Entrepreneurship in uncertain times

Abstract

We live in an age of uncertainty, an inevitable part of our existence. Suggesting its elimination is like the endless weaving of Penelope’s web. In the face of uncertainty, with its differences and nuances of meaning, patience, cunning, and hope are irrelevant.

Uncertainty refers to the state of not knowing what awaits us, leading to worry about the unknown. This differs from insecurity, which arises from a threat that actually materializes. While uncertainty represents the difficulty in predicting outcomes—especially over the long term—volatility contrasts with this by focusing on the dispersion of short-term shocks around a long-term average. Moreover, uncertainty can also be viewed as the subjective perception of the unpredictability of the context. Instead, precarity refers to an objective and persistent state of insecurity, characterized by a lack of control over one’s future.