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“Here's the number I used to win the lottery“ –Entrepreneurs giving advice

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Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#221

Post by m3kw9 »

scarface74 wrote: post #178
m3kw9 wrote: post #101

Earlier quoted context omitted.

Luck is involved in everything because whatever you have decided, it’s not a sure shot of winning. The decision to make the product a certain way for example, or certain timing, marketing spend etc and all of them matter

The chance of the average CS grad - well at least until this year - of being able to “grind leetcode and working for a FAANG” (c) r/cscareerquestions and ending up with over 1 million dollars of before tax “profits” in four years is much greater than your average “startup founder” that’s not even counting the risk premium. And yes I’m far away from a new college grad.

Yeah, first finding out this is a way to game the software engineer hiring system and having the believe to go “all in” and try if one of the company’s stupid enough to hire mostly based on that fact

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#222

Post by scarface74 »

m3kw9 wrote: post #221
scarface74 wrote: post #178

Earlier quoted context omitted.

The chance of the average CS grad - well at least until this year - of being able to “grind leetcode and working for a FAANG” (c) r/cscareerquestions and ending up with over 1 million dollars of before tax “profits” in four years is much greater than your average “startup founder” that’s not even counting the risk premium. And yes I’m far away from a new college grad.

Yeah, first finding out this is a way to game the software engineer hiring system and having the believe to go “all in” and try if one of the company’s stupid enough to hire mostly based on that fact

You realize that is the way to get in all of the best paying companies as a software engineer?

No I didn’t do it. But I have 25 years of experience in the industry and was able to get a remote role via a slight pivot.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#223

Post by scarface74 »

encoderer wrote: post #219
scarface74 wrote: post #189

Earlier quoted context omitted.

Not if you have the connections and funding to start on third base where you can afford not to work and start your business on the side and hire enough people where you don’t have to work hard. I worked for a startup before my current job where the founders - two brothers - had connections with the governor of a state in the Midwest to get a grant to start a small health care company. Neither of them were technical.…

Yes some people have it easy. We have all seen this tons of times in life. So stop comparing yourself to other people. Nobody starts at the same place.

And that’s the entire purpose of the article. “I pulled myself by own bootstraps by calling my parents and asking them to write me a very large check and to put me in contact with someone who could give me a path in”

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#224

Post by kirso »

docandrew wrote: post #89
ldjkfkdsjnv wrote: post #23

Pretty clear to me after meeting a number of very successful people in NYC/SF that some people "just have it". Meaning, they can identify opportunities that have a high probability of success and execute on those opportunities. There are absolutely personality types/genetic backgrounds where stumbling into 100M based on thinking of an idea is a real thing. Also, if someone went to a school like Stanford, its common f…

I started a business and realized very quickly that there are people who are good at sales and business development, and I’m not one of them. The overall experience was still very worthwhile - what I learned about that side of things made me a better engineer, and I have a newfound respect for people who are good at the business side of things. It would be easy for me to chalk it up to bad luck or not having the righ…

Similar to software engineering its a skill that can be taught and honed. You don't get born as a natural salesman/woman but you learn the fundamentals, you practice and you get better.

Its funny how similar it is from the methodology perspective to programming despite it being about a completely different spectrum of skills.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#225

Post by tnel77 »

labrador wrote: post #171
tnel77 wrote: post #159

Earlier quoted context omitted.

If I may ask, what happened?

I was part of a small startup that was purchased by a big company, making me a worth a couple of million. It became a Tony Hsieh situation for me, with too much money and a large ego that told me I knew better than anyone. It wasn't until I surrendered and started doing what people told me to do to get better that I recovered. I had to be broke before that happened. It was quite a ride. I lived and survived all in on…

Your reply makes me think of a blog post I read (I believe it was this one: https://collabfund.com/blog/the-art-and-science-of-spending-...) that talked about how there’s a big difference between the mindset needed to make money, and the mindset needed to save money. Many are good at one, but few are good at both.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#226

Post by jollofricepeas »

oxfordmale wrote: post #202
jollofricepeas wrote: post #193

Earlier quoted context omitted.

