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HOT TOPIC Agree or Disagree: Entrepreneurship is a privilege

Busybee22

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Here's the thing. Entrepreneurship IS a privilege. Some of us are so entitled into thinking that just because we can go out and start a business whenever we want, it's just whatever. That however, is NOT the case, as in some countries it is near impossible to raise one's station, with class systems or corrupt governments.
I was reading up on this the other day and found a few articles mentioning WHY some countries are better than others to start a business in. Note that all of these countries allow equal opportunity.

  1. Germany
  2. Japan
  3. United States
  4. United Kingdom
  5. Canada
  6. Sweden
  7. Netherlands
  8. Denmark
  9. Singapore
  10. Australia
The Top 10 Countries for Entrepreneurship, According to Public Opinion
 

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LuckyPup

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Hustle is free. If you are in good health, then you are OMG, guess what, privileged! If you have your mind in good working order, then you are privileged.

If you are only focusing on R & D for a productocracy, then you are doomed to fail. There are productocracies that don't require R & D, and there are a lot of businesses that aren't productracies. All of the following resources are free:

-The library
-Craigslist for flipping and generating cash
-Facebook Marketplace for flipping and generating cash
-Instagram, Twitter, and Facebook are free and you can borrow Gary Vee's book "Crushing It" from the library for free to learn how to use them.
-YouTube
-This forum

Things that are cheap:

A notebook
A pen

Use your notebook and pen and the above free resources and after reading and generating enough bad ideas, you will likely come up with some good ones.
Damn skippy!
 

LuckyPup

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Entrepreneurship is a right - atleast in western civilization. The right and freedom to determine your destiny is at the heart of the founding of Western civilization and is what makes our culture so great.

Where you start has it's advantages/disadvantages. Had friends in highschool who drove Range Rovers paid for by their parents, while I had to work 5 hours a night to pay for my vehicle and insurance. I thought it was unfair at the time. But 10 years later, they are working 9-5 corporate jobs and still don't understand personal responsibility.
Nailed it! Not sure if you're in the US, but it's tragically ironic that those who rant about privilege haven't a clue about the rights afforded us in our founding documents.
 

TreyAllDay

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Nailed it! Not sure if you're in the US, but it's tragically ironic that those who rant about privilege haven't a clue about the rights afforded us in our founding documents.
In Canada but am a fan of US founding principles, libertarianism, and capitalism.

Yes it is unfortunate and ironic - lots of people think they are fighting for freedom and equality by trying to change these principles and are doing the reverse.

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TreyAllDay

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Interesting story this week about the founder of that Fyre music festival being sentence to 6 years in prison.

$25MILLION raised for an app/festival all squandered due to poor management. In fact one of my customers just defaulted over $1billion in loans and bonds due to poor management. That is $1billion dollars of loaned money out the window in a few years.

Having money isnt a privelidge. We all play at different scales but the concepts are the same : make the right choices and you can achieve success.

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Kak

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Oh, a grammer nazi.
I encourage you (and anyone for that matter) to hold yourself to a higher standard... Shrugging off your shitty grammar and spelling does you zero favors.

Also, you capitalize Nazi. It is a proper noun.
 

Raoul Duke

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I encourage you (and anyone for that matter) to hold yourself to a higher standard... Shrugging off your sh*tty grammar and spelling does you zero favors.

Also, you capitalize Nazi. It is a proper noun.
 

ChrisV

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I encourage you (and anyone for that matter) to hold yourself to a higher standard... Shrugging off your sh*tty grammar and spelling does you zero favors.

Also, you capitalize Nazi. It is a proper noun.
Also, you corrected his spelling. So technically you’d be a spelling Nazi.

Sieg heil (over proper spelling of course.)
 

LuckyPup

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I encourage you (and anyone for that matter) to hold yourself to a higher standard... Shrugging off your sh*tty grammar and spelling does you zero favors.

Also, you capitalize Nazi. It is a proper noun.
I agree! Anything worth doing is worth doing well, and that includes participating in this forum. To me, an inattention to spelling and grammar belies mediocrity.
 

bobfour

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Your financial status is largely predetermined by birth.


