No one can generate only great ideas. But the best entrepreneurs give up bad ideas fast.
Gurus instill in startup founders that mistakes are a blessing – that they teach us.
As a result, founders fall victim to the Gambler’s Fallacy.
It makes us believe that the probability of success increases with each attempt.
We think that next time, we’ll be luckier, smarter, or more experienced.
That’s not always the case.
The probability of flipping heads after even 100 tails in a row is still the same as after just one—still 50%.
If your startups keep failing over and over again, maybe you’re just a violinist, or a plumber, or a yoga instructor – but not a businessperson.
Making 50 stupid mistakes won’t make you wiser. Next time, you’ll make a silly mistake, too.
Sometimes, the best strategy is to give up when something doesn’t work.
By giving your idea up, you don’t betray your dreams.
But you free up your time and mental energy to revise your strategy.
Svyatoslav Biryulin
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Read also: The Profit Paradox: Why Creating Problems Often Outweighs Value Creation
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