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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

#191

Post by ilaksh »

dahart wrote: post #126

The article is arguing as if Social Darwinism is an accepted theory of business success. Is it really? I don't think so. I followed several of the links the article was using to support the Social Darwinism claim. One only was actually making that claim (inc.com) and it was obvious pseudo-science, it has the wonderful line: "Self-employment income is heritable". To the people taking offense to this because they didn'…

Social Darwinism is literally the most popular belief system in the US (and many other countries) aside from some Christian morality. It is popular among rich, poor, and in between.

Most are thinking to themselves "even though I don't have as many advantages I will still be able to make it some day because deep down I a, special". So that belief system helps rationalize self-worth.

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

#193

Post by mindcrime »

Wow, talk about an article that is completely devoid of value. That stands out as soon as you see "cult of the entrepreneur" in the first sentence.

OK, now we know that most entrepreneurs come from "families with money" (according to their definitions anyway). Great, so what do I do with that particular bit of information? I'm most definitely not from a family of means, so do I just quit now? Have I been deluding myself? If so, so what, it's my right to spend my time and money however I want anyway.

It's not like I can go back and change my parents.

If you're not from a family of means, do things differently. For example: work a day job making a reasonable salary and work on the startup on the side, supporting yourself with your salary until you have a product built. Not every entrepreneurial scenario involves gambling with homelessness.

Whatever. I smell bullshit with this article anyway. This is just propaganda from the sect of people who hate individualism, hate capitalism, and will take any opportunity to bash the idea that anyone can advance in life through hard work, grit, determination and moxie.

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

#194

Post by chaz72 »

bobjordan wrote: post #105

I mostly agree with the article in that at some point you must gain access to capital in either cash or credit and then put it at risk. That said, I was born in WV to 17-year-old mother and 20-year-old father. I was their second child. My father was a coal truck driver, mother a secretary, neither college educated. By the time I was four, my father was in prison two years, and my mother was a struggling 21-year-old w…

Anecdote.

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

#195

Post by mindcrime »

ausjke wrote: post #131

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 poo…

It's just some of those start-up pumpers keep ignoring this fundamental truth.

And they should, because it's irrelevant. You can't change your parents, ya know. In the end, you play the hand you're dealt. If you're not from a rich family, maybe you just have to work that much harder, but I don't think the moral is "you were born poor, so just STFU and accept your lot in life".

If someone wants to be an entrepreneur, they will find a way, even if they're from a poor family. Note that I'm not saying they'll all build billion dollar Internet companies - the range of what "entrepreneur" encompasses is pretty broad.

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

So? There's a binary difference between "unlikely" and "impossible". Should we all avoid striving for anything that's "unlikely"? Most kids who play high-school football will never even get a scholarship at a BCS school, much less play in the NFL. Most kids who play football for BCS schools will never play in the NFL. Should kids stop dreaming of being NFL players?

What if nobody bothered to dream anymore? What if nobody said "Fuck it, I can overcome the odds and do the unlikely?" Personally, I don't want to live in that world.

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

#196

Post by pound »

matwood wrote: post #108
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; On an average, it is much easier to start a start-up if you have some basic level of financial security in your life. I didn't realize this was some secret. Someone who has parents who are doing well and can pay for their college and living expenses indefinitely will be at an advantage. They can take risks others can't. BTW, this is true from the time someone is born. Parents who are well off will send thei…

yes, it is common sense and everyone indeed knows it. But many want to believe in SV as some not rest of the world place with equal opportunities for everyone, just be smart. We all want it to be ruled by meritocracy. That's why we keep drinking this koolaid.

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

#197

Post by Jtsummers »

aianus wrote: post #130
MisterBastahrd wrote: post #127

Earlier quoted context omitted.

.... what planet do you live on? That certainly isn't the case for the vast majority of developers, even if their lifestyle involves a studio apartment and ramen noodles.

GDP per capita in Vietnam is $2k. I think you're overestimating how much it costs to retire. Even $500k would be enough that you'd never touch the principle.

I think you're underestimating the social cost of moving halfway around the world to a place where you aren't familiar with the culture or language or people.

If you're single and socially unattached, your proposition is viable. But you can't readily expect someone's SO and/or children to be as willing to cut ties with their home. And if you have a solid group of friends, that's a big thing to give up and to try and rebuild in a foreign land without the benefit of common language and culture.

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

#198

Post by orthoganol »

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

I know a lot of Blacks, Asians, and Women born into a lot more privilege than I, who exhibit the same behavior as those white male founders who sometimes get described as egotistical/ self absorbed/ "douchey".

I mean, are you trying to claim there are no upper middle class tech scensters who are Black, Asian, or Female? Or do they get a pass for acting exactly like the white male counterpart because they aren't white males?

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

#199

Post by mtberatwork »

jasonkester wrote: post #132
mtberatwork wrote: post #100

Earlier quoted context omitted.

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 200…

You initially mentioned starting salary, now you are just mentioning 6 figure developer salaries in general. Again, $120k starting salary for your average junior developer fresh out of college isn't a reality outside of places like SV.

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

#200

Post by branchless »

vixen99 wrote: post #20
branchless wrote: post #16

Earlier quoted context omitted.

The rich and powerful lionize the rare exception who does make it out of poverty because it justifies the (largely) unfair system.

The dictionary I've used comes up for 'unfair' as 1. Contrary to justice or a sense of fairness 2. Contrary to laws or conventions, especially in commerce; unethical: unfair dealing and 3. Not kind or considerate. Which one do you mean?

I've looked in the dictionary and "contrary" comes up as "opposite in nature" or "perversely inclined to disagree". Which one?
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