Why Silicon Valley Tech Wunderkinds Overestimate Their Own Smarts and Abilities

http://www.forbes.com/sites/ericjackson/2012/06/18/why-silicon-valley-tech-wunderkinds-overestimate-their-own-smarts-and-abilities/

by petesoder • 14 years ago

162 87 14 years ago

forbes.com

tthomas48• 14 years ago

Why are they singling out Tech people? You ever met a salesperson or a CEO?

rhizome2• 14 years ago

Because there's a hiring crunch with technical people, and because it's Forbes, who is never going to imply money people could be incompetent.

betterth• 14 years ago

You could make the case that the Forbes author themself fell victim to the fundamental attribution error that they claim plagues SV.

It's easy to point out how THAT OTHER industry engages in groupthink, now isn't it...

adventureful2• 14 years ago

I disagree. Forbes takes plenty of shots at Wall Street, the bailouts, Bank of America, Jamie Dimon, Ben Bernanke, The Fed, Fannie & Freddie, and so on. They spent years ripping on Lehman and Bear Stearns.

Besides, tech is worth more than finance, there's a lot more profit there than in banking. The next Google or Facebook will probably be worth more than our largest banks.

Apple + Microsoft in 2012 ($70b in profit) = Goldman + Bank of America + Citi + Wells Fargo + JP Morgan + PNC + BB&T + Morgan Stanley + Blackrock etc.

petesoder2• 14 years ago

Curious to hear thoughts on the '4 takeaways' ...

For instance, do you think investors are 'at least as likely to succeed by investing in “failed” entrepreneurs as “successful” ones'?

yesimahuman• 14 years ago

Whats a "good" startup idea anyways? One where the VC rocket doesn't crash straight into the ground? This article seems to hint that the only good idea you'll have is one that investors pour money into and it turns into a big hit like Facebook. I see way too many successful companies that didn't take that approach to believe in that.

Maybe the problem is too many people believe in that.

AndrewWarner2• 14 years ago

I've found this in my interviews on Mixergy. If I ask a founder to tell me why he made it, he often exaggerates his abilities and his answers are more B&W. If I ask him to tell me the story of how he did it, the lessons are more nuanced.

petesoder2• 14 years ago

Great point. Wonder if there's an analog here with the building of technical platforms. Hind-sight is 20/20 and explaining how one feels he/she made tech decisions could come out similarly subjective. But asking about the story behind the platform might tease out more color.

AndrewWarner2• 14 years ago

I think so. In my interview with Emmett of twitch.tv, he mentioned that if he asks customers, "what should I build for you?" the responses are pretty useless.

So instead he teases out what their motivation is (personal expression or making money by broadcasting or something else) and what's keeping them from achieving it (lack of clear stats, or difficulty publishing, etc). That helps him figure out what to build.

gringomorcego2• 14 years ago

I think most people are afraid to admit how much of their success is attributable to luck and being the right man in the wrong place.

aswanson• 14 years ago

You can't blame them, though. Its a basic flaw in human mental machinery ;the we look and create narratives and stories to data compress and make sense of our world. If someone asked you about your greatest achievements, how likely would you be to attribute anything to your era and place you were born in, your random early childhood experiences, etc?

chollida1• 14 years ago

I've always thought this had some parallels to athletes who use performance enhancing drugs.

The entrepreneur or athlete is so aware of all the hard work and long hours that they put in that they often down play the other factors that play a part in their success.

This often leads them to be defensive when these external factors are brought up as being part of their success.

danmaz74• 14 years ago

The funny thing is that the author himself talks about having "your brightest idea", as if success only depended on you - and your idea - and not on the right timing, the right team, and all the planets aligning for you.

The fundamental attribution error is so ingrained in our thinking, that it's really difficult to obviate it even when you're writing an article about it.

justin• 14 years ago

"I agree with Mark Zuckerberg that most of us will only have one really good business idea in our lives."

I think the founders of Microsoft, Dropbox, Zynga, and many, many others would disagree. Even if we do on average only have one good business idea in our lives, it probably won't be the first one you work on.

The author uses Twitter as an example, which was actually a spinoff of Evan Williams' second company.. he'd already had one great idea, Blogger, which was sold to Google.

smalter• 14 years ago

This reminds me of my logic professor in college. He would often tell us stories about Kurt Godel, who he'd worked with at the IAS.

