The Risk and Reward of Entrepreneurial Endeavors in Capital Misallocated Markets like Inheritance
Well, folks, it's official: we're living in the age of “Born with a Silver Spoon” billionaires.
Forget about starting a business or inventing the next big thing. For the first time since the start of the Billionaire Ambition Report of the Swiss Bank UBS, the new billionaires have acquired more assets through inheritance than through entrepreneurship.
Talk about “new money” going to waste. I mean, it's almost poetic, isn't it? Inheritance has become the new entrepreneurship.
You know, I used to think entrepreneurial reward meant starting a business, innovating, taking risks, and working your butt off. Getting a reward for the risks you take.
Like a farmer whose betting their farm every season a new with seed money and only the weather and the sun standing between success or failure.
But it turns out, all you really need is to be born into the right family,
You can finally and in good conscience even forget about those pesky business plans and investors and their hot potato game passing your startup on to the next level investor.
Just wait for your rich uncle to kick the bucket, and boom, you're a billionaire! It's like the world's most exclusive lottery, and it's all about winning the genetic jackpot, not the risks you take.
But hey, maybe there's a lesson here for the rest of us: Maybe you should change your career path and become a professional heir hunter instead…
Bring on your games of entitlement and status you anxious rich nobles. Or look at the late Munger. Buffet, Gates or even Musk… you only earned it if you’ve proven to have done it more than once.
As for me, I'll stick to making jokes about it, because at least being a broke entrepreneur doesn't require an inheritance you can stay to lose because you’ve gambled everything.