They have scratched and clawed for the angel money to get them started. Luck, of course, is a major factor in every enterprise, but the more I see the more I believe that these successful entrepreneurs make their own luck. They do everything in their power to create the future they envision. They adapt well, anticipating market changes and acting accordingly. Bill Gates and all those like him are heroes.
Outsiders appear to think that all venture capitalists are the same.
In the first place, most firms are focused on industries or segments within industries. For example, at Mohr, Davidow Ventures we focus on information technology, networking, and semiconductors. Some venture firms differentiate themselves by the stage at which they invest. The most common classifications are seed, early stage, expansion, later stage, and mezzanine. We happen to be very active and provide a great deal of operating support.