"Survival Bias" means the misunderstanding that like many successful businesses, your new business will also grow into a big business.
This is the hope and inspiration that makes thousands of fresh entrepreneurs join the startup club. But the dark truth is, large percentage of startups fail and are dead in cemeteries within few years of starting up. And many of those that survive, survive with small profits and small size (drag on). Very few make it big.
But the media reports only about successful businesses, and gives you a feeling that most people succeed and you should also succeed.
Bus does this mean we should NOT start a new venture? You should start, but with proper preparation. You should be aware of "Survival Bias", and not take things lightly.
1. Do your research well about yourself, your market, your customers and your competitors
2. Design the best business model
3. Formulate the best Strategies & Action plans
4. Ensure its financially viable even in Average Case Scenarios
If you can't do it. Engage professionals.
Best of luck for you and your enterprises!
Business Insights from
Ameen Ahsan Strategy Consulting
+91-7558-900-800 | www.ameenahsan.com
7th Floor, Hilite Business Park, Calicut
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