3 ms·
don't forget: - safety net in the form of a wealthy family - business model based on rent-seeking
by flashman 8y ago
don't forget:
- safety net in the form of a wealthy family
- business model based on rent-seeking
- madeuptempacct 8y agoThe first one there is way more common than people think. The funny thing is that people will deny it vehemently. When I got my first "real" job, I wondered how my coworkers, making less than me, were justifying their BMWs and Lexuses. Then I found out that they aren't dumb, they just have 10 million dollar trust funds and having a job is a pre-condition their grandparents set.
- flashman 8y agoNever underestimate the value of being able to forego VC and/or a salary. Allows bigger risks and upside, which combined with survivorship bias makes successful founders look like someone to emulate.
- hndamien 8y agoThe thing about the ability to take bigger risks is that it isn't very often noticed or acknowledged by the risk taker since it doesn't seem that apparent that there was a safety net that allowed the risk-taking. The risk taker feels that they would have done it anyway, whether or not that is true.
- jpatokal 8y agoOyo's CEO was indeed "wealthy": so much so that he'd get a a whopping $4 in pocket money every month when in school. Better off than the average family in Orissa, sure, but not exactly trust fund territory. https://www.livemint.com/Companies/7CN7u5d4i3bfYgBAZLdLpM/Will-the-real-Ritesh-Agarwal-please-stand-up.html https://www.livemint.com/Companies/7CN7u5d4i3bfYgBAZLdLpM/Wi...