Sure there’s risk in both venturing and gambling, but they aren’t the same. Kyle Harrison explains why with clarity. (His newsletter, Investing 101, is excellent, btw.)
> But there are two questions that I think separate a venture from a bet. The first is who loses when you win. When a real venture works, something exists that didn't exist before, whether it’s a product, a job, a customer who's better off... some nice swag? I dunno, usually something. But when an honest-to-goodness bet works, the money came out of somebody else's pocket, minus the house's cut. A venture is positive-sum when it works; a bet is negative-sum by design.