Of course. We work jobs and do our thing on the side like most traditional American entrepreneurs do until their business gets off the ground. Who the hell is bootstrapping businesses without a job besides rich kids? 1. Get a cheap apartment in a slightly sketchy neighborhood 2. Work 7-8 hours at work and every other waking hour on your business. Take meetings during lunch. 3. Focus to the point of cutting out sports…

There is a parable I can't remember. The gist is as follows. A man/woman has a nice life, a cheap apartment in an okay neighbourhood. Their 9-5 job isn't particularly exciting or well-paid; however, at the weekend, it allows them to enjoy sports, video games and other frivolous activities, such as dating and hanging out with their partner or children. A stranger approaches them and says they make a much better life f…

…And that is the difference my friend.

This is life.

Life is inequality.

Not everyone is meant to be an entrepreneur or has the desire to do what it takes to become one.

Trying to convince someone to become an entrepreneur is like trying to convince someone to become a professional athlete or musician.

You must sacrifice frivolity for excellence.

But excellence can always dabble in frivolity.

The choice is ours to make.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#227

Post by labrador »

tnel77 wrote: post #225
labrador wrote: post #171

Earlier quoted context omitted.

I was part of a small startup that was purchased by a big company, making me a worth a couple of million. It became a Tony Hsieh situation for me, with too much money and a large ego that told me I knew better than anyone. It wasn't until I surrendered and started doing what people told me to do to get better that I recovered. I had to be broke before that happened. It was quite a ride. I lived and survived all in on…

Your reply makes me think of a blog post I read (I believe it was this one: https://collabfund.com/blog/the-art-and-science-of-spending-... ) that talked about how there’s a big difference between the mindset needed to make money, and the mindset needed to save money. Many are good at one, but few are good at both.

I knew how to write code, not how to make money. Thanks for sharing that article because it's a good one. I'm in good company. For example, Mark Twain blew most of his money on inventions that were never going to work. Nikola Tesla died penniless. And so on.

I just want to add, when you are born in the upper classes and you strike it rich, people around you will recommend you get a wealth manager and hand you business cards. That doesn't happen when you are working class. Your friends and family are equally clueless.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#228

Post by oxfordmale »

jollofricepeas wrote: post #226
oxfordmale wrote: post #202

Earlier quoted context omitted.

There is a parable I can't remember. The gist is as follows. A man/woman has a nice life, a cheap apartment in an okay neighbourhood. Their 9-5 job isn't particularly exciting or well-paid; however, at the weekend, it allows them to enjoy sports, video games and other frivolous activities, such as dating and hanging out with their partner or children. A stranger approaches them and says they make a much better life f…

…And that is the difference my friend. This is life. Life is inequality. Not everyone is meant to be an entrepreneur or has the desire to do what it takes to become one. Trying to convince someone to become an entrepreneur is like trying to convince someone to become a professional athlete or musician. You must sacrifice frivolity for excellence. But excellence can always dabble in frivolity. The choice is ours to ma…

It is a misconception you need to sacrifice frivolity for excellence.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#229

Post by fennecfoxy »

Apart from a few lucky people, it all comes down to generational wealth, basically.

In the UK the leadership pretty much all come from the same stock on both sides of the fence, private schools etc, to be in high business/politics you're pretty much raised for your job.

Re: “Here's the number I used to win the lottery“ –Entrepreneurs giving advice

#230

Post by eddsh1994 »

asah wrote: post #174
eddsh1994 wrote: post #163

Earlier quoted context omitted.

Did you found those IPOs and acquisition startups? That’s very impressive if so!

thanks. I was very early, but not a founder of the IPOs. If you have access to dealflow and add value (e.g. as staff, investor or adviser), then it's much easier to "pick winners" and let others take the bigger risks and enjoy the billionaire lifestyle. By valley standards, I'm a small but respected player.

Could you explain this a little more? I've worked in early stage startups for almost eight years and had 1 minor acquisition where I got barely anything. I'd love to look into this 'targeted approach' you mention.
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