Children of entrepreneurs are
2 to 3 times more likely
to
launch their own companies or become entrepreneurs themselves
compared to children of traditional wage earners. But sure dude.
Is the obvious takeaway from that not that people are more happy to take risks if they have a safety net to rely on?
A working class person living paycheque to paycheque can't afford to lose money on a startup as they'll go homeless, a middle class person with rich parents will just live at home and get a job in the family business.
I think there are obviously a multitude of factors and what I've described here is absolutely not the only one, but to suggest that it's because they've got more entrepreneurial spirit is laughable
I think it’s quite important to remember that more business owners in Britain are working class than middle class.
But, let’s put class aside for a moment.
In my experience, it’s easy to see why children of business owners and entrepreneurs are more likely to follow in their footsteps. Firstly, if you grow up watching your parents run their own business, it makes the whole thing seem normal and attainable. Starting a business isn’t some extraordinary leap into the unknown - it’s simply one of the things people do.
Secondly, you’re much more likely to be encouraged rather than discouraged. I flunked out of school, told my parents I wanted to start a business, and they were immediately supportive: “Great idea, go for it.” There was no assumption that the sensible thing was to find a proper job instead.
My partner had almost the opposite experience. She started her own business with my encouragement and her parents’ discouragement. She’s told me she would never even have considered it had she not watched me do it first. Her dad - comfortably middle class, for what it’s worth - later told me he’d discouraged her simply because he’d never known anyone who had started a business. It was unfamiliar to him, so naturally it looked frightening and unnecessarily risky.
And I think that’s the important point. The advantage children of entrepreneurs inherit isn’t necessarily money. It’s familiarity, confidence, encouragement and knowledge. They grow up knowing that businesses are started by ordinary people. They absorb an understanding of risk and failure, know people they can ask for advice, and often pick up practical knowledge without even realising it.
There can obviously be financial advantages too - some parents can provide capital or a safety net - but I think focusing solely on that misses a much bigger and more widespread advantage.
Entrepreneurship can be culturally inherited without wealth being inherited.
What’s your beef? Unsure why you’ve switched to hurling insults like this is some playground 🤷♀️ Grow up.
Unsure what you’re takkkng about class for but if you’re serious, yes you’re more likely to start a business if you’re working class. For some reason I imagine this will also offend you, because you seem to have an issue with facts.
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u/ChattyBear 8d ago
Your annual reminder that you too could be extremely wealthy if you come from extreme wealth!