Hello, From the experience of anyone who has known top traders and top entrepreneurs, I am wondering: 1. What are the differences in skills required to be a top trader vs. top entrepreneur? 2. How do the motivations differ? Thanks
The latter requires social skills, in addition to everything the trader requires. Succeeding big as an entrepreneur is much much harder than succeeding as a trader. That's a loaded question I'll leave to others. Nothing good can come out of that discussion.
In the same way a dentist is an entreprenuer, but not in the same way the guy who founded the local pizza parlor.
I would say that traders tend to be more analytical and quantitative. Esoteric questions about statistical distributions don't really ever matter to entrepreneurs, but they may matter greatly to traders.
Depends on the type of trading. If you're hiking the backwoods of China looking for that special batch of green tea for import - yes - if you're a screen monkey pushing buttons trying to scalp pennies - no.
Please elaborate as to how that is not a business because if your an independent trader, you are a screen monkey pushing buttons trying to scalp/position trade, trading is your business.
Entrepreneurs are outsourcers. Many business owners basically just pay people to do things for them that other people pay them more for. Some guy pays you $1,000 to do something. You pay some other guy $200 to do it. You just "made" $800. There are companies who do nothing but this. For example, the companies who work on cell phone towers are basically subcontractors who subcontract out to other subcontractors and so on and the people actually doing the work get paid like $9/hr and have outdated safety equipment. Somewhere at the top of the line the money being paid by the cell phone company is like $120-150/hr. It's a really screwed up system because everyone has to "take their cut," even the people who don't do anything. I think the people actually doing the work should tell the cell phone companies "hey, we're actually doing the work." The cell phone company should pay them $90/hr. That way, they get paid fairly and the cell phone company saves money. And all the subcontractors who don't do anything can go screw themselves.
George Soros, Jiim Rogers, Cliff Asness, Julian Robertson, Jim Chanos, etc... don't have social skills?? Really?? And the Papa Johns founder has the same skill set as these guys?? Really?? I think the top top entrepreneurs luck out being in the right place at the right time while the top traders, well, lets see what the rest of this thread suggests they possess.