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Entrepreneurs don’t have a gene for risk – they come from families with money

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Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#131

Post by ausjke »

Agreed, but nothing really surprised me. It's just some of those start-up pumpers keep ignoring this fundamental truth.

It's not entrepreneur gene, however statistically, it's still the gene from your family tree, it normally takes generations to build the foundation for most people to take risks via education and efforts, and most if not all 'rich' families started from their disadvantaged ancestors.

Rising from poor like what's in Godfather movies is still possible, but very unlikely.

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#132

Post by jasonkester »

mtberatwork wrote: post #100
jasonkester wrote: post #73

Entrepreneurs in other industries may need family money. Software Entrepreneurs can use their own. Working in an industry where $120k/year is considered a starting salary, and where you know for a certainty that you are roughly one Twitter post away from having your pick of three companies that will fight to get you, you can feel free to pursue any goofy idea you like without fearing much for your financial safety sh…

Outside of a few hot spots like SV, $120k/year is certainly not starting salary.

It's a shame we see so much denial about this. The rational response when shown that you are dramatically underpaid should be to take steps to get one's self back up to the level of the market. Sadly, the more common response is to call whoever filled you in a liar.

I've noticed this happening a lot in the last few years, as developer salaries have skyrocketed but guys who had secured jobs before that still quote 2005 numbers as though they were the case today.

You don't need to be in Silicon Valley to make six figures as a developer. Taking that on board rather than rejecting it offhand can only lead you to a better place.

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#133

Post by daddykotex »

radmuzom wrote: post #11

Ten years back, when I was fresh out of college, I joined a startup - not as a founder but as the first employee. A lot of it was driven by reading Paul Graham's essays, and I was naive and immature enough to believe that I was doing something great (as an aside, I came from an economically disadvantaged family; and every cent of my assets today is something I have earned and not something which I have inherited or o…

Would you elaborate on how different is the life as the employee compared to the life of the founder (in your experience)?

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#134

Post by karambahh »

aianus wrote: post #117
bakhy wrote: post #103

Earlier quoted context omitted.

well, a full answer to the question would also need the percentage of college graduates that land jobs in big companies in the valley... P.S. I don't think we'll get far with this... i just noticed, e.g., "median household income in the US" - that seems a tricky thing to compare with, given that many ppl in the US don't have health insurance, or live in trailer parks eating off food stamps...

I think almost all my (upper-year) classmates got offers to at least one of Amazon/Microsoft/Google/Facebook/Twitter/Palantir/Uber. And I went to a school in Canada that nobody's ever heard of (University of Waterloo).

From across the pond, I can tell you we do have heard of you.

I don't follow the Shangai listings (because to me they are kinda pointless) but if pressed to list canadian universities, University of Waterloo would definitely be there....

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#135

Post by gregpilling »

imauld wrote: post #112
gregpilling wrote: post #90

Every third world country I have been too is filled with entrepreneurs hustling to make a buck. Having money helps with big scale business; having no money means you are buying a bag of oranges and selling them off individually on the street corner. I do not come from a family with money. I grew up below the poverty line in fact. This article is crap. It is like saying "Entrepreneurs are all white males" because a lo…

I'm not sure this article is trying to down play successful ventures from non-stereotypical entrepreneurs but it's making the argument that that the image of the bold, risk taking entrepreneur might not be so accurate in the sense that that aren't really risking that much. It doesn't say that all successful entrepreneurs are white, male and privileged. It just says that a lot of them are and that the largest indicato…

I understand this issue perfectly. In the referenced comic strip, I am Paula on the right and my children are on the left side.

What is left out in that strip, is that because of the way I grew up, I am left with a drive to accomplish things that I simply do not see in my own children. The hunger, the drive, the ambition are all from a crappy childhood. The drive is where my success came from, it is what gets me off the floor when life knocks me down. It is the drive that provides the "I refuse to lose" mentality.

I don't claim that this drive is all good. A lot of times I think it makes me a little obsessive and crazy in my need to succeed and reduces the number of days I relax.

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#136

Post by chrisbennet »

Rainymood wrote: post #111
radmuzom wrote: post #11

Ten years back, when I was fresh out of college, I joined a startup - not as a founder but as the first employee. A lot of it was driven by reading Paul Graham's essays, and I was naive and immature enough to believe that I was doing something great (as an aside, I came from an economically disadvantaged family; and every cent of my assets today is something I have earned and not something which I have inherited or o…

TL, DR; It is much easier to do X if you have some basic level of financial security in your life. Same goes for education. "Rich" people can pursue and education in terms of opportunity costs. Some kids I went to HS with had to work part time to support their own families, having less time to invest in their education ... really sad story.

Don't forget the unpaid internships. Only wealthy kids can take advantage of those.

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#137

Post by cardine »

crdoconnor wrote: post #125
ambicapter wrote: post #122

Earlier quoted context omitted.

The internet?

No. A well trafficked website or ads are distribution channels. Getting a mention in a newspaper likewise. Just putting something up on the Internet and hoping will get you nowhere.

There are a million free or extremely cheap distribution channels on the internet. My current business with 7 figures ARR was launched almost exclusively on industry forums and there are no connections required to create an Adwords account. There are countless businesses that started on Reddit or even here on Hacker News with a $0 advertising budget.

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#139

Post by cardine »

whoiskevin wrote: post #85
gonzo wrote: post #37

Earlier quoted context omitted.

> Sure, there're exceptions when someone with little money and hard work managed to grow their business, but they're that - exceptions. My grandfather (and father) were that person.

Hmmm if your grandfather was successful in some significant way then your father benefited from that security which is exactly what the article is about. So claiming both were those exceptions is a bold claim indeed.

Maybe they started a business together?

Re: Entrepreneurs don’t have a gene for risk – they come from families with money

#140

Post by rubiquity »

majani wrote: post #82
lint_roller wrote: post #34

Earlier quoted context omitted.

I have a very similar story, except I'm on part one. Recent graduate, very modest family, and drank all the Paul G koolaid which got me to jump into the whole scene just to realize I'm mostly surrounded by upper middle class types where there's still risk being taken just not nearly as much. This has taught me to always consider the source of advice more rigorously. I still think he's a great thinker, but some of the…

A suggestion for the disclaimer: *this advice only applies to upper middle class white males based in Silicon Valley(or at least the US), who own trendy startups that have raised some VC funding

You don't have to be a white male to be an upper middle class startup founder.
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