Self-made billionaire?!

[dd614]

Self-made billionaires made their fortunes by exploiting other people's work by themselves

Other billionaires made their fortunes by inheriting it from someone who exploited other people's work

And now that we've had the communist opinion, let's get back to reality. Jeez.

[Rurin]

And now that we've had the communist opinion, let's get back to reality. Jeez.

You couldn't think of a good counter argument so you just resort to petty insults?

[McFuu]

Just because you're succesful doesn't automatically mean you're a good person, in most cases it's the opposite.

Think about the most succesful people in history... For example, Stalin, who grew up in a poor and dysfunctional family and managed to get in control of all of Russia and Eastern Europe. Should we praise him for being succesful?

Broad generalization doesn't really fit. The most commonly held belief is that most extremely successful people are likely Sociopaths. That doesn't make them bad people. Using that logic most people in the Autism spectrum would be bad people because they lack the same empathizing abilities.
I know plenty of unsuccessful sociopaths.

[Rurin]

Broad generalization doesn't really fit. The most commonly held belief is that most extremely successful people are likely Sociopaths. That doesn't make them bad people. Using that logic most people in the Autism spectrum would be bad people because they lack the same empathizing abilities.
I know plenty of unsuccessful sociopaths.

You can't really become a billionaire without using morally questionable tactics. Just look at Bill Gates for example, there's a lot of shit he did over the years to gain the monopolistic status Microsoft now has:

https://en.wikipedia.org/wiki/Criticism_of_Microsoft
https://en.wikipedia.org/wiki/Embrac...and_extinguish

[Souflikar]

"Wouldn't all the ideas from others that you used to implement your idea"

You mean like the idea of your post came from the Obama speech, "You didn't build that"?


I didn't agree with him then and I don't agree with your "borrowed" concept of what his speech implied.

[Independent voter]

You can't really become a billionaire without using morally questionable tactics. Just look at Bill Gates for example, there's a lot of shit he did over the years to gain the monopolistic status Microsoft now has:

That sounds so European.

[Total Crica]

"Wouldn't all the ideas from others that you used to implement your idea"

You mean like the idea of your post came from the Obama speech, "You didn't build that"?


I didn't agree with him then and I don't agree with your "borrowed" concept of what his speech implied.

I never heard that speech from before because I simply don't keep up with stuff like that, but that doesn't matter. We all have ideas, but they are always based on others ideas. No, we don't borrow others ideas, we actually use them in order to have our own ideas. And if we use other's ideas, that means we had help from others. There is nothing we do that isn't helped by others, ever. Therefore the term "self-made" doesn't apply, ever.

[McFuu]

You can't really become a billionaire without using morally questionable tactics. Just look at Bill Gates for example, there's a lot of shit he did over the years to gain the monopolistic status Microsoft now has:

https://en.wikipedia.org/wiki/Criticism_of_Microsoft
https://en.wikipedia.org/wiki/Embrac...and_extinguish

Yeah, and? Should he have not done those things and just have another software company in a sea of software. What about all the people he employs. All large companies run into ethical issues, it's part of doing business.

[Rurin]

That sounds so European.

What is that supposed to mean?

- - - Updated - - -

Yeah, and? Should he have not done those things and just have another software company in a sea of software. What about all the people he employs. All large companies run into ethical issues, it's part of doing business.

Competition always benefits the consumer.

If Microsoft wasn't so big most of their employees would just work on their competitors on similar fields

[Total Crica]

Competition always benefits the consumer.

Depends on what they are wanting to consume.

[God Save The King]

It essentially refers to the idea that this person inherited nothing and worked their way up to a billion without much support.

It's pretty much a load of garbage though. If they didn't inherit the money, then someone invested into them. Someone lent it, gave it to them, etc.

More generally, the ability for them to succeed is entirely thanks to the society that all of us have built and cultivated - which is the essential justification for taxing businesses.

[kail]

It means he made the billion(s) and it wasn't given to him via inheritance, a lottery, or some lawsuit.

