Why does Bill Perkins say ego stops people from taking risks?

Bill Perkins says most people who never start a business or chase an opportunity can survive the financial downside, but not the drop in status. They fear looking foolish to themselves, parents and friends, then build reasons why the idea was too hard. He says crushing ego is a constant practice, and adds that people quietly root for others to fail because success exposes their own lack of nerve.

• Perkins credits a friend from the University of Iowa football team, Dwight Sistrunk, with first showing him that people can want a different life.
• Perkins says awareness is only half the battle, comparing it to an alcoholic who knows and still drinks.

▸In their words

“They can handle losing that job and becoming a waiter or whatever, but their ego cannot take the status drop.” Bill Perkins · at 20:52 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on My First Million (2026-11-02). Read the whole episode summary →

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