One frequent characteristic of successful entrepreneurs is that they have tried many things, and usually failed at more of them they’ve succeeded at. If they were both rational and able to apply rationality to their plans, you’d expect them to succeed a lot more often.
How do you know their success rate isn’t much higher than those who aren’t successful, but the base success rate is so low even those who do better are still less than 50%?
Alternately, what if the business equivalent of rapid prototyping is the optimal strategy? Giving up early enough that you can move on to something else can be the best option.
How do you know their success rate isn’t much higher than those who aren’t successful, but the base success rate is so low even those who do better are still less than 50%?
Alternately, what if the business equivalent of rapid prototyping is the optimal strategy? Giving up early enough that you can move on to something else can be the best option.