"Entrepreneurs Aren't Special – They're Just Born Into Wealthy Families" – My Reaction

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I received a DM with an article talking about how entrepreneurs aren’t special -they’re just born into wealthy families – here is my thought on the article
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“Entrepreneurs Aren’t Special – They’re Just Born Into Wealthy Families” – My Reaction
0:34 – the Instagram DM of an article saying you need money to succeed as an entrepreneur
1:12 – Entrepreneurs don’t have a special gene from risk – they come from families with money
1:50 – We’re in an era of the entrepreneur – the article talks about it’s looking for a magic formula of success
2:25 – The most common shared trait amongst entrepreneurs
3:57 – The article was created to trigger people
4:55 – Money can’t buy you the entrepreneurial mindset – money can fuel your stupidity
5:20 – Example of how we built Minority Mindset with very little money
7:56 – An entrepreneur is someone who will find a way no matter what you throw at them
8:13 – Stories of successful entrepreneurs who made it without a lot of money behind them

What Is The Minority Mindset?
The Minority Mindset has nothing to do with the way you look or what kind of family you’re from. It’s a mindset.

Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

Think from the mindset of a consumer and be the provider, that’s the Minority Mindset. Don’t be the majority. #MIH #ThinkMinority

Twitter: @M2JaspreetSingh
Personal Instagram: @M2JaspreetSingh
Instagram: http://www.Instagram.com/MinorityMindset
Facebook: http://www.Facebook.com/MinorityMindset

See more & read our blog! http://www.TheMinorityMindset.com

This Video: https://youtu.be/SnEF3sCnuWk
Channel: https://www.youtube.com/MinorityMindset

