We live in the age of entrepreneurship. Everyone is searching for the formula to success, trying to predict the idea that’s going to blow up and make millions. The news these days is filled with stories about the big entrepreneurs of our age, what Elon Musk is going to do next, how much Jeff Bezos is earning, etc. These stories encourage young entrepreneurs to do the same, follow in their footsteps and earn millions, but sadly, it’s not that simple.
These young entrepreneurs have an idea, a dream, and they commit to making it their work, hoping it turns out successfully. But the big entrepreneurs try to hide the fact that 50% of businesses fail in the first five years
Chances are, were you to commit your money and effort into a business or an idea, it would fail eventually, and even if it didn’t fail, it wouldn’t be nearly as successful as SpaceX, Apple or Google.
Starting a business isn’t very cheap at all, both money and time-wise, and very few entrepreneurs have made it to the top without any outside help. Even Bill Gates was backed by his parent’s funding, so even if Microsoft hadn’t worked out, he would be able to fall back without much loss at all.
This displays the wealth inequality and how it can affect aspiring entrepreneurs. Committing so much time and money to an idea isn’t always possible for those who don’t have much money to fall back on, and so the less wealthy are at a disadvantage from the get-go. Is this really fair? Should the privileged and wealthy be praised for being so brave when a potential failure of their business would not affect them as much as it would affect the less wealthy?
A company is a big and risky commitment, and though following your dreams is always encouraged, it’s not always going to turn out fine, and for the less wealthy, that risk might just not be worth it.
sources :
https://investinganswers.com/articles/so-how-did-bill-gates-really-start-build-his-fortune
Year 11 MHS Economics 2020 
Interesting contention, definitely true. Successful entrepreneurs do have lots of support, help, and a fair bit of luck involved. Being able to take risks is a privilege awarded to those with circumstances, but it seems to me that individuals with these opportunities should be supported and encouraged to take these risks so that innovative companies can improve the way we live.
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There are a lot of movements, groups and ideologies that antagonise the ‘privileged 1%’ (i.e. these successful business owners). While it is true that certain individuals inherit a family business and live a privileged life without having put in any real effort, what many fail to see is the risk, dedication, creativity and sheer luck involved in creating a highly successful business. People tend to focus on the ‘lucky’ individuals that make it to the top, but I predict that there are many more that fail.
Great insight Max!
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