My prof blew me away one day when he said that Godel had 3 good ideas -- Godel numbering, and two more that I can't remember.

He didn't say it in a way that was meant to put down Godel at all. I took it as an homage to original thought and what it really meant to have a good idea.

cb18• 14 years ago

Godel numbering, and two more that I can't remember.

hmm... That list seems incomplete.

mafribe• 14 years ago

Gödel numbers were invented by Leibniz a few hundred years earlier. It's not known whether Gödel knew about this when he proved incompletness, but given that Gödel was a serious Leiniz scholar especially later in life, and held him in highest esteem, it is not impossible that he did.

That said, Gödel had many more great ideas.

edwinnathaniel• 14 years ago

Meanwhile Wordpress is eating the blogging world not by spoon but by a HUGE bowl _and_ making money, creating community of users and consultants to live off Wordpress.

Was Broadcast.com a great idea? :D

confluence2• 14 years ago

It sure as hell was. Just way too early. Look at Netflix, Hulu, YouTube, Vimeo and Veoh for some recent examples.

It was also a success for its shareholders, with a perfectly timed sale just as the dotcom bubble reached its final crescendo.

Not a good idea for Yahoo! though - but then again - you win some, you lose some.

gnaritas5• 14 years ago

When someone says most X, responding with anecdotes about exceptions doesn't really work as a means of disputing them. That there are exceptions are implicit in the fact that he said most.

blafro3• 14 years ago

He says most X, and then supports that with anecdotal evidence some of which is false. In fact I can come up with more examples of exceptions than he can come up with examples that conform to his thesis. Jack Dorsey (twitter,square), Elon Musk (paypal, tesla,spacex), Tony Hsieh (linkexchange, zappos), justin kan (justin.tv, twitch,socialcam) are some examples of entrepreneurs with serial success. I can think of a lot more. Not disputing the thrust of the article but he doesn't support it with a lot of solid examples.

tomasien2• 14 years ago

Square! Path! For God's sake you can kind of throw Spotify in there!

mikeryan2• 14 years ago

Color!

oh. wait...

;-)

mikeryan2• 14 years ago

The author uses Twitter as an example, which was actually a spinoff of Evan Williams' second company

Its also a bit disingenuous to completely ignore Jack Dorsey who's founded and working full time for two of the most successful startups around.

larrys4• 14 years ago

"which was actually a spinoff of Evan Williams' second company."

I think (as I remember the story about this) he didn't believe in that idea enough to even want to keep the investors money. Assuming of course he was being truthful about his thoughts on the spinoff.

droithomme• 14 years ago

I love it when Venture Capitalists write articles with this claim since they prefer the idea that support from Venture Capitalists is the key to any successful business, not skills, talent, genius, a product, customers or a business plan.

A quick search and replace provides the basis for an alternative article called "Why Sand Hill Venture Capitalists Overestimate Their Own Smarts and Abilities":

> Venture Capitalists believe that they can recreate their successes again and again, start-up after start-up.

> In some ways, Sand Hill is set up to support this way of thinking. If you’re successful financing one company and you were the venture capitalist, you deserve all the money from all the engineers running other businesses in Silicon Valley to go start your next capital firm. After all, who are the engineers going to support? Some failed venture capitalists instead?

Makes as much sense.

gringomorcego2• 14 years ago

Hey man, don't question the established order.

Remember, it's a luxury to pander to a VC.

Bootstrapping is only for those dirty proles.

calinet63• 14 years ago

I know it's popular to hate on VC's, but after watching a couple bootstrapped companies suffocate themselves with lack of growth when it was needed most, well, just don't forget the alternative. Capital is very important.

jmduke• 14 years ago

I'd argue this is more about survivorship bias than fundamental attribution error.

The tech world buzzes for days and weeks about Instagram being acquired by $1 billion, about securing higher and higher amounts of funding. Often, its deceptively rare that you hear about great people with great ideas that just don't make it off the runway.

So when your venture fails, you're tempted to think its a fluke that can be overcome with a large enough sample size.

jfoutz• 14 years ago

Funny to mention Ev and not blogger.