John Paul Getty- then the 'richest man in the world'

Said this:

“In building a large fortune, it pays to be born at the right time. I was born at a very favorable time. If I had been born earlier or later, I would have missed the great business opportunities that existed in World War I and later.

“I suppose it takes a long time and it takes extraordinary circumstances to be born at the right time and have cash money available at the right time. I was fortunate due to my father’s foresight and my good luck.”
 

Siberia

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Your financial status is largely predetermined by birth.


John Paul Getty- then the 'richest man in the world'

Said this:

“In building a large fortune, it pays to be born at the right time. I was born at a very favorable time. If I had been born earlier or later, I would have missed the great business opportunities that existed in World War I and later.

“I suppose it takes a long time and it takes extraordinary circumstances to be born at the right time and have cash money available at the right time. I was fortunate due to my father’s foresight and my good luck.”
I am not agree!!

Your financial status is predeterminated by your mind.
 

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MoreValue

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After sometime, I thought back to this thread. I tried hard and really didn’t want it to be true. I wanted to disagree. But facing reality is better than living in delusion.

Trigger alert ahead, hard truth bomb.

Anyways, the further I go down the process of my venture the more I realize how much of a privilege/luxury I have to afford to prototype. I believe the more accurate term is luxury over privilege. Technically bought this luxury to do entrepreneurship by being extremely frugal. More on that below.

When making a product, I like the chef analogy. What does a chef need to make a good meal? The trifecta of course.

1) Quality Ingredients
2) Quality Tools
3) Skills

As you can probably already guess how this relates to product development.

1) Materials
2) Business Equipment/Tools
3) Skills/Knowledge

Humans have two resources to spend money or time.

#1 and #2 are money based. #3 is time based. Although skills/knowledge can be acquired faster through money.

As you can see, people promoting the “you just need to hustle” are only focusing on #3. That’s only 1/3.

Back to the chef analogy. If the chef is a 10/10 chef (maxing out #3), the meal will still be terrible. You only got 1/3. Goes the same for product development.

I have recently looked into G-Shock watches and it took that guy like 200 prototypes. Excruciating expensive. A luxury to prototype. Product development is actually fun what I realized. One of many.

I have chosen a business where the barrier is high in terms of money and time. But it will be worth it because I am struggling hard to climb the barrier to entry.

The actions of people who can’t afford things are the same throughout: stop going out, cut all expenses, drive a crap car, essentially live like crap. Or not live at all.

This goes for the guy that wants to buy anything out of their range. A nice car, home, etc. They all have to do the above. Sound familiar for people starting a business? It is not any different, you can’t afford to run a business if you have to do the above.

Actions of unaffordability span everything including starting a business.

I still rest my case, entrepreneurship is truly a luxury. If I didn’t have bills to pay and could just prototype for a living for ages with sweet financial cushioning it would be great.

What made me post this was that I have ran dry of money and there goes the end of my prototyping. Unable to afford #1 and #2.

EDIT: I would work and work and then paywall. Pay the paywall continue working. And...realize I need another part/component/tool/material. And...darn this material doesn't work as I planned, gotta buy another type. so on..
 
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Timmy C

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After sometime, I thought back to this thread. I tried hard and really didn’t want it to be true. I wanted to disagree. But facing reality is better than living in delusion.

Trigger alert ahead, hard truth bomb.

Anyways, the further I go down the process of my venture the more I realize how much of a privilege/luxury I have to afford to prototype. I believe the more accurate term is luxury over privilege. Technically bought this luxury to do entrepreneurship by being extremely frugal. More on that below.

When making a product, I like the chef analogy. What does a chef need to make a good meal? The trifecta of course.

1) Quality Ingredients
2) Quality Tools
3) Skills

As you can probably already guess how this relates to product development.

1) Materials
2) Business Equipment/Tools
3) Skills/Knowledge

Humans have two resources to spend money or time.

#1 and #2 are money based. #3 is time based. Although skills/knowledge can be acquired faster through money.

As you can see, people promoting the “you just need to hustle” are only focusing on #3. That’s only 1/3.

Back to the chef analogy. If the chef is a 10/10 chef (maxing out #3), the meal will still be terrible. You only got 1/3. Goes the same for product development.

