Uncertainty

This is a key part of entrepreneurship. It is the Imperfect knowledge about future events. We don't know what will happen, how something may impact us.

• Known-risk: We do not know the outcome but we can measure the odds aka forecasting; foresight, projections and predictions. We can model these risks.

• Knightian "true" uncertainty: We do not have all of the information to make measurement-based predictions. We can't predict the impacts. Large growth companies normally embark on these types of unknowns. Look at nokia. Their downfall is because they neglected these unknowns, and put a higher value on quantitative data, they didn't know how to handle data that wasn't easily measurable, and that didn't show up in existing reports.

• High-impact entrepreneurship: Embracing the edge of knowledge between what we know and don't know (no processes & templates available).

• Entrepreneurship Methodologies: Provide tools and processes, a structure, to de-risk venture (product, market, technology, and team risk) while being fully immersed in exploring the edge of knowledge. Disruptive innovations, you normally don't know however how people will respond to it.

• Entrepreneurial Team/Entrepreneur Personal motivation (a calling, societal problem, moral issue). Full dedication and living the cause/problem/idea (like an activist). A lot of times, people may join due to the enthusiasm and passion of the existing members.

How does embracing uncertainty sound/feel like?

"We're trying to do a pretty complex thing, and in fact, we have four different things we're doing, each one could be their own company. So not only are we trying to stand up four companies at the same time, but we're trying to coordinate them, so its very complex. It's in healthcare which makes it even more challenging.

So, there are moments where we're trying to figure something out, and the road ahead is foggy, maybe whiteout conditions. We just don't quite know what to do or how to move forward.

"I have had enough experience that we know you just have to keep moving forward. With a start-up, you don't have the choice to quit or stop. You have to figure it out, and have the confidence from our past experiences of working hard to learn our craft to know we will work it out, and we have hired this incredible team, who we will come through the fog."

~ Melinda Thomas, Creating a new management system for multiple sclerosis.

Dive into the deep end, and dive into more than what you already know.