Also, when you can get Morgan Stanley to eat 2.3 billion to keep launch day stock at the number you want, you're not overestimating your own smarts. You're doing something far more profitable, you're duplicating the mythic reality distortion field.

sriramk• 14 years ago

Consumer vs enterprise makes a big difference here - there are a lot of successful repeat entrepreneurs in the enterprise world.

the success of consumer startups, especially one that relies on network effects, are often random. That's why so many of the 'How did X get traction' stories on Quora boil down to "It suddenly took off with group foo, we weren't sure why". That's why a lot of these consumer startup founders doing repeat companies fail - they can't replicate the same conditions again.

Enterprise startups are a different story. Since the variables (who the customers are, how much they can pay, how they buy, what they want) are better known and existing relationships counting for a lot, repeat entrepreneurs have a better chance of having a success. Of course, enterprise startups have their own separate issues to deal with.

chrischen• 14 years ago

The difference isn't technically with consumer vs enterprise, but with how big in scope something is.

For example, it's likely that something as big and successful as facebook is due to a once-in-a-lifetime opportunity and idea, but a neighborhood pizza shop can be more likely to be successful due to experience, skill, and non-luck factors.

Consumer startups just happen to usually need to be big in scope in order to succeed.

So outliers like Facebook, apple, etc may actually depend on luck to become as big as they are, but smaller scope enterprises may be more formulaic and repeatable.

nzealand• 14 years ago

He is talking about enterprise software startups e.g. Workaday.

ThomPete• 14 years ago

Exactly.

It's the difference between being a gold digger and a merchant.

The gold diggers might or might not find gold, but they all need the tools to look for it.

jknupp• 14 years ago

I would wager it makes far less of a difference than you imagine. The problem here is survivorship bias. We naturally hear far more about consumer startups because we are their target audience (in a general sense). Therefore, we hear about consumer startups that fail more often than about enterprise startups. It then seems that enterprise startups are less likely to fail.

If that were true, the fact that VC money is focuses far more on consumer startups would be ridiculous. Surely if enterprise startups succeed more often VC firms would make investments where they could benefit from this fact, likely by structuring deals around taking a percentage of profits since big exits are rare but long spans of profitability would not be. There would be no point in playing the consumer startup lottery as you would be greatly overpaying for risk.

grandalf• 14 years ago

Let's all kneel and psychoanalyze Mark Zuckerberg on a site dedicated to people who love hacking and building things. What a garbage article.

dmbaggett4• 14 years ago

I've helped create two companies with successful exits (Naughty Dog and ITA). When founders with successful exits tell me it was all skill and they didn't get lucky, I ask them if they'll give all their money away and start over, because, of course, it's all repeatable. No takers so far.

Being smart, technically good, etc. is all (usually) necessary, but not sufficient. Anyone who thinks otherwise exists in a profound state of self-aggrandizing delusion.

confluence2• 14 years ago

Great to hear that people who have actually succeeded aren't all delusional (I kid!).

I don't suppose you are trying again, and if you are, what kind of things do you think improve one's odds at success (which is quite different from the 7 habits of successful people stuff). I'm talking about increasing chances by an order of magnitude from 0.000001% to 0.001% (99.99% chance of failure still guaranteed).

I have a general feeling that you should time your entry and exit in founding a company correctly (for example now for the current bubble) - or survive long enough for that to no longer be an issue (in about 5 years to catch the next cycle - the latter is probably more common - pivots and all). You also need to work hard, but you must work hard on problems that are solvable and valuable (at least in the long term). For example working on VR devices right now is not a good idea, but give it 3-4 years, and we're talking.

I get the feeling that TIMING is by far the most important asset a founder has. Or I'm wrong (which is my default assumption).

dmbaggett4• 14 years ago

I agree with the top-voted comment. Consumer seems more like a lottery to me; B2B seems more repeatable in general.

comatose_kid• 14 years ago

David, kind of a side note, but I really enjoyed the following talk you gave:

http://www.youtube.com/watch?v=mDKCv4IOO1Y

dmbaggett4• 14 years ago

Thanks. It contains many methodological flaws as well. :)

mseebach• 14 years ago

A bit OT, but your methodology is flawed. That something is repeatable does not imply that repeating it is desirable. Creating a startup is lots and lots of hard work - assuming we're talking about proper FU money, they'd be crazy to give up financial freedom to prove a point.

