Thursday, March 26, 2009

Try, Try Again, or Maybe Not

IF at first you don’t succeed, it doesn’t matter that you tried.

This study was discussed in the New York Times.

That seems to be the message of a working paper prepared recently by a team at Harvard Business School. The study found that when it comes to venture-backed entrepreneurship, the only experience that counts is success.

“The data are absolutely clear,” says Paul A. Gompers, a professor of business administration at the school and one of the study’s authors. “Does failure breed new knowledge or experience that can be leveraged into performance the second time around?” he asks. In some cases, yes, but over all, he says, “We found there is no benefit in terms of performance.”

You can read the rest of this article at the New York Times.

The article raises some questions about the validity of learning from failure.

I strongly disagree with the conclusions of this study because I know that my most memorable lessons have been my failures. And many of my radio show guests tell me about their early failures that later led to success for them.

How about you?

George Torok
Business Speaker
Business Networking Tips


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