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How Can You Win If You Don't Learn About Losing?

Would you go to a doctor who never discusses illness?
August 19, 2014

Would you go to a doctor who never discusses illness? If not, why would you only listen to stories of success, and ignore lessons others learned from failure?

Bloomberg Businessweek Columnist Karen E. Klein says that inspirational memoirs drive the business-publishing market and lecture circuit. She says the problem with the overwhelming focus on success is that valuable insights from failure are drowned out. This tendency is called "survivorship bias."

Klien says survivorship bias is so prevalent that winners may not really know why they came out on top. "In fact, luck and timing probably played larger roles than most realize or will admit, especially those busy trumpeting their incisive strategy and bold leadership," she says. Adds author David McRaney, "The advice business is a monopoly run by survivors."

Read the full article: How 'Survivorship Bias' Tricks Entrepreneurs.

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