Video host: Jaspreet Singh <br> <h3>Auto Generated Captions</h3>

what’s up everybody I’m just putting
sing and welcome to the minority mindset
I’ll welcome back to a new Monday
segment yes it is still new we just
created these new minority mindset
laptop stickers here and I am going to
give the best commenter these laptop
stickers for free I don’t even pay for
shipping so watch this video leave me a
comment with your thoughts and one of
you are gonna win these laptop stickers
for free so we got this diem on a
minority mindset Instagram page and I’m
gonna put this on the screen here from
somebody named Barbara and she has the
Institute game handle African underscore
ally underscore Kent and she sent me
this image of a news article and you
can’t see the image here I’m gonna show
you in just a minute but she said hi I’m
not bashing I would like your
perspective on this article Thanks and
this is one of those articles that makes
you go wow the person who wrote this has
no idea of what they’re talking about so
I’m gonna pull up the article here and
I’m gonna give you my reaction on it and
then I want to hear your thoughts and
one of you are gonna win these laptop
stickers for free so this was the
screenshot that I got an Instagram it’s
an article from quartz with the title
entrepreneurs don’t have a special gene
for risk they come from families with
money ah so you can tell right from the
title that this article is catering to
people who haven’t really done much and
it’s saying it’s okay that you haven’t
really accomplished anything because the
people that are successful entrepreneurs
come from money and that’s the reason
why they’re successful I know this
article is a little old it was written
back in 2015 but I just saw this on
their Instagram DM recently so that’s
why we’re talking about it now so the
author of this article starts by saying
we’re in an era of the cult of the
entrepreneur we analyze the Tory Burch’s
and the average spiegel’s of the world
by the way Evan Spiegel is one of the
founders of snapchat looking for a magic
formula or set of personality traits
that lead to success so I think that’s
the first issue here you’re looking for
a magic formula that leads to success
that’s really not how it works so s
Kadeem so the author who is the author
by the way it’s written by an Amy
Roth okay so Amy goes on to say that the
most common shared trait remember this
is the most common shared trait amongst
entrepreneurs is access to financial
capital so family money and inheritance
or a pedigree and connections that allow
for access to financial stability the
number one trait isn’t hostile or drive
or present Mirren’s or just passion for
being an entrepreneur it’s financial
capital having family money having an
inheritance that’s the reason the number
one reason why entrepreneurs are
becoming successful okay let’s keep
moving on
so I already highlighted the things that
I wanted to point out so this round I
have to read the whole article to you so
let’s just continue so you can see what
this article is saying the article goes
on to say that for creative professions
starting a new venture is the ultimate
privilege many startup founders do not
take a salary for some time and the
average cost to launch a startup is
around thirty thousand dollars okay and
then it goes on to have this quote that
says following your dreams is dangerous
a 31 year old woman who runs in social
entrepreneurship circles in New York she
did not want to be named but then she go
on to say that this whole bulk of the
population is being seduced into
thinking that they can just go out and
pursue their dream anytime but it’s not
true
you can’t pursue your dreams it’s
dangerous make sure you buckle your
seatbelt and then this article ends by
saying there’s a lot of privilege
involved in being an entrepreneur which
is a factor that is often miss underst
onder estimated not misunderstood it’s
underestimated as an entrepreneur I’m
not really upset by the article I’m
pretty sure Amy or whoever wrote this
article because they wanted to trigger
people and get clicks and shares or
whatever but I do think that this is one
of the most ridiculous articles that I
have ever come across saying that the
number one trait to become a successful
entrepreneur is having access to family
money or having access to wealth or this
network that you’re born into really
makes no sense
I mean 80% of millionaires are for
generation really news meaning these are
people that created their wealth
themselves and nine out of ten startups
fail according to entrepreneur com
a lot of entrepreneurs get funding yet
they still fail why because it’s not
just having money that makes you
successful as an entrepreneur as having
their entrepreneurial DNA I mean
entrepreneurs have to be able to think
they have to know how to work they have
to know how to have passion towards the
business that they have to know how to
be creative these aren’t things that
money can just buy you Daymond John one
of the Sharks from Shark Tank talks
about this and has booked the power of
broke but he says that having a whole
bunch of money and you don’t know how to
use it is just going to fuel your
stupidity when you have to figure out
how to use money as an entrepreneur then
you learn how to be resourceful you
learn how to be creative you learn how
to think and these are things that every
entrepreneur has to figure out and if
you’re just given a whole bunch of money
you don’t learn how to do these things
I’ll give you an example some minority
mindset is a financial news and
financial education company that I built
from scratch with very little upfront
money I started with a cell phone and a
white wall that was it I made videos on
my iPhone 6 or iPhone 6s of me talking
in front of a white wall had no
equipment no lights no fancy camera no
fancy sound recording equipment and I
made videos talking about how to manage
your money better and what’s happening
in the financial world like one of my
first videos was the oil crisis issue
and explaining what’s going on in the
oil markets that’s it was a very basic
setup that cost me almost nothing
because I already had a cell phone and I
had a white wall all I had to do was buy
a 15 or 20 dollar tripod off of Amazon
and I put my cell phone on the tripod
and then I recorded myself talking and
that was it and in terms of time
commitment I was already going to law
school full time so I was a full time
law student and I was working on a
different business and then I had a
minority mindset because I really enjoy
talking about finance and I got screwed
over in this other business so I wanted
to kind of talk about what happened and
this was my opportunity to do that and
