http://www.building43.com/blogs/2009/11/02/business-advice-plagued-by-survivor-bias/ We're building43 - what are you building? Sat, 05 Nov 2011 03:01:57 +0000 hourly 1 http://www.building43.com/blogs/2009/11/02/business-advice-plagued-by-survivor-bias/comment-page-1/#comment-823 Friday Links: Survivors and Statistics | Slush Wed, 25 Nov 2009 19:32:38 +0000 http://www.building43.com/?p=1976#comment-823 [...] bias distorts business advice and research, writes Jason Cohen at Building 43 (hat tips to Tim Berry and Steve [...] [...] bias distorts business advice and research, writes Jason Cohen at Building 43 (hat tips to Tim Berry and Steve [...]

]]> http://www.building43.com/blogs/2009/11/02/business-advice-plagued-by-survivor-bias/comment-page-1/#comment-764 Why Survivor Bias Threatens Business Research Fri, 13 Nov 2009 14:37:15 +0000 http://www.building43.com/?p=1976#comment-764 [...] Research, advice I want to start this with a story. I’m quoting Jason Cohen in his post Business advice plagued by survivor bias, with thanks to Alan Gleeson for tipping me off to this one. As you read this story, think of how [...] [...] Research, advice I want to start this with a story. I’m quoting Jason Cohen in his post Business advice plagued by survivor bias, with thanks to Alan Gleeson for tipping me off to this one. As you read this story, think of how [...]

]]> http://www.building43.com/blogs/2009/11/02/business-advice-plagued-by-survivor-bias/comment-page-1/#comment-707 Darrell C. Greenhouse Sat, 07 Nov 2009 21:21:31 +0000 http://www.building43.com/?p=1976#comment-707 Great article...    On a side note...    When I was 25 and starting out in my first business, I met a V.C. in all places but "traffic court." It was obvious from a number of factors that he was extremely successful and really didn't need to spend his time in traffic court - "It's the principle" he replied after explaining to me why he'd "waste" an hour and half of his valuable time. He was right and won his case handily!    Anyway, we started talking about business and he began probing me about my current situation. I told him about my business activities, lamented the cash-flow issues I was experiencing [hoping of course to interest him in my venture :) ], but all-in-all, I informed him that I thoroughly enjoyed the freedom and independence of having my own business afforded me.    I believe I came right out and asked if he'd be interested in investing in my company to which he replied - “I like you kid, but I never invest in anyone that hasn’t failed at least twice.”    Paraphrasing what he went on to say - “someone who hasn’t failed and gotten back up to do it again, isn’t truly ready to succeed. They just don't know enough yet...”    I’ve noted his sage advice many times throughout my life, and find in the majority of cases, he was & is correct.  Great article… 
 
On a side note… 
 
When I was 25 and starting out in my first business, I met a V.C. in all places but “traffic court.”
It was obvious from a number of factors that he was extremely successful and really didn’t need to spend his time in traffic court – “It’s the principle” he replied after explaining to me why he’d “waste” an hour and half of his valuable time. He was right and won his case handily! 
 
Anyway, we started talking about business and he began probing me about my current situation. I told him about my business activities, lamented the cash-flow issues I was experiencing [hoping of course to interest him in my venture ], but all-in-all, I informed him that I thoroughly enjoyed the freedom and independence of having my own business afforded me. 
 
I believe I came right out and asked if he’d be interested in investing in my company to which he replied – “I like you kid, but I never invest in anyone that hasn’t failed at least twice.” 
 
Paraphrasing what he went on to say – “someone who hasn’t failed and gotten back up to do it again, isn’t truly ready to succeed. They just don’t know enough yet…” 
 
I’ve noted his sage advice many times throughout my life, and find in the majority of cases, he was & is correct. 

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