A privilege is a reward for something doing completely outstanding. Whether you came first in your class, or took the lead of a huge project, or did something extraordinary for everyone to take notice. It's a validation of your work, that other people are able to appreciate it. They love what you did for them, hence you receive a privilege, or a special ability, that gives greater access.
In startups, the most important aspect is your persona, or your outward projection, of who you are, and what you are able to do. Given that, it generates a mutual trust, in between the parties, that you will be able to achieve the goal, to the highest degree. It grants a privilege, and you are never asked too many questions about your decisions becuase a trust is in place.
However, most commonly, the privilege is mis-used. The previous entrepreneurs in startups, that did very well, and now do very poorly, still hope to have the same privilege that they had 20 years ago. 20 years in Bay Area California is a long time. There have been huge companies like Novell, Microsoft, Netscape, Google, Facebook, Twitter and many other great successful companies since then that have completely changed the world around. We can chose to still live 20 years ago, and soon to be called a hippie.
In order to regain the startup privilege, you have to be current. You have to know the latest technology stacks, work with entrepreneurs, work with venture capitalists, and work your magic to create something new. This keeps your privilege intact. Be humble. Always know that the next kid, that will kick your ass is right around the corner. Give him a chance, or die with guilt. Because you know the kid will over take you, like Mark Zuckerberg of Facebook, or Ev Williams of Twitter. The best teachers always makes room for the best students because they know, that's how they will continue to shine. However, some like to remain a student, without a teacher. The road there is long, with no help, and at some point, you crash and die. Hence, startup privileges should never be mis-used.
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