Running a business with zero working capital

Can a company operate without any working capital?

Yes, and some run with negative working capital. Working capital is current assets minus current liabilities; firms that collect cash from customers before paying suppliers, such as supermarkets, fast-food chains or subscription businesses, can have zero or negative working capital and are effectively financed by suppliers. The risk is liquidity: if sales fall or suppliers tighten terms, cash can run short quickly.