951–960 of 1001 posts
How to actually make a billion (the YC formula): 1. Work hard to build a great product. 2. Get VC money. 3. Offer great product for free by spending ridiculous amounts of VC money. 4. Switch to a paying model once you have starved any competition with your free offering.
4. Do a "successful exit" and let some other fool figure out how to make the company profitable.
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Having been on HN for 15+ years I have found it fascinating to witness the fawning and adulation over pg blog posts completely reverse and everyone has turned on him now. It used to be if you criticized anything in his blogs you’d get downvoted to oblivion. Now criticism is the norm. As far as I can tell it’s less a change in pg’s viewpoints (though the topics have evolved, and he has gotten more transparent perhaps)…
Compared to 2011, HN turned from optimistic techno-enthusiasts who couldn't wait to see new stuff around the corner into an aging millenial club, just like reddit. I used to come here every day and talk to people, and how I hardly do it once a month. I think it's mostly demographics. Most people my age (I'm 38) have to come to terms with the fact that their most energetic age and most of their opportunities are alrea…
I'm always curious as to why something that happens to 100% of humans remains 'uncomfortable.' Like there's nothing in genetic code making aging (or death, I suppose) less uncomfortable. It's kind of fascinating.
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Why do you think no one is contradicting him? The exponential growth model that pg presents is an obvious lie - you could use his exact explanation to claim that good founders will soon become trillionaires, all it takes is 9 months of 93% growth after your first few billions; quadrillionaires will soon follow. The obvious reality is that exponential growth is just a small phase in any company's history, and it is an…
I agree with you, but what would be the argument against Athletes and someone like J.K. Rowling (Harry Potter author)?
She also pays full UK tax on her earnings, the 36th most of any individual.
Disco Stu meme Paul is my favorite example of "brain gout." I learned what gout was as "a disease kings used to get by eating foods that were too rich." Paul's writing when he was closer to reality, in the early 2000's, was a lot more insightful, because he was closer to reality. But if you've spent 21 years never having a material concern, and increasingly interacting with other rich people (or young people who idol…
I think the way network effects and valuation creates billionaires is a more earnest defense. But that would start to lean into sociology and luck more than the hard-work he must insist upon, so I guess we sweep that under the "exponential because hard work" rug too.
How can someone so successful be so naïve? The statement, "impossible to earn a billion dollars," is not meant to be taken literally. It is used to underscore the fact that founders (and early investors) are paid ridiculously disproportionately to their employees. There is no labor that a single person can do (without the help of their employees, family, friends, network) that justifies earning $1B.
It is difficult to get a man to understand something when his net worth demands he not understand it.
Someone told me it was impossible to become an avogadrillionaire (to have a net worth of one mole, or approximately 6.02 x 10^23 dollars.) Now there's this founder I know whose startup grew 93% last month. Let's be conservative and say she has 2 million dollars. Let's calculate how many months of 93% growth it takes for something to grow 301,100,000,000,000,000x. The log base 1.93 of 301,100,000,000,000,000 is 61.209…
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What if -- bear with me here -- it's possible for bright, motivated founders to create startups that your kids can work in, but those founders could be content with merely making a hundred million dollars? Because, and I don't know if you know this so you may have to take it on faith, that is still so much money that said founder and their family and very likely their descendants can live in extreme luxury for the re…
The primary issue with this is the way shares and equity work. Elon Musk is a trillionaire on paper. He pays himself famously little. That net worth is, under our current system, tightly linked with his interest and control in his various enterprises. He can borrow against it which gets around taxes and that should probably be addressed, but he like the hypothetical fresh billionaire startup founder don’t have that m…
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> I've got kids, I want people creating start ups they can work in, the alternative is too grim. I also have kids. I want them to live in a just society where billionaires, whom Mr. Graham proudly grooms, according to his telling of the matter, don’t actively undermine the ability of ordinary citizens to earn a living wage, to have a say in self-governance, and to enjoy universal healthcare.
I think you'll find its not billionaires stopping that, its elected officials.
Playing devils advocate here: Maybe the politicians position is that the whole system is based on cheating and everyone who partakes is acting immorally? Is it fair that the founder got education and some money to start his company while other people are living on the street or have to care for relatives? If they come from a relatively privileged position and manage to build a company that ends up being successful, d…
But luck is also not "earning" in most senses of the word.
The amount of negativity to this is depressing. No one seems to be contradicting anything he's saying here, instead it's just vacuous ideology "extraction" etc etc. Purposely narrow reading. I've got kids, I want people creating start ups they can work in, the alternative is too grim.
I can't speak for his other essays but this article was not great. He basically does some maths to show exponential growth. The definition of "earn" is not on the chopping block. Nor is what it means to "cheat" - which he introduces pretty early on. And times change. With the announcement: "[Insert name] is a billionaire!" It used to be: "Congrats to them for making the world better in some way and reaping the reward…
Indeed this wouldn't even be front page material if PG's initials were not on it.