Thread by @modestproposal1

“It is that the nature of high-growth potential tech businesses means the most important drivers of their value creation must be uncertain.

To succeed, startups must choose to brave uncertainty because most companies, especially established ones, won’t” reactionwheel.net/2019/11/startu…

“That startups can do something without having to compete with better-resourced companies is not a side-effect of entrepreneurship, it is a prerequisite.”

“Uncertainty can create a no-go zone around a new market, allowing a startup to build without competition for some period of time, but management has to remain aware if they are successful, competition will arrive. Uncertainty creates space and time, but only a limited amount”

“To be successful a founder must seek out uncertainty and manage the company through it and emerge with a moat... Without uncertainty they will immediately face competition from many others.. But a business subject to high levels of uncertainty has seemingly intractable problems”

Read everything @ganeumann writes, and then read it again because there’s so much to absorb.