[d00mGuArD]

Self-made billionaires made their fortunes by exploiting other people's work by themselves

Other billionaires made their fortunes by inheriting it from someone who exploited other people's work

It sounds like maybe you are not successful. Don't worry if you are not exploited in a decent job. It is what happens if you think all jobs are just exploiting you.
Remember, half the people are, by definition, below average. Keep working hard, and one day you may be exploited in a better paying job

[Rurin]

Depends on what they are wanting to consume.

Can you give an example of a situation where a monopoly is better than a competitive field for someone who doesn't own or work on any of said companies?

[d00mGuArD]

Can you give an example of a situation where a monopoly is better than a competitive field for someone who doesn't own or work on any of said companies?

Yes. In greece there was monopoly in telephone landlines by a company named OTE.
The company was so big, owning all the landlines in the country that no one could compete
The brains decided monopoly is not good so they increased the telephone prices by 300% or so so that the other companies could enter that market.
Within a year telephone bills in greece went from 5euro / month to above 20/month.
Now many companies compete, and some offer 17, 15 or 12/month for telephone ... YEY....
Everyone is, of course, worse off than the 5/month of the monopoly

[Total Crica]

Can you give an example of a situation where a monopoly is better than a competitive field for someone who doesn't own or work on any of said companies?

Monopolies are only harmful if they are not regulated by those that use them.

[Biomega]

"Self-made millionaire/billionaire" means they earned that money, rather than receive it (e.g. through inheritance). It doesn't imply that you didn't rely on other people, that you weren't privileged in some way, or that you weren't very lucky - much of which, and more, is usually in play when people become wealthy.

But the 'self-made' label exists purely to distinguish those who earned their wealth in some way. The Duke of Grosvenor is a billionaire, but not a self-made billionaire. He simply inherited everything when his father died last year. He's the world's richest person under 30, but the two brothers mentioned in OP's story are the youngest SELF-MADE billionaires.

That's all that label means and has ever meant. Everything else comes from people interpreting "self-made" outside of the specific context. In that context, it is not and has never been intended to signify that somehow you took a shovel into your hands, went into the mountains alone, and then returned with a billion dollars in your pocket. Wealth is a complex construct contingent on an entire catalog of categories, the vast majority of which involve other people or are beyond individual volition.

[lordsphinx]

All of you folks that are saying that “if he had investors, then he had help” (paraphrasing), are missing the point. I’ve been on both sides of the coin, both investing and being invested in, and let me tell you, nobody is out there to “help” a random entrepreneur. An investor is taking a risk to fund a startup. If that startup does well, then the investor stands to make a lot of money off of someone else’s great idea. If the start-up fails, then he stands to lose his investment. Nowhere in here is anyone doing someone else a favor, out of the kindness of his heart. If you’re someone without your own startup capital, here’s the options you have when bringing in an investor…

1.) Bring investor shit idea. Investor laughs you out of his/her office
2.) Bring investor OK idea. Investor provides capital for a huge stake in your idea. If you do well, s/he makes a fucking fortune. If you do poorly, then the investor is out money.
3.) Bring Amazing idea to multiple investors. All investors compete to give you more money or for less stake in your company. You pick the best offer. Investor gets rich off your idea, while you get rich off of your idea.

If you honestly think that there are venture capitalists out there who are sitting around giving money to random people because they’re clean cut white people and we have some sort of a clique, you’re very sadly mistaken, and I feel bad for you

[belfpala]

You're probably taking it a bit too literal. Self-made billionaire doesn't mean that he somehow achieved making a billion bucks in a bubble without any contact or help.
We generally use the term for someone who had an idea, ran with it, expanded and ended up making a billion bucks.

Take the (currently) richest man in the world, for example: Jeff Bezos. He came up with an online bookstore, then ran with the idea that he can undercut entire industries, and kept going. We know his business as Amazon.

"Self-made" to me means that it's his own fortune, not something he got from family. Of course he needed help from others along the way; at minimum, he wouldn't be there without customers. Bezos isn't the best example, as his family owned a lot of land. But the Amazon concept was his.

[GennGreymane]

That just means they didn't inherit it or something.

/thread already