by Benjamin Snyder @WriterSnyder July 17, 2015, 4:53 PM EDT It’s one of the most important factors. The secret sauce to being a successful entrepreneur is apparently coming from a family with money. Quartz reported that when a person has more cash on hand, they’re able to take the risks needed to kickstart a business. “Many other researchers have replicated the finding that entrepreneurship is more about cash than dash,” according to Andrew Oswald, a University of Warwick professor, in an interview with Quartz. “Genes probably matter, as in most things in life, but not much.” A 2013 research paper cited by the publication also found that shared traits among entrepreneurs included being white, male and well-educated. “If one does not have money in the form of a family with money, the chances of becoming an entrepreneur drop quite a bit,” according to Ross Levine, one of the economists who wrote the study, to Quartz. Per the article: The average cost to launch a startup is around $30,000, according to the Kauffman Foundation. Data from the Global Entrepreneurship Monitor show that more than 80% of funding for new businesses comes from personal savings and friends and family. For more on entrepreneurship, here are 10 quotes from Shark Tank’s “Mr. Wonderful,” Kevin O’Leary, on the subject.
This makes sense. If you come from a regular working family, you are taught to WORK and that SAFETY and SECURITY are the number one priority. I know I was--- My mother preferred me to be a low paid claims adjuster or mtg loan officer than start my own biz because it was safe. The ironic part is, my safety/security fixated parents started a business in their 70's and it is thriving a decade later-- finally at the end of their lives, they are finally living . surf
we didn't have a lot of money. The last ones on the block to get a color tv. But my father always taught me, "Work for yourself." (well, we had a lot of money but my father very rarely spent it)
I am so dismayed when the liberal elite democrats talk about people like their only hope is to get a job and work for someone else. Later in life I realized, "They aint never going to pay you what you are worth." If you want to make that kind of money work for yourself.
I don't think it's a problem if people want to work a straight ahead job and live a reasonable life. The issue these days, as we all know, is that it's getting much harder for people to do that. There needs to be something between poor and shit-eating-grin-welloff->rich.
yes, and the only path to your eutopian dream is enterpreneurship. Wouldn't it be nice if we could all get ahead without taking on more risk? If you don't want to take on risk, good luck to you fella, you are probably going to end up working for someone else who will never pay you what you are worth. You can bitch about it or take on some risk. The choice is entirely yours.
That's not really the point. The point is that within the last 3 decades there's less middle ground and there's nothing wrong with a middle ground. But hey, trickle down and all that bullshit.
Well, that's what a lot of people expect from high tax democratic systems, just vote for the right government and it will steal from the risk takers and redistribute the wealth, after taking a confortable commission. I'm glad it only works to some extent, but it's clear a lot of people expect both job security and their share on profits for risks they are not taking.
I don't mind robbing from the rich and giving to the poor, we will just win it back. It's the "commission" you talk about that is the problem.
It never stops amazing me how someone can see an article (I didn't say read it), and take away the EXACT opposite conclusion of what the article is trying to say through the study. We have known about this psychological condition of the human condition so I guess it i s no longer surprising. On another note, In addition to what the article is saying, I would add that children of people with money generally groom their kids so that if they decide to go into business, they understand the many pitfalls that the ones without that background don't have. Result? Probably less risk taking by the uninitiated, and more failure in the lower decks.