Already have an account? log in
This article is FREE for you
Create a free account and join institutional investors, analysts and strategists from the world's largest banks
By submitting your email address you agree to receive communication by email
Club Capital
Let's say you're an average American. A "normal economic person," as Jerome Powell once put it.
Ho
OR, subscribe now for unlimited access
By submitting your email address you agree to receive communication by email
By submitting your email address you agree to receive communication by email
A well-known professor of entrepreneurship and frequent contributor to HBR, frequently espoused a notion that to create a successful business startup one needs 10,000 hours of experience in their chosen target field. My grandfather worked as a salesman for a leading builder of industrial lighting for six years or so (during the Depression) before he knew his customers, the company’s suppliers, processes, competitors, and some valuable secret tricks, before he was ready to start up his own version of this business (he was a sixth grade dropout, btw) . That learning process made him rich enough to live to 100 and support three generations of family and a few others less fortunate than himself. My experience with over 100 startups tells me that although 200 hours of pay might allow one to buy a couple shares at Robinhood, it will take more like a couple hundred thousand bucks to enter the capital pond, especially for a startup. (I can’t tell you how much I hated capital raising for startups. So many people who could help a fellow traveler would rather rob you than help.)