2. Survival Biases

Once upon a time, one friend argued with me that many of his school mate who did not perform well in their studies are now a rich business man and those who studied very well in their exam, top student are at best driving a HONDA CIVIC, own a terrace house. He later on argued that this historical fact shows that only those who did not studied well can do well in life later on compared to those who studied well. The argument is later strengthen by the fact Bill Gates drop out from school to form MICROSOFT.

Now I have the answer to his argument. “SURVIVAL BIASES”. For more detail info, you view this video at youtube.com

https://www.youtube.com/watch?v=NtUCxKsK4xg

Make sure you watch the video thoroughly.

From here, I do think that it is less important to follow those many people who are successful. If you follow them chances are you may not be as successful as they are. They are the survival due to various condition/luck/time/space or situation.

Yet, I think it is much much better to learn from those who have already failed (almost successful but finally failed) on what are the wrong decisions they made, the wrong timing/place/people and how to avoid it. This will help us to be more successful. E.g Lee Chong Wei, Milkha Singh in 400m 1960 olmypic.

https://www.youtube.com/watch?v=kanvHKmMwSM

In many failed businesses such as restaurant businesses, we virtually never get the chance to know why their business failed. Even if we get to meet them, they will not tell you. Thus, we rarely get the chance to learn from other mistake because you don't get to see them at the first place. They already dead before you see them.