so I wasn’t sleeping much I woke up
early to work on business I stayed up
late to work on my businesses spent my
weekends working on my business as the
company started to grow and generate
revenue that’s when I started
reinvesting this money
the business by buying cameras on
lighting equipment and sound equipment
and all that fancy stuff because I don’t
want to just throw a whole bunch of
money into this business and it wasn’t
my parents who supported this idea my
parents wanted me to be a doctor and me
going to law school was like a
compromise because I wanted to be an
entrepreneur so they weren’t gonna sit
there and bond my crazy business ideas
and so if I wanted to do it I had to put
in the hustle and I had to find a way to
keep my costs low when I was in law
school I lived in a run-down apartment I
don’t even have a bedroom I slept on the
living-room floor of an apartment for
four years and I kept my mattress in the
hallway any time I wanted to sleep I
would pull my mattress down into the
living room sleep and pick up my
mattress and put it back into the living
room and that’s why my rent was less
right around $400 a month including all
utilities so rent gas electricity cable
and internet and water all for right
around $400 a month because I want to
reinvest everything I could back into my
business now we are in large financial
news and financial education company
with over a hundred thousand active
readers of our financial newsletter we
started with very little we have zero
dollars worth of venture capital and now
we have a nice office with full-time
employees working on this company to
grow our news and education and
entrepreneur is somebody who finds a way
no matter what you throw at them I mean
not everybody is meant or cut out to be
an entrepreneur it’s not easy and so
saying that the reason entrepreneurs are
successful is because they’ve access to
a ton of money it’s just plain crap and
if you still don’t believe me maybe
you’ll believe this person you probably
recognize this space and that smile and
that famous mustache well Steve Harvey
is one of the most recognized TV
comedians in the world but it wasn’t all
easy for him he didn’t grow up with a
whole bunch of money or a whole bunch of
connections he had to build it himself
and in order for him to do that he had
to go homeless for three years living
out of his car making just fifty dollars
a week because he knew that he wanted to
be this famous comedian on TV and he
knew that he could make people laughs we
was all in to do it well what about this
guy have you ever heard Oracle before
well the founder of Oracle Larry Ellison
is now one of the richest people in the
world but he wasn’t always
rich he wasn’t born rich in fact when he
was born his mom didn’t have enough
money to raise him so she put him up for
adoption and gave him to a relative he
was his nine-month-old and then he
dropped out of college twice first
because his adoptive mother passed away
and second because he couldn’t handle
college and didn’t like it and so then
he moved to California because he liked
computers but he never worked with
computers and he never took a computer
science course so he just moved to
California because he knew that
something he wanted to do and he learned
it on his own by reading books and just
figuring it out he didn’t have
everything given to him but he found a
way because he was an entrepreneur and
he learned how to hustle or what about
JK Rowling I know you know who she is
the author of Harry Potter and now one
of the world’s wealthiest woman well she
didn’t have everything given to her I
mean she had to deal with her mom
battling multiple sclerosis when she was
a kid she saw her mom died when she was
young and that took a toll on her she
moved to a new country to start this new
career in this new life but that led to
her dating this guy which broke apart
and led to this miscarriage and then she
moved into government subsidized housing
while living off of welfare while
dealing with depression and she
channeled this energy into her book
Harry Potter and now she’s one of the
world’s wealthiest women and it happened
because of her connections happened
because of her drive how do you
recognize this face Oprah the TV talk
show entrepreneur who is now a
billionaire but she didn’t grow up with
a family with a bunch of money or
resources no when she was growing up in
Mississippi she had to wear potato sacks
as dresses because her family couldn’t
afford proper clothing and then in this
article it talks about how Oprah was
raped for the first time when she was
just nine years old and then she was
sexually abused from the ages of 10 to
14 Howard Schultz the man behind
Starbucks didn’t grow up rich he grew up
in government subsidized housing in the
projects and his dad struggled with
money his dad was a blue-collar worker
he was a truck driver factory worker and
a cab driver and never made more than
$20,000 in a year and now Howard Schultz
went on to build this huge
multibillion-dollar fortune with
Starbucks Eric Thomas one of my favorite
motivational speakers didn’t grow up
rich he grew up poor in Detroit
he was homeless and he had to eat out of
trash cans to survive and now he’s one
of the most successful motivational
speakers of all time he didn’t grow up
with whole bunch of connections and
resources he hustled to make it happen I
can go on and on and on talking about
people like this and I know that these
that I talked about today are outliers
and extremely successful people and not
everyone is gonna make it into the
billionaire list but the thing that
everybody had talked about today had in
common was not that they were given all
this money or resources or networks from
their family or people around them they
all hustled and they all had a passion
for success and they all went all-in
towards their dreams that’s what’s in
common for entrepreneurs not the fact
that Oh some entrepreneurs have a lot of
money and that’s how they become
successful an entrepreneur is going to
be an entrepreneur whether you give them
a million dollars or whether they have
15 cents an entrepreneur someone who is
going to figure out a way no matter what
because that’s what entrepreneurs do so
now that you’ve heard my thoughts on
this I want to hear your thoughts do you
have to have access to a whole bunch of
money or a whole bunch of resources or
networks to become a successful
entrepreneur why or why not let me know
in the comments below and one of you are
going to win these also computer
stickers I know you guys missed it so
I’m gonna bake it back thank you all for
watching and as always keep hustling
[Music]

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