Good Morning,
Today, We are discussing about Survivorship Bias ⚖️.
What is it?
An error that comes from focusing only on surviving examples — causing us to misjudge a situation.
Example -
We might think being an Entrepreneur is easy and cool just because we haven’t heard much about all the failure stories and those who have failed.
Been there, right?
Where does it occur?
It is part of Selection Bias and thus, it will occur whenever you are evaluating a situation.
You might only look at the positive results and how to go from there & not account the negative results and why they happened.
Why do I need to know?
Our tendency to overlook failures can make us underestimate or overestimate things.
If you are only watching success stories and make a decision by being inspired by it, chances are that decision might not give you the desired result.
Takeaways:-
Account Failures as well with Success Stories.
It is okay to talk about failure. Talk about them.
If you are preparing a report, make sure you are balancing both the negatives and positives.
References:-
https://en.wikipedia.org/wiki/Survivorship_bias