Entrepreneurs and Millionaires are not much smarter than most people on WSO.
Wanted to write this post and understand your perspective.
Most rich people (USD 10 mill+) I've met or seen do not have a fancy degree, were not very good at school and in general are not much smarter than IB/PE/Consulting professionals. Here I am not talking about tech billionaires like Musk or Bezos. I'm talking about normal business owners in industries like textiles or chemicals who started a small business and grew it to 20-50 million USD enterprise. And I guess most people would be fine with USD 20mill+.
You're not wrong. One of the owners of the local UPS store in my small city owns roughly 3 total. Many of the nail salon owners in the Asian community are driving Lexus/BMWs/Lotus/Ferraris and live in the nicer areas of towns (roughly 800-1m+ home values). Most of the owners of businesses I go to on the weekends barely finished their education (no college) and became highly successful.
There are many roads to success. However, people on here are risk-adverse. I feel in the ages to follow, it's a good path to take (and do not want to live the life of "what if").
Ya but it's risky and when you've spent tens of thousands on your education and with everyone expecting you to make money straight out of college in a respectable and safe career path, it is mentally difficult to give it all up to start a business
My 2 cents; IB is a trap because you lose all your free time. If you worked in a career where the average week is 50-70 hours, at least you have some time and capacity to start a side business and eventually hire some help. When you work in IB, that freedom is taken away from you for an extra $XXX,XXX amount annually. The long term cost is your freedom/time.
If you can land a job in commercial/corporate banking/accounting/tech - you have the best risk/reward ratio if you simultaneously to your day job also work on building your own small business during evenings/weekends.
1) safe, somewhat high compensation and job security
2) still have time to do startup
3) if startup fails, you’re not out of a job and can just try again when you save up some more money from your next bonus.
It's the equivalent of putting 80% of your investments in blue-chip stocks and tech, and 20% into high-growth Naked Options on stocks
agreed. most entrepreneurs start their side hustle while working full time.
yes agreed but there is a bit of a fallacy in your logic. youre not taking into consideration the thousands without a degree that start a business that comes to nothing. I think theres something about this in the black swan by Nassim Taleb.
There's nothing wrong with failing to start a business, it translates into new skills/knowledge learned, stronger character, better at your main job, and can give you the foundation to decide to go after your second business (I don't have statistics, but I would bet that on average, when people start a 2nd business, it has a higher chance of survival than a person's first business).
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