What Stands in the Way, Becomes the Way

Companies are operating in one of the most complex business environments in recent memory. Interest rates are high. Capital is more selective. Customer budgets are tighter. From macroeconomic instability and inflationary pressure to geopolitical tension and climate disruption, today’s market conditions are forcing even the most seasoned operators to rethink how they build and grow. CEOs and founders are being challenged to do more with less, stretch capital further, and reimagine what success looks like.

But here’s the upside: I believe one of the best things an entrepreneur or an operator can have is a constraint.

There’s a saying from the Stoic philosopher and Roman emperor Marcus Aurelius: ​“The impediment to action advances action. What stands in the way becomes the way.” Those who learn to turn constraints into opportunities, who adapt and find a way forward when it isn’t easy, often gain a long-term advantage. That was true centuries ago, and it’s still true today.

Constraints force clarity. They sharpen our focus, push us to make deliberate decisions, and separate the must-haves from the nice-to-haves. They create the kind of pressure that produces better systems, smarter strategies, and ultimately, stronger businesses. When resources are scarce, distractions fall away and what remains is the core of what truly drives value.

History backs this up. Some of the world’s most iconic companies were built not because they had abundant resources, but because they didn’t. They were forged during recessions, market crashes, and cycles of uncertainty — and came out of it not just intact, but category-defining.

Take the dot-com era. Just before the bubble burst in 2000, a new generation of tech companies had already taken root: think Amazon, Google, PayPal, Salesforce, Netflix. These weren’t just survivors of the bubble. They became the defining businesses of the next era. What set them apart was a pairing of bold vision with operational discipline. And in the three years following the 2000 crash, research found that enterprises with progressive, forward-looking strategies significantly outperformed their peers.

The same pattern showed up in Clean Tech 1.0. Companies like Tesla, Sunrun, Nest, and Enphase were all launched during uncertain times and went on to reshape entire industries. Despite capital constraints and market skepticism, they committed to solving hard problems, focused on long-term outcomes, and laid the groundwork for the modern energy transition.

These weren’t anomalies. They were products of constraint. They didn’t succeed in spite of the turbulence, but rather because they were sharpened by it. When forced to think differently, operate leaner, and move with focus, I believe they emerged more resilient, more capital efficient, and better prepared to lead.

Let’s be honest: volatility isn’t going away anytime soon. But it’s in these moments of uncertainty that the most enduring innovations are born.

This is when operators and founders stop chasing scale for scale’s sake and focus on what the customer really needs and the realities of the marketplace. When companies realign around the foundational fundamentals, build innovative business models, and invest in what actually drives sustainable and enduring growth, they emerge from the pack more tested. When doing the hard thing — prioritizing discipline, focus, and mission — becomes the smart thing.

I believe we’re in the midst of one of the most valuable windows to build the next generation of lasting companies. Not in spite of the current constraints, but because of them.

We don’t need to wait for the world to stabilize, and frankly, I don’t think we can. I think the best companies in the next decade are already taking shape right now — and I can’t wait to work with them. 

Let’s not just try to weather the moment. Let’s use it to build the future.