I have recently looked into G-Shock watches and it took that guy like 200 prototypes. Excruciating expensive. A luxury to prototype. Product development is actually fun what I realized. One of many.

I have chosen a business where the barrier is high in terms of money and time. But it will be worth it because I am struggling hard to climb the barrier to entry.

The actions of people who can’t afford things are the same throughout: stop going out, cut all expenses, drive a crap car, essentially live like crap. Or not live at all.

This goes for the guy that wants to buy anything out of their range. A nice car, home, etc. They all have to do the above. Sound familiar for people starting a business? It is not any different, you can’t afford to run a business if you have to do the above.

Actions of unaffordability span everything including starting a business.

I still rest my case, entrepreneurship is truly a luxury. If I didn’t have bills to pay and could just prototype for a living for ages with sweet financial cushioning it would be great.

What made me post this was that I have ran dry of money and there goes the end of my prototyping. Unable to afford #1 and #2.

EDIT: I would work and work and then paywall. Pay the paywall continue working. And...realize I need another part/component/tool/material. And...darn this material doesn't work as I planned, gotta buy another type. so on..
I have to disagree.

This is an opinion based on your own biased point of view based on your experience.

Has it been my experience?

No but I know it can be done, and is done all the time.

I listened to the most recent insider call and I believe Eric started his business for about $300...

Very productocracy aswell.
 

jpn

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1) Materials
2) Business Equipment/Tools
3) Skills/Knowledge

Humans have two resources to spend money or time.

#1 and #2 are money based. #3 is time based. Although skills/knowledge can be acquired faster through money.
Or how about using #3 to get money in the form of loans, investment, payment schedules etc. You're really limiting yourself by putting everything in neat little boxes that don't interact. That's great for theory, but the world is more complex and offers more opportunity.

Great example from Felix Dennis: when he started out, he was trying to publish a magazine or comic, but couldn't pre-pay the paper supplier. He convinced a distributor to promise the paper supplier that they would be paid first from revenues.

There are many other roads to 1 & 2 if you're willing to risk embarrassment and ask people for help and access.
 
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MoreValue

MoreValue

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I have to disagree.

This is an opinion based on your own biased point of view based on your experience.

Has it been my experience?

No but I know it can be done, and is done all the time.

I listened to the most recent insider call and I believe Eric started his business for about $300...

Very productocracy aswell.
Logic based no opinion based

How would you go about getting technical components? Don't think I will pay for insider membership, but with that budget sounds like a me-too business.

Can't really hustle your way to materials and equipment. They have a price.

Or how about using #3 to get money in the form of loans, investment, payment schedules etc. You're really limiting yourself by putting everything in neat little boxes that don't interact. That's great for theory, but the world is more complex and offers more opportunity.

Great example from Felix Dennis: when he started out, he was trying to publish a magazine or comic, but couldn't pre-pay the paper supplier. He convinced a distributor to promise the paper supplier that they would be paid first from revenues.

There are many other roads to 1 & 2 if you're willing to risk embarrassment and ask people for help and access.
Yeah thats the thing, business is only risky with leverage. As much as I want to be like I'm 100% going to be successful, loans are something you are guaranteed to pay back, business is not.

I do not like the costs of the borrowing money options.
There are loans for what I need, but that interest is high as hell and pretty much poor people punishment.
Money from friends/family? Putting my relationships on the line. I'll give you a story. My parents paid for my education. I should be thankful right? Super grateful? Guess what, I can't sit at home comfortably and do business either because since I took my parent's money. They keep GUILTING me in getting a job. "Hey, we paid for your college education, now you just doing this business stuff?!" Even my very own parents. Constantly using it as leverage against me. If my parents are like this, think about BS investors.

IF YOU BORROW EVEN ONE PENNY FROM SOMEONE, YOU ARE OBLIGATED. KISS YOUR FREEDOM GOODBYE.
 

Timmy C

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Logic based no opinion based

How would you go about getting technical components? Don't think I will pay for insider membership, but with that budget sounds like a me-too business.

Can't really hustle your way to materials and equipment. They have a price.



