Conventional wisdom, from the great success-after-failure stories, that we hear from the silicon valley, tells us that the success will follow you after the initial failure at your start-up.<\/p>\n
A\u00a0study<\/a>, by Professor Paul A. Gompers and his team found out that: first time entrepreneurs, who received venture capital, have a 22 percent chance of success and failed entrepreneurs have 23 percent chance of success, as if they haven’t learned\u00a0anything! So, what is going on here?<\/p>\n It is not that the entrepreneurs are not learning anything, they are learning. \u00a0I believe, there are two things that can explain this;<\/p>\n 1) Not all failures are equal, that is the set of problems that you faced and what you learned\u00a0doesn’t represent the whole set of problem space, one might face again and<\/p>\n 2) the ability of each entrepreneur to take that experience and adapt to the new situations and problems that you will come across in your second venture.<\/p>\n As Professor Gompers, calls it, there is an ‘attribution bias’ – people generalizing anecdotal success-after-failure stories, referring to folklore and myth about the success and failures of entrepreneurship.<\/p>\n [Image Credit: Thanks to sunilkargwal via Pixabay<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":" Conventional wisdom, from the great success-after-failure stories, that we hear from the silicon valley, tells us that the success will follow you after the initial failure at your start-up. A\u00a0study, by Professor Paul A. Gompers […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[46,44,45],"class_list":{"0":"post-127","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accgi","8":"tag-entrepreneurship","9":"tag-failure","10":"tag-lesson"},"_links":{"self":[{"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/posts\/127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/comments?post=127"}],"version-history":[{"count":2,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/posts\/127\/revisions"}],"predecessor-version":[{"id":145,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/posts\/127\/revisions\/145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/media\/128"}],"wp:attachment":[{"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/media?parent=127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/categories?post=127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pieneers.com\/blog\/wp-json\/wp\/v2\/tags?post=127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}