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The formula for success is apparently: Intelligence + hard work + risk taking + luck I want to focus on risk taking, because Mr. Adams mentioned that the degre
by rauljara 17y ago
The formula for success is apparently: Intelligence + hard work + risk taking + luck
I want to focus on risk taking, because Mr. Adams mentioned that the degree to which risk taking rewards you is a function of intelligence. It seems like in the recent economic downturn capitalism did reward good risk taking in say, the banking industry, but it also failed to punish bad risk taking, as many of the same people who caused the crisis still received their bonuses, and probably will well into the future.
The phrase the rich get richer tends to resonate because very often the rich engage in behaviors which would result in serious consequences for the poor, but for which the rich only seem to get rewarded.
- pchristensen 17y agoThere are two ways to take a risk: 1) Bet on something unlikely and get lucky 2) Have an advantage over others so that your chance of success is higher than the average chance of success. #2 is pg's approach to startups - starting a company is "risky", but starting a company if you're determined, smart, and connected to a system that turns entrepreneurs into companies isn't risky at all, with a ~50%+ success rate. On a sinister note, insider trading falls into this category too - the market isn't a random walk if you know information that will move it, and your information gives you an advantage over the average investor.