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Entrepreneurs don’t have a special gene for risk, they come from rich families

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Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#71

Earlier quoted context omitted.

but if you're earning "a lot" in 3rd world country, then you probably have e.g skills and with skills it'll be easier for you to transfer yourself and you aren't going to start from the bottom

Do you think you are born with those skills? When I was a kid I remember staying up past midnight always to finish my math homework. I had seen a bit of news saying that being good at math was key to becoming a video game developer, and that was enough to give me hope.

I had a computer when basically nobody else had one and I had the chance to learn programming when almost nobody in my country even knew what it is.

I also had relatively wealthy parents which enabled me to save up to move/emmigrate.

Emmigrating to a wealthy country is crazy expensive. Plane flights, rent/down payment etc

Which all boils down how massive of an advantage being wealthy is/middle class is even if that wealth is peanuts by US standards

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#74

This is just more of the pervasive attitude of grievance and blame gaming we have these days. Yes, some entrepreneurs come from rich families. But many more are for example, the immigrants that come here and have no choice but to become an entrepreneur to support their families. Entrepreneurs are everywhere. They are running pop ups at the flea market. They cook your food in the restaurants. There's a +billion entrep…

I agree that many businesses are started by immigrants and lower income. I think the title of the article is sloppily worded but I believe it’s more so referring to tech startups. Unicorn founders are overwhelmingly from wealthy families.

This is likely the most accurate take. Psychologically humans tend to categorize the median with the extreme outliers. That’s why we eat these kind of articles up, when instead we should be talking about how to start a successful business without coming from a rich family.

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#75
It is tough starting from very little and when your family has very few financial reserves - to deny this is disingenuous.

You have fewer resources, less influential contacts, less social standing, and are viewed as more of a credit risk. You may be viewed as easy meat by competitors. You cannot afford the same premises or advisors or equipment and when you are short of cash there is no bailout buffer. You have more obligations and less time to rest. You are likely to be more stressed and if you get ill, you will struggle.

This sucks - big time. It is going to mean that quite often less competent or industrious people are going to enjoy greater success and prosperity.

But you cannot let that consume you. You can still do a great deal by using your initiative and using the opportunities that are available to you. Because, it is possible to succeed even from very humble beginnings - I have known quite a few people do so.

And work with good people. Find intelligent, hard working types who appreciate where you are at and what you are trying to do and who will have your back. Work with these people - make sure you have their back too.

With the right allies it may cost each of you half the time and half the pain to improve your financial situations by 100% compared to going solo.

With the wrong 'allies' you are committing suicide, so drop them. Whilst people can be your greatest assets, they will generally also be your biggest liabilities.

Statistically, even with changes affecting government and society, more people are likely to be of below average wealth.

So, if you want to pursue a system-wide level of change, I suspect that a measured approach to doing so would be wisest, using opportunities as they arise, focusing on your immediate circumstances first and being aware that the tangible outcome for yourself can be very hard to control.

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#77

It is simple. 1. Some people take risk because they CAN and probably what they have seen from their family/parents (a.k.a rich/privilege). It is the cool thing to do. 2. Some people take risk because they WANT to regardless of their family situation (I am in this category). I just cannot see myself working in a job. 3. Some people take risk because they HAVE to. They have nothing else going on for them and doing thei…

And

4. For some people there simply isn't a risk.

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#78

It is simple. 1. Some people take risk because they CAN and probably what they have seen from their family/parents (a.k.a rich/privilege). It is the cool thing to do. 2. Some people take risk because they WANT to regardless of their family situation (I am in this category). I just cannot see myself working in a job. 3. Some people take risk because they HAVE to. They have nothing else going on for them and doing thei…

It looks like you have just generalized entrepreneurship. There are also some simple facts about growing up poor. Even giving a poor person a lot of money does not put them in the same boat as someone who grew up around the mentality of "money as a tool" instead of "money as a scarce resource." There are biological differences [1] to growing up poor vs wealthy. Those differences are often compounded by poor nutrition…

I agree that being poor puts you at a disadvantage compared to people who are not poor. But I don't agree with the premise of this article. Just because it is harder doesn't mean you cannot have the risk taking ability in you. People who really want to be an entrepreneur figure out ways to defeat their disadvantages.

I just don't buy that you cannot be an entrepreneur because you were born poor. However, I agree that it makes a lot harder.

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#79
post #73

I'd be much more likely to start my own company if I didn't have the burden of health insurance for my family.

This made it a lot easier for me to start my startup and quit my day job. Both of which were very beneficial to me in the long run. I might not have taken the risk if I were American rather than Canadian with my new baby to take care of.

I put my success down to luck and the social safety net up north.

Re: Entrepreneurs don’t have a special gene for risk, they come from rich families

#80

This is just more of the pervasive attitude of grievance and blame gaming we have these days. Yes, some entrepreneurs come from rich families. But many more are for example, the immigrants that come here and have no choice but to become an entrepreneur to support their families. Entrepreneurs are everywhere. They are running pop ups at the flea market. They cook your food in the restaurants. There's a +billion entrep…

> There's a +billion entrepreneurial hustlers in the world doing whatever it takes to feed their families If your definition of "entrepreneur" is "people doing what it takes to stay alive" then literally everyone is an entrepreneur and the term has lost any particular meaning. I would take entrepreneur to mean "an individual who undertakes an unusually risky venture in order to have access to exceptional personal gai…

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