Or a simpler example: you discover that you're out of milk, drive to the store, pick up a carton, stand in line, pay and drive back. You're tired and your favorite TV show is on in five minutes. If I ask you to throw away the milk and go back to the store for another, does that prove that getting milk isn't a repeatable process?

dllthomas2• 14 years ago

> Or a simpler example: you discover that you're out of milk, drive to the store, pick up a carton, stand in line, pay and drive back. You're tired and your favorite TV show is on in five minutes. If I ask you to throw away the milk and go back to the store for another, does that prove that getting milk isn't a repeatable process?

This is glorious.

dmbaggett4• 14 years ago

Touché. :)

nikcub• 14 years ago

There is empirical evidence that what you suggest is true. Almost every single successful entrepreneur who goes on to start another company does it by raising money from others rather than investing their own.

If they were confident in their skill and outcome they would plow in their own $40M rather than raise it from XYZ Partners again.

I was told by an early mentor that entrepreneurs should never risk their own money. I don't know why, especially if you believe success in startups is a skill.

dedward• 14 years ago

Don't risk your own money if you can risk someone elses under terms you can live with.

The concept of an "exit" meaning success is odd.... on one hand, yes, someone started a business, got it going, and convinced someone (with deeper pockets, usually) to buy it from them. That's certainly a success for the entrepreneur, no question about it - but it doesn't directly say anything about the profitability or longevity of the business they sold.

Back on topic- why would you risk your own personal money if you don't have to? Businesses fail. Shit happens. Nothing is for sure. That money could poof be gone. Back to zero.

That

tlrobinson• 14 years ago

I don't doubt the psychology described in the article, but there are other reasons to start a company than believing it will be massively success. These two recent posts come to mind:

"Getting Final Cut": http://log.scifihifi.com/post/25094818476/getting-final-cut

"Why you need your own company": http://sivers.org/laboratory

tomkit• 14 years ago

I think the attribution to overestimating one's smarts, citing "fundamental attribution error" is a little misguided; most entrepreneurs aren't disillusioned about the success rate of startups. Rather, in the Valley, we call it being optimistic/head-strong/determined and it's a key attribute in entrepreneurs -- one that allows them to continue forward when everyone else is saying "no."

ImprovedSilence• 14 years ago

Perhaps people who are financially set want to just try out new things. The author here rips on the facebook CTO, because whatever else he is doing will not be as successful? If he's the CTO of facebook, I'm sure money almost doesn't even enter the picture here, he's set for life, and wants to see if he can create his own baby. No problem with that.

eshvk• 14 years ago

Yeah, I noticed that: Sometimes success is not the only aim for starting a startup. There is also the sheer joy of working on something that you conceptualized and thought about. Irrespective of whether it succeeds or not, that feeling is probably one of the factors that motivate people to leave high paying jobs to do stuff like this.

trg2• 14 years ago

Surprisingly modest comment from Mark Zuckerberg in this article about Viacom, especially at such a young age. Really interesting.

EGreg• 14 years ago

I mostly disagree with this article. Disclaimer: I live in NYC and not the valley, but I think this just makes my point stronger.

Ideas are a dime a dozen. Many can be great. Execution is what separates the wheat from the chaff. And most of the time, the Minimum Viable Product has become cheaper to produce and iterate, than ever. So the startup costs are minimal.

I would actually say the opposite. People live lives, companies create products. You will have MANY ideas in your life. Make sure to maximize your chances of succeeding in your first venture. If you do, and then you exit, you will have connections, a reputation, a track record, lots of money, and you will be able to own the crap out of your next companies and do whatever you want.

That probably means your first venture shouldn't be the next Google or Facebook, so that you can bear giving away equity in it to people and give them responsibilities. Investors, mentors, coders, designers, marketers, etc. People who do things better than you in their respective fields. If you are reluctant to give up equity, your first startup will be hobbled in its resources, you will have to wear many hats and wear yourself thin. Why do it?

Companies create products. People live lives. Enjoy yours while you are young. Create a group around you that is passionate. What was that Aesop's fable? Oh yes:

http://mythfolklore.net/aesopica/milowinter/13.htm

I think that the individualistic culture in the USA has produced some amazing things, but the power of groups is just beginning. The open source movement is a great example, but as people get better tools to organize themselves, groups will become more and more efficient.

