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Management article
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Reference no. ROT179
Published by: Rotman Management Magazine
Originally published in: "Rotman Management Magazine", 2012
Length: 5 pages

Abstract

New entrepreneurs are in a tough spot: sixty-five per cent of seed-round start-ups in North America never make it to the next level of funding, and just 12 per cent end up successfully delivering a product or service. Why even try? 'Because my idea is better than all the others, and the numbers don't apply to me.' We all have such 'necessary illusions' in our minds, says the author. Dangerous delusions, on the other hand, are just that. The question is, how to distinguish between necessary illusions and dangerous delusions? He argues that the answer is to become an experimentalist about one's own life and business, which forces you to take an outsider's view of it.

About

Abstract

New entrepreneurs are in a tough spot: sixty-five per cent of seed-round start-ups in North America never make it to the next level of funding, and just 12 per cent end up successfully delivering a product or service. Why even try? 'Because my idea is better than all the others, and the numbers don't apply to me.' We all have such 'necessary illusions' in our minds, says the author. Dangerous delusions, on the other hand, are just that. The question is, how to distinguish between necessary illusions and dangerous delusions? He argues that the answer is to become an experimentalist about one's own life and business, which forces you to take an outsider's view of it.

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