Are You Privileged? Unfair Advantages in Business

Summary

This transcript challenges the common belief that success is purely the result of hard work and hustle. Using Evan Spiegel, the co-founder of Snapchat, as an example, the speaker emphasizes the importance of recognizing 'unfair advantages' like privilege, status, and connections. They introduce the 'three C's' of success—confidence, connections, and contingencies—as key factors that give some people an edge. The talk argues that while hard work matters, leveraging one's inherent advantages and working smarter, not harder, is often more crucial to achieving success.

Takeaways

• 💼 Success isn't only about hard work; it's about leveraging advantages and working smart.
• 🎲 Evan Spiegel, co-founder of Snapchat, credits luck and privilege as major factors in his success.
• 💡 Working smarter, not just harder, is key to achieving success.
• 🚀 Unfair advantages, like luck, education, and connections, can significantly boost success.
• 📊 Success requires both hard work and strategic use of one's circumstances and strengths.
• 🧠 Confidence, connections, and contingencies (the 3 C's) are crucial unfair advantages.
• 🏫 Confidence can stem from inner self-esteem or external support, such as upbringing and elite education.
• 🤝 Connections, especially from prestigious schools and universities, provide access to influential networks.
• 💰 Contingencies, like financial safety nets, allow people to take risks without severe consequences.
• 🎯 Success isn't solely based on meritocracy; unfair advantages play a significant role in outcomes.

Q & A

What is the common perspective about success as mentioned in the script?

The common perspective is that success is all about hard work, hustle, and effort. People often believe that one has to give everything, including skipping meals and working continuously, to become successful.

How does Evan Spiegel, co-founder of Snapchat, provide a counter to the traditional view of success?

Evan Spiegel suggests that success is not only about working hard but about working smart and working the system to your advantage. He emphasizes that luck and circumstances also play a role in success, and that life isn't always fair.

What does Evan Spiegel mean by 'working the system'?

By 'working the system,' Spiegel means leveraging the opportunities and advantages available to you, rather than solely relying on hard work. He doesn't imply unethical behavior but rather using the system intelligently to succeed.

What is the concept of 'unfair advantages' as described in the script?

The concept of 'unfair advantages' refers to the advantages some people have that contribute to their success, such as their background, connections, or financial safety nets. These factors can give them a significant edge over others.

What are the three C’s of unfair advantages mentioned in the script?

The three C’s of unfair advantages are Confidence, Connections, and Contingencies. These elements help people succeed by boosting their inner status, providing valuable networks, and offering financial or emotional safety nets.

How does confidence contribute to success, according to the script?

Confidence can come from internal self-assurance or be instilled by external factors like supportive parents or elite educational institutions. This inner status helps people believe they can achieve greatness, which is crucial for success.

Why are connections considered an important unfair advantage?

Connections are vital because they open doors to opportunities that others may not have. For example, attending elite schools or universities allows people to build relationships with influential figures, such as future CEOs or world leaders.

What role do contingencies play in achieving success?

Contingencies, such as a financial safety net, allow people to take risks without fearing severe consequences. Those with contingencies can afford to fail and try again, which is a significant advantage in pursuing success.

Why is the idea of meritocracy challenged in the script?

The script challenges the idea of meritocracy by pointing out that while hard work and effort do matter, other factors like luck, connections, and background play a significant role in success. Therefore, we do not live in a pure meritocracy.

How can someone increase their chances of getting lucky, according to the script?

One can increase their chances of getting lucky by putting themselves out there more and taking more chances. The idea is similar to rolling a dice repeatedly – the more you try, the better your odds of success.