Yeah thats the thing, business is only risky with leverage. As much as I want to be like I'm 100% going to be successful, loans are something you are guaranteed to pay back, business is not.

I do not like the costs of the borrowing money options.
There are loans for what I need, but that interest is high as hell and pretty much poor people punishment.
Money from friends/family? Putting my relationships on the line. I'll give you a story. My parents paid for my education. I should be thankful right? Super grateful? Guess what, I can't sit at home comfortably and do business either because since I took my parent's money. They keep GUILTING me in getting a job. "Hey, we paid for your college education, now you just doing this business stuff?!" Even my very own parents. Constantly using it as leverage against me. If my parents are like this, think about BS investors.

IF YOU BORROW EVEN ONE PENNY FROM SOMEONE, YOU ARE OBLIGATED. KISS YOUR FREEDOM GOODBYE.

It is logical in your mind based on your current product and the costs accosiated with that particular need your trying to fill, in that particular market.

Not every business has the same COGS so this is only based on YOU and your current business.

Also "Logical" based on your current level of logic, understanding and creativity.

Technical components?

A few ways of which I have no idea apply to you specifically.

1. If your idea is so brilliant and great I would imagine you would have the potential for pre sales.

2. Partner with someone who does have money and give them a percentage of your business.

I won't answer the rest or elaborate more because I don't have time.
 

MattR82

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I think its bullcrap. There's tonnes of cases of rich kids opening businesses that lose everything. I don't think startup money is the answer, be all and end all.

If you live somewhere like North Korea then yes, you can say it's a privilege. If you are in a western first world country I'm gonna do you a favour and pretend I didn't read this thread lol.
 

MILIANARD134

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I see excuses, You try to convince yourself its almost impossible if you come from a poor environnement. I can tell you some exemples of my friends who are crushing it and came from workers family.
If you take the time to think « i will never make it its impossible look at these poll about entrepreneurship ». You have a bad mindset and sorry but you will never accomplish great things
 
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I see excuses, You try to convince yourself its almost impossible if you come from a poor environnement. I can tell you some exemples of my friends who are crushing it and came from workers family.
If you take the time to think « i will never make it its impossible look at these poll about entrepreneurship ». You have a bad mindset and sorry but you will never accomplish great things
It is called being realistic. It is possible if you are poor, you just gotta live like crap for decades on ends.
 

MattR82

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It is called being realistic. It is possible if you are poor, you just gotta live like crap for decades on ends.
Better than being trapped in golden handcuffs your whole life.
 

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Yeah thats the thing, business is only risky with leverage. As much as I want to be like I'm 100% going to be successful, loans are something you are guaranteed to pay back, business is not.

I do not like the costs of the borrowing money options.
There are loans for what I need, but that interest is high as hell and pretty much poor people punishment.
Money from friends/family? Putting my relationships on the line. I'll give you a story. My parents paid for my education. I should be thankful right? Super grateful? Guess what, I can't sit at home comfortably and do business either because since I took my parent's money. They keep GUILTING me in getting a job. "Hey, we paid for your college education, now you just doing this business stuff?!" Even my very own parents. Constantly using it as leverage against me. If my parents are like this, think about BS investors.
So you’re afraid to take risks? That’s fine, other people are willing to hustle and take risks. Hence your “rule” is not a rule but simply your choice to rule out some courses of action. Some people choose not limit themselves in that way.
 

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There's a lot of thing you have to learn. Reread the 2 books. Finish reading all the Gold Threads. Then come back here to disagree.

Forget everything philosophical about the word 'privelege'. In fact, privilege is another word for luck. Entreprenuership is not a privilege. It's a choice.
 

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After sometime, I thought back to this thread. I tried hard and really didn’t want it to be true. I wanted to disagree. But facing reality is better than living in delusion.

Trigger alert ahead, hard truth bomb.

1) Quality Ingredients
2) Quality Tools
3) Skills

As you can probably already guess how this relates to product development.

1) Materials
2) Business Equipment/Tools
3) Skills/Knowledge

Humans have two resources to spend money or time.

#1 and #2 are money based. #3 is time based. Although skills/knowledge can be acquired faster through money.

