Really, my only point is that having a million dollars isn't a realistic determinant between being "sophisticated" enough to invest without protections, or not. I think it is a sign of the irrational advantage we accord to people with money.

The rest of your comments about business startups and entrepreneurs is what I have been hearing from SBDC bureaucrats for decades, and my opinion (from my experience) is that they are just parroting clichés, for the most part. They don't actually understand what the real issues are for small businesses, or have any useful advice beyond "write a business plan on go see if you can get a loan".
You can’t solve a problem without first understanding what the problem is.