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> Next time you have an idea and it gets rejected, I want you to think of this email. The winner of a lottery could go around telling people not give up buying

• bazillion 11y ago
  I don't think that's quite applicable in this case, as getting a business funded is a far cry from winning the lottery -- plenty of people frequenting this site were able to obtain funding under similar circumstances (a lot of rejections amidst a couple yes's). The reason this is the exact opposite of winning the lottery, is that the lottery is the equivalent of saying, "Please, a higher power, change my life by granting me all that I want.", whereas someone getting their company funded is more akin to saying, "I want to take full responsibility for the failures and successes of my own life, and to even become responsible for the livelihood of others.". In short, they are worlds apart as far as mentality goes. Regardless of the success of the company after the funding, going forward with a company in the face of such utter rejection by those who the author viewed as "smart people" takes a mentality that is shared by pretty much all of those who have achieved similar success.
  • vacri 11y ago
    arikrak is saying that it's "this startup became a billion-dollar concern" that's winning the lottery, not the funding step. The funding step is analagous to buying the lottery ticket. In clearer words, it's confirmation bias: there are thousands of ideas and startups pursuing them. Most fail, some succeed, a rare few become AirBnB gorillas.
  • curiousjorge 11y ago
    Or maybe the "smart people" are exactly that and that's as far as they will go as we've seen throughout history when smart people get together decisions become more about maintaining ones ego rather than actual results. Taleb terms so called smart people as "empty suits". 50 cent is a successful venture capitalist, but do people picture him first when they think smart people?
• michaelpinto 11y ago
  A lottery has a fixed set of rules, and in terms of game design they do design it where you can win every so often but being a fixed game the odds are against you (like a casino). And part of this is also that a lottery is a game of chance, not a game of skill. Pitching for VC or angel investment is not a fixed game with a set of pre-determned rules, and also does involve skill. So I would say that it's not really the same as buying lottery tickets. Also unlike a lottery where you have an even playing field there are people who do have advantages (friends with wealth, a good network, track record, etc.) Now are the odds against you? Of course! In fact you can still raise VC or angel money and still go under, and in fact most will. But in a broader sense the same rules apply to starting any sort of business if you think about it.
• austenallred 11y ago
  You could also make that statement about anyone who had been successful in any way. Calling any level of success "luck of the draw" seems to be an awful way to look at things.
• abannin 11y ago
  Plenty of companies exist because of luck, but turning an international, multi-billion dollar industry upside down takes far more skill than luck.
• AznHisoka 11y ago
  I rarely ever take advice from successful people, only people who've failed. Successful ppl sometimes are blinded by their own success/luck.
• arikrak 11y ago
  Note: My point isn't that startup success is pure luck, just that the likelihood of becoming a huge success is very small. People always focus on these 1-in-a-million success stories, but it may be a good idea to realistically reflect on your odds. (Becoming a very successful startup founder can be better compared to becoming a famous actor or athlete. A successful athlete may also tell students "don't give up, I succeeded", but that doesn't make it good career advice for most people.)