As you can see, people promoting the “you just need to hustle” are only focusing on #3. That’s only 1/3.

Back to the chef analogy. If the chef is a 10/10 chef (maxing out #3), the meal will still be terrible. You only got 1/3. Goes the same for product development.

What made me post this was that I have ran dry of money and there goes the end of my prototyping. Unable to afford #1 and #2.
I'm glad that you actually rethought this through. But there are many examples where you can get 1 and 2 because you have 3. The problem is that you don't have enough of 3 yet.

A great basketball player at age 12 is going to get on to a team. Someone will pay for his uniform, team fees, travel to games.

A great chef will be able to get ingredients to make food. If a chef comes to my door and says, I'll cook you dinner, you just need to pay for the food, do you think I'd take that deal?

You need to just work on your #3. The problem I see is that you keep using your lack of 1 and 2 as an excuse and never improving your 3. Can you please explain some of the things that you've been doing to improve #3 in the past few years. Maybe we can then see what's going on.

I would imagine that if I had a net worth of $0 tomorrow. That I could find someone on this forum willing to provide me #1 and #2 in exchange for me providing #3 and partnering on a new business.
 
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I'm glad that you actually rethought this through. But there are many examples where you can get 1 and 2 because you have 3. The problem is that you don't have enough of 3 yet.
When I think of #3, it is pretty much all related to product development and how it is going to be made.

A great basketball player at age 12 is going to get on to a team. Someone will pay for his uniform, team fees, travel to games.
Basketball is near 100% time based assuming you have height genetics.

A great chef will be able to get ingredients to make food. If a chef comes to my door and says, I'll cook you dinner, you just need to pay for the food, do you think I'd take that deal?
So in my case, I’ll say I’ll make you a product. You just need to pay for the materials. So essentially, working for free?

You need to just work on your #3. The problem I see is that you keep using your lack of 1 and 2 as an excuse and never improving your 3. Can you please explain some of the things that you've been doing to improve #3 in the past few years. Maybe we can then see what's going on.
Reading, reading, and more reading to start. Purchasing top rated ebooks that I need to build my skills/knowledge to build the products. In order to use those skills, equipment/tools/materials are needed. Unless you want to pull a Houdini.

Get all the stuff to be able to work. Start building product and...after constructing you hit barriers in two ways.

1)Material does not work with material. Buy other materials/tools to try. This can’t be predicted, it is things you find out after executing
2) More research and realize if I want a top quality product, I would need a machine that costs several thousands more. Would not want to skimp, because these are actually seen as minimal standard.

So I keep getting hit with what I call “Paywalls.” Work and work, hit paywall. Pay the paywall if I can afford it which allows me to continue working and prototyping some more. Surprise, another paywall.

I would imagine that if I had a net worth of $0 tomorrow. That I could find someone on this forum willing to provide me #1 and #2 in exchange for me providing #3 and partnering on a new business.
I guess I like to be totally free with product development. It is how I develop the very best. The luxury to develop freely. Like I said in previous post, borrowing something from someone builds obligation and they will always be watching you. As you saw even from my own parents.

I also feel as if they would rush me in product development like they won’t understand that a truly great product requires a lot of time. Keep bagging on me, “Product ready yet?” Or worse using all their money, and you still have not finished. Aka investors getting mad at the process.
 

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Basketball is near 100% time based assuming you have height genetics.
Um, It's more skill based than time based.

So in my case, I’ll say I’ll make you a product. You just need to pay for the materials. So essentially, working for free?
Yes, you make me a product for free. Then if I'm impressed I'd either order the next one, or fund the manufacturing of the next 100 to sell for profit.

It all starts with you providing and proving value.

Reading, reading, and more reading to start. Purchasing top rated ebooks that I need to build my skills/knowledge to build the products. In order to use those skills, equipment/tools/materials are needed. Unless you want to pull a Houdini.
What about reaching out to others who have the equipment, asking to borrow time on them.

Or finding out if people are willing to buy your finalized product, then crowdfunding money to get the prototypes done.

I guess I like to be totally free with product development. It is how I develop the very best. The luxury to develop freely. Like I said in previous post, borrowing something from someone builds obligation and they will always be watching you. As you saw even from my own parents.
If that's what you want then go make the money to be totally free. Why don't you get that job that your parents want you to get so that you can save up the money to do what you want.

