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Entrepreneurs Don't Have an Optimism Bias
- codex 13y agoThe high failure rates of startups suggest otherwise.
- cookingrobot 13y agoNot so. The payoff of a successful startup is so high that it's often a good bet even with a high chance of failure.
- codex 13y agoExpected value only enters the picture if you can play many, many times. It's more realistic to look at the median outcome, yet every entrepreneur is transfixed by the big exits. If that's not optimism I don't know what is.