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Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success, rather than opening a business,

Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success, rather than opening a business, building its loyal clientele by offering a valuable service they appreciate, employing people which helps their own lives grow and being able to support your own self from all that. What the f would Peter Thiel know about the joy derived from feeding someone good food?

chii 9y ago
> filthy rich is the only marker of success it's the only marker that others judge you by.
- buttcoinslol 9y ago
  Said the king, before the guillotine fell and decapitated him
enraged_camel 9y ago
There are many other things one can derive joy from that don't require putting in 90-hour workweeks, won't cause crazy levels of stress and aren't likely to result in boatloads of debt.
RHSeeger 9y ago
> Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success Actually, it looked like his analysis was for what was required to break even, on the average. Invest 10 million (across 10 companies), get back 10 million in profit from the 1 (of 10) that succeeds.
- wavefunction 9y ago
  I am trying to point out the ludicrous attempt to apply tech venture capital strategy to starting restaurants. There is no way anyone is going to open ten restaurants simultaneously, fail at 9 of them and earn 9 million in first-year net profit from the 10th. That's not how opening or operating restaurants works.
  - Dylan16807 9y ago
    Instead one person opens one restaurant and they have a 90% chance of failing. That's so much worse!
    - mrunkel 9y ago
      I think you have that wrong, 90% of people fail at opening and operating restaurants. Some folks have a very high success rate. I think the failure rate I’d restaurants is more tied to the types of folks who open restaurants than the business model.
gbacon 9y ago
Sure, if sufficient care, attention, and elbow grease made it a near certainty that even a halfway competent owner/manager could take out, say, $100k per year to live on, then you might have a reason to be a little indignant toward Thiel. The restaurant market is notoriously fickle with considerable risk of ruin. Between opening a restaurant and building its clientele is a lot of uncertainty. It’s easy to look at the surviving restaurants and think that anyone could make a comfortable living at it. The economist must consider both the seen and the unseen — of which the latter in this case is all the restaurants that started and failed.

chii 9y ago

> filthy rich is the only marker of success it's the only marker that others judge you by.

buttcoinslol 9y ago
Said the king, before the guillotine fell and decapitated him

enraged_camel 9y ago

There are many other things one can derive joy from that don't require putting in 90-hour workweeks, won't cause crazy levels of stress and aren't likely to result in boatloads of debt.

RHSeeger 9y ago

> Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success Actually, it looked like his analysis was for what was required to break even, on the average. Invest 10 million (across 10 companies), get back 10 million in profit from the 1 (of 10) that succeeds.

wavefunction 9y ago
I am trying to point out the ludicrous attempt to apply tech venture capital strategy to starting restaurants. There is no way anyone is going to open ten restaurants simultaneously, fail at 9 of them and earn 9 million in first-year net profit from the 10th. That's not how opening or operating restaurants works.
- Dylan16807 9y ago
  Instead one person opens one restaurant and they have a 90% chance of failing. That's so much worse!
  - mrunkel 9y ago
    I think you have that wrong, 90% of people fail at opening and operating restaurants. Some folks have a very high success rate. I think the failure rate I’d restaurants is more tied to the types of folks who open restaurants than the business model.

gbacon 9y ago

Sure, if sufficient care, attention, and elbow grease made it a near certainty that even a halfway competent owner/manager could take out, say, $100k per year to live on, then you might have a reason to be a little indignant toward Thiel. The restaurant market is notoriously fickle with considerable risk of ruin. Between opening a restaurant and building its clientele is a lot of uncertainty. It’s easy to look at the surviving restaurants and think that anyone could make a comfortable living at it. The economist must consider both the seen and the unseen — of which the latter in this case is all the restaurants that started and failed.