The nice thing about groups is that they can do more. An individual is just a group with one person. If set up right, larger groups are also not as fragile, if one member leaves or decides to take a break. They have more connections, they have more resources to grow.

In short: you will have plenty of ideas. Don't make your first one into something that you will take responsibility for and take on the risk all by yourself. Rather than letting it consume your life, land your first success. You will always be able to own and enjoy your next ideas, and have more OPTIONS to execute them how you want.

calinet63• 14 years ago

"Ideas are a dime a dozen."

After working in an incubator for about 3 months and learning all about the ideas several companies were founded on, I have to disagree with this. I would say I had to hold back laughter for half of them, and not because the idea initially struck me as poor, but because of many, many details within the idea that were not thought through completely, or a company that was put together to solve the wrong problem, or had a better competitor already in the market that they weren't aware of. And these were companies that had made it into an incubator. Supposedly the cream of the crop.

Ideas are valuable and it's difficult to get them right in their entirety. You can't build a company on just any old idea, you have to build it on the whole idea and its extension into the market. A holistic idea.

And those, well, those are hard.

alaskamiller• 14 years ago

To a person with ideas popping off all the time, ideas are valueless.

But not everyone are like that. So them, an idea is valuable.

No one can be an entrepreneur until they understand value in the first place.

wilfra• 14 years ago

Fundamental Attribution Error is a very real thing that definitely applies to SV startup culture.

To put it in simpler terms, luck is a far more important factor than skill in determining whether any given entrepreneur or startup succeeds.

Unfortunately he had to add a bunch of nonsense commentary like the Bret Taylor stuff, but his main premise is certainly accurate.

It also applies to VC's and Angels. They are praised when they get in early on companies that end up making a fortune. Some of them are surely great investors - others are just blindly throwing darts and end up getting insanely lucky. Good luck trying to explain to that TechCrunch.

tomasien2• 14 years ago

"When Jack Dorsey left to found Square, he made the biggest miste.... wait no, when Dave Morin left Facebook to start Path he made the biggest mist..... shit"

biot• 14 years ago

  > I know nothing about Bret Taylor and his new company. However, I do
  > know that he used to be the CTO of Facebook and he threw it out the
  > window. Chances are his new venture will never give him the opportunity
  > he would have had if he’d stayed at Facebook for the next 5 years.

Would the same be said for an executive who cashed out of VA Linux? Or Pets.com? Maybe this journalist has some crystal ball showing Facebook's stock price five years down the road.

http://imgs.sfgate.com/c/pictures/2001/01/18/bu_valinux2.jpg

ChuckMcM's previous comment summed it up perfectly: http://news.ycombinator.com/item?id=4118949

larrys4• 14 years ago

"But my point is that I agree with Mark Zuckerberg that most of us will only have one really good business idea in our lives."

Not just ideas.

You need not only the idea but everything coming together at the right time including being able to team up with the right people, get money, and not to sound like a broken record, luck and the right timing.

At one point things get to the tipping point. With twitter it may have been the arab spring let's say. That might have been the point where non-techies and your aunt heard about it and it jumped some shark.

larrys4• 14 years ago

"The VCs and media don’t care who wins and loses because they’ll still have jobs watching from the sidelines. "

Of course why not spread the bets over multiple companies and encourage risky ideas. We are all watching the football game but not suffering the concussions.

dgreensp• 14 years ago

The author leaves no room for any concept of "skill" in entrepreneurship, and this is the big flaw in his article. He doesn't so much argue this view as assume it, except to say that person X succeeded only to fail later, and person Y thought they would succeed, but didn't.

VCs know more about start-ups than he thinks. They do "care" about whether the ventures they fund succeed (obviously, ha) and even so they fund founders who have failed in the past all the time. The pretty low stigma on failure in the Valley is part of what makes the culture so great and why we get so many successes and, dare I say it, skilled entrepreneurs.

As we all know, team and execution are just as important as idea or more so. Once we acknowledge the importance of ability, and the existence of many great successes, successful serial entrepreneurs, and, of course, failures and failed entrepreneurs, it seems like he's just trying to take everyone down a peg.

Surprisingly, his first three takeaways are pretty agreeable, basically just be grateful for your successes and acknowledge there was probably a healthy dose of luck in there. I'm pretty sure his fourth point about investing in people despite past failures is already incorporated into Valley thinking.

incongruity• 14 years ago

"The author leaves no room for any concept of "skill" in entrepreneurship, and this is the big flaw in his article."

