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I would have thought it is the other way around. You don't need a privileged background to turn a $100k into a unicorn. This is a question of different factors.
by goto11 7y ago
I would have thought it is the other way around. You don't need a privileged background to turn a $100k into a unicorn. This is a question of different factors. But a privileged background will make it a lot more likely you can get to to a $100k startup in the first place. Because you can take more risks, fail more, bootstrap longer, rely on friends and family etc.
Almost every successful entrepreneur have multiple failed startups in the baggage. But you are already privileged if you are able to fail multiple times and still bounce back.
- mskvsk 7y agoYes, privileged background is an amplifier and higher starting point. But you don't need any money to make a startup today. Generally, you need a computer with internet access. Although, even a computer is optional as I know some founders who started with just a smartphone (they were building Instagram accounts). Having said that, there are some people on this planet who are truly underprivileged and can't afford not even a device with internet connection but the very idea that startups could be built by individuals. That's scary.
- zimpenfish 7y ago> But you don't need any money to make a startup today. Generally, you need a computer with internet access. And free time.
- mskvsk 7y agoAmong many other mandatory things, yes. But money is not one of them.
- goto11 7y agoI don't think the cost of a computer is a big deal these days. The question is the cost of the time investment to bring a startup off the ground. If you live paycheck to paycheck and have to pay rent etc. this can be difficult.