Stakes are high for entrepreneurs this election

Sure you want to be a multi-millionaire? Commentary: High stakes for entrepreneurs in the election By Jim Anderson SAN FRANCISCO (Menafn - MarketWatch) -- There it was, in black and white. In an obscure research paper I found out how to become a multi-millionaire. In "The Burden of Non-diversifiable Risk of Entrepreneurship," by Robert Hall and Susan Woodward, it states that "Over the past 20 years, the typical venture-backed entrepreneur earned $4.4 million from each company that succeeded in attracting venture capital." It is not hard to imagine this quote as part of the preamble at a Senate hearing where they are attacking "greedy fat cats." There's just one problem here and it has to do with averages. Averages don't tell us much about any data set when the range of possible outcomes is large. For example, in order to... [read full story]