You want alot of things and you don't have the money. So solve the problem where you don't have the money first. It's a step by step process.

Let's say I want to enter a trade school to learn how to make watches. The school costs $80k. I make $10k a year so it would take me 8 years to save to go to this school. But I want to go in 2 years. So how do I make $40k a year? Learn a new skill that makes $40k a year. Let's say that new skill is catching alligators. So you learn how to do that so you can make $40k a year, you grind for 2 years, keeping your eye on the prize to get into watch making school. It doesn't matter how you do it, you save and get into watch making school.

Or...

You can complain that only the privileged get to go to watch making school.
 
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Um, It's more skill based than time based.
I group things in either time or money based first.

Skill/knowledge acquisition falls under time based. To acquire the skills/knowledge requires time.

Yes, you make me a product for free. Then if I'm impressed I'd either order the next one, or fund the manufacturing of the next 100 to sell for profit.

It all starts with you providing and proving value.
I am trying to apply to my scenario, I can expect someone to pay for materials, but not for equipment. But I don't even have finalized prototype yet to even make stuff for people. If I am taking someone's money for materials to make it for them, it has got to be good.

What about reaching out to others who have the equipment, asking to borrow time on them.

Or finding out if people are willing to buy your finalized product, then crowdfunding money to get the prototypes done.
What am I gonna do, just walk into a business that has the machine and get in the way of their entire production line? If I was the business owner that had that machine, there would be no way I would do that for a person because all it is is risk, random guy coming in using the machine and getting in the way. Also, risk of breaking it due to him never using the machine which is why he is here. Take up their space with my materials. I would be competitor as well.

Still in product development, so nothing marketable yet to crowdfunding. Will take significant investment before I can go that route.

If that's what you want then go make the money to be totally free. Why don't you get that job that your parents want you to get so that you can save up the money to do what you want.

You want alot of things and you don't have the money. So solve the problem where you don't have the money first. It's a step by step process.

Let's say I want to enter a trade school to learn how to make watches. The school costs $80k. I make $10k a year so it would take me 8 years to save to go to this school. But I want to go in 2 years. So how do I make $40k a year? Learn a new skill that makes $40k a year. Let's say that new skill is catching alligators. So you learn how to do that so you can make $40k a year, you grind for 2 years, keeping your eye on the prize to get into watch making school. It doesn't matter how you do it, you save and get into watch making school.

Or...

You can complain that only the privileged get to go to watch making school.
Yeah, in the process of getting jobs. Regret leaving slowlane job. It seems like my options for jobs is high paying job, but high COL, aka renting for life and not enough room for my operations. Or average income in a place I can actually afford home, but will take me forever to build business.

Unfortunately, I do want a lot of things. Primarily the luxury of going full into entrepreneurship.
 

Johnny boy

Gold Contributor
Speedway Pass
May 9, 2017
372
1,804
540
22
Washington State
Who cares? Life is hard. Use your advantages if you have them, sweat a little harder if you don’t have the same advantages.

It’s a bullshit “what if” game that does nothing to further your goals.

Being alive is the greatest privilege of all by a factor of 1000000x and trumps everything else.

Period.
 

LittleWolfie

Bronze Contributor
Speedway Pass
Jun 28, 2018
695
381
147
Holbeach Hurn
Who cares?
Journalists, philospihers,Warren Buffet(see his work on the "ovarian Lottery", and talk on infrastructral requirements , BIll Gates (see Gates Foundation) and ministers for econmic development(they are literally paid to worry about this stuff)
It’s a bullshit “what if” game that does nothing to further your goals.
This depends on what your goals are;
 

NursingTn

Bronze Contributor
FASTLANE INSIDER
Jan 30, 2019
77
119
122
Privilege?

I see entrepreneurship as a way to make life better for yourself, your loved ones, and humanity. I am like other do gooders of the world (e.g. volunteers, humanitarians, etc) but I hope my effort will bring some form of financial compensation.

However, I regard entrepreneurship as a duty because making the world a better place is my duty.
 

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