaled back its plans due to economic uncertainty. The outstanding $224 million the company plans to raise should allow it to further delay IPO plans while it seeks out future growth and waits for the public markets to settle.