Re:Patagonia founder gives away the company
by sokoloff on Thursday September 15, 2022 @08:54AM
(#32851107)
> So they should get 12x the reward as the average? The average US wage is about $55k, so that would be, for a successful entrepreneur, 660k (and $0 for an unsuccessful one). I don't think anyone has a problem with this I certainly don't.
That's not how averages work. If 1 in 10 of entrepreneurs succeed at all and 1 in a million succeed notably, all of those millions of $0 outcomes flow to the 1 in a million (or 1 in 50 million?) success cases to make the average come out to whatever it is.
If it worked like you suggest and 10% succeed, you'd have 10 @ $660K and 90 at $0K for an average of $66K.
That's not how averages work. If 1 in 10 of entrepreneurs succeed at all and 1 in a million succeed notably, all of those millions of $0 outcomes flow to the 1 in a million (or 1 in 50 million?) success cases to make the average come out to whatever it is.
If it worked like you suggest and 10% succeed, you'd have 10 @ $660K and 90 at $0K for an average of $66K.