this post was submitted on 22 Oct 2023
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It's strange that they don't include the cost of failure in that list.
Right now it feels like the only way to get a decent retirement and a nice upbringing for kids is to do everything right (including having the right parents). Risking equity and giving up a full-time job to take a chance isn't worth it.
I heard a podcast a couple of years ago about startup rates in the US versus Canada. Apparently the cost of failure in many US states is much lower than it is in Canada: they have more forgiving bankruptcy and corporate law than we do. Meaning serial entrepreneurs don't have to get it right the first time, and can afford a few locks at the can.
This favors the already wealthy/born into wealth far more than everyone else which contributes to the wealth gap. Especially since a single medical issue can undermine any progress while growing with far more financial impact than in a country with universal health care.
The US situation is favorable to some entrepreneurs.
Hard agree.