Avoiding survivorship bias - Deepstash

deepstash

Beta

deepstash

Beta

Survivorship bias: when failure gets forgotten

Avoiding survivorship bias

Most of the inspirational success stories we see give out advice like waking up at 5 AM in the morning or eating a well-balanced meal. Those are important, but we should not overlook those who were unsuccessful.

We should learn from their mistakes and be careful not to repeat it for ourselves. We need to find our own recipe for success. Lastly, we need to consider the role of luck in our lives because it is rare to stumble upon something valuable to increase our chances of success.

100 SAVES


EXPLORE MORE AROUND THESE TOPICS:

SIMILAR ARTICLES & IDEAS:

Survivorship Bias

Survivorship bias is a logical error that twists our understanding of the world and leads to a wrong understanding of cause and effect.

We fall into survivorship bias when we assume that suc...

Against the Odds

When we only pay attention to the exception above the normal, we end up misunderstanding reality. While there is much to learn from the anomalies, it would be a mistake to expect the same results from doing the same things. 

Cause and Effect

Survivorship bias leads us to think that coincidence is a correlation. We want the encouragement from survivorship bias so we can believe in our own capabilities, but it results in an inflated idea of how people become successful.

The fact is that success is never guaranteed. It does not mean that we shouldn't try, just that we should have a realistic understanding.

Survivorship bias refers to our tendency to focus on the winners while completely forgetting about the losers who are employing the same strategy.


Loss aversion refers to our tendency to strongly prefer avoiding losses over acquiring gains.

Loss aversion refers to our tendency to strongly prefer avoiding losses over acquiring gains.

Availability Heuristic appears when we assume that the examples coming to mind easily are the most prevalent.

Availability Heuristic appears when we assume that the examples coming to mind easily are the most prevalent.