All of the above and some more. It has been doing more than just inspiring the youth to take risks and help solve problems, it is creating a sort of startup fetish. Some reasons that come to my mind immediately are:
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Creates a false sense that start-up equals autonomy. No it isn’t. Not all ideas are going to do well, for most ideas do not allow for unforced optionality in implementation or otherwise. (Mainly financial autonomy. No)
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Creates more charlatans and silicon valley Yodas who rise up the rank or create a basic startup, and do this full time without facing the downsides of failure faced by the entrepreneur. “No downside”/”Assymetry” is my biggest issue.
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As you said, misestimation of effort, one’s own capabilities, feasibility, future of the company because of this hyper-motivation.
I am not remembering them all, actually I had written an essay on this exact same thing some years back with some more points, let me see if I can find it. But anyway you get the idea.
Neat solution, but I feel the dynamics of advicer/advicee is more like I acquired this piece of wisdom over time through experiences, hardships, etc, so that you may not have to go through all of them. And mostly I think this is what lures in people. So, I think it won’t play out the same way thus defeating the original intention of the solution.
I am okay with people sharing their experiences and wisdom they acquired as a result of their journey, but what irks me is the extrapolation of it without sharing the downsides.