Tuesday, 28 April 2009

Flawed Research

In the blog entry, Lessons That Are Wasted On Entrepreneurs I quoted David Storey... and lots of people got upset...

"In spite of volumes of airport lounge books identifying simple recipes for success, the reality is that starting a business is risky. The outcome depends heavily on luck..."
And now there is more support for David's point of view (and the findings from the Magic Million Survey) from The Economist's Which MBA in an article, Flawed research (no longer available), 
and I quote...

"when measuring what makes for a successful company, one common mistake is to study only those companies that are themselves considered successful...

“When you take a closer look at the companies they study, the accomplishments of the vast majority are just as likely to be due to simple luck. It’s the equivalent of finding someone who flipped a coin seven times and happened to end up with seven heads and asking for her secret.”

Magic Million Survey
- Flawed Research (no longer avaialable)
- Lessons That Are Wasted On Entrepreneurs
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