Why we do what we do. Read this great piece by Ben Evans on VC that applies to founders as much as it applies to investors.
Indeed, all of this applies to entrepreneurs even more than it does to VCs. Just as VCs would like only to do the deals that succeed, so would entrepreneurs. But entrepreneurs only get to do one at a time (normally). So an entrepreneur is committing years of their life to just one brilliant, terrible idea, that probably won't work, but if it does, will be enormous. And around half of those commitments fail - there are lots of risks, and lots of ways that these attempts can fail, without it being anyone's fault. If you take a normal, mature company to zero in a few years, you probably screwed up, but if a startup doesn't make it, generally that's just the risk you took. Pulling a company into reality out of thin air, through sheer force of will, isn't easy. But you're only reading this because of the entrepreneurs who took that bet. This is how invention works.Take that bet. Create a legacy.