Worth the read - really picks up in terms of relevance towards the end.<p><i>"Technical risk [betting on new technology working] is horrible for returns, so VCs do not take technical risk...Market risk [betting that a new market will emerge], on the other hand, is directly correlated to VC returns.<p>"[T]he only thing VCs can control that will improve their outcomes is having enough guts to bet on markets that don’t yet exist. Everything else is noise.<p>"The 1990s are not our map, the 1980s are. Don’t worry about irrational exuberance fueling a bubble, that is not what is happening. Worry about fear of risk."</i><p>Having worked with hundreds of private enterprises (so much smaller visions), I've seen this play out. The owners that take risks achieve growth (and some implode or explode). The ones who don't take risks either buy themselves a job, or die with a whimper.<p>I'll often suggest my potential clients go online and take a Risk Indicator test my team developed. Many won't even risk the $40 that costs (let along my coaching fees), which is a good sign they wouldn't get an ROI on investing in my team anyway.<p>The more of a macro view I take on businesses of all sizes, the more relevant I see the Risk discussion. Really enjoyed this piece for examining it in a field where I have less experience.