From the article:

"And you certainly can’t go through life as an entrepreneur without becoming smarter. You learn from your mistakes, you make great contacts within an industry, you understand better what other competitors are doing."

If that isn't a round about way of talking about entrepreneurship skill building, I'm not sure what is.

The skill you reference has to be developed somewhere – even if that's just watching others and learning from the litany of mistakes out there... otherwise it's an innate ability and that's exactly what the author is arguing against in this piece.

If anything, I feel as though the author still falls into the trap of believing in the mythical "great idea". There are plenty of really good ideas out there – they just need to match up with the right environmental factors (time, money, competitors, etc. etc.) and the right people at the right point in their lives. Good ideas don't execute (and thus succeed or fail) in a vacuum – and so, just like the fundamental attribution error the author mentions early on, as it applies to people, the same thing goes for ideas.

zacharyvoase• 14 years ago

This article could have done with dropping the 'Why' from the title; it was more an exposition of a belief (and an observation from the field of psychology), than an explanation of the root cause of this overestimation.

Which, incidentally, everyone is susceptible to. It just makes people bitter when millions of dollars change hands because of it.

blader• 14 years ago

Maybe entrepreneurial success is driven by luck in the same way that home runs in baseball are: Barry Bonds can swing 100 times and not hit a home run, but he's still a way better home run hitter than I am, in that he can hit home runs at all.

This article is kind of like saying that some baseball players overestimate their own skills and underestimate the effects of luck when they hit a home run. But you don't see people writing articles like that because hitting a home run is more obviously difficult than starting a successful company, and you have a lot more data with home runs than you do with companies.

Whenever there's an article like this, it can be tempting to conclude either: 1) "it's just a crapshoot, what's the point of playing the lottery?" 2) "it's just a crapshoot, anyone could have done Facebook." But the fact is luck is involved in everything - so perhaps a better takeaway is: 1) I need more practice and 2) I need more at bats.

andyjsong• 14 years ago

3) I need more steroids.

mjwalshe• 14 years ago

Everyone (at least 99.9%) Overestimates how good they are.

chris123• 14 years ago

RE "Zuckerberg's" Facebook idea: When I was at Georgetown University back in the '90s, at the beginning of each year a printed directory of the students came out. In that book, was a photograph of each student and their profile, including name, where from, where went to undergrad, and a few other things. That book was called "the Facebook." So the idea to take the physical facebook and bring it online, with the same name and same initial content, was just lying there on the ground for years, waiting for someone to notice it, bend over, and pick it up. As the concept of social networks speard through the populaton, the ease of noticing the opportunity grew more obvious. Finally, a few years after online social network pioneers launched (Friendster and then MySpace), someone noticed. I'm surprised it took as long as it did. How many other opportunities are hiding in plain sight. Many :) PS: Yes, ideas are "nothing" without execution.

calinet63• 14 years ago

This article is remarkably astute. Not necessarily for the details, but just for its statistical instead of individual view into the startup ecosystem.

In this highly complex system of companies and customers and ideas, nothing is constant, and very little is predictable. You can't look at individual points and see the trend, or be able to predict anything from that point. You have to look at the ecosystem statistically, and that's effectively what this article is talking about.

Everyone should understand statistics. Not Stat-10 intro-to-statistics, but the beauty of statistical understanding in the real world, as it applies to you. This article is a great example. If you think systematically, you'll understand your market better, your company better, your employees better, and yourself better, and you won't fall into the fallacies this article points out.

Because that's what they are. Fallacies. Falsehoods. If you believe you fully control your destiny and your outcome, you are necessarily at least partially incorrect.

Even if you consider yourself and your own success and what you believe leads to it, you are still part of a complex system you don't fully understand. However, you can get a much better grasp of it if you don't use yourself as a single-point anecdote. Spot on.

powerslave12r• 14 years ago

This reminds me of the book I just started reading that talks about randomness in our lives.

The Drunkard's Walk: How Randomness Rules Our Lives : http://www.amazon.com/The-Drunkards-Walk-Randomness-Rules/dp...

namenotrequired• 14 years ago

I think when you say "Silicon Valley Tech Wunderkinds Will Only Ever Have 1 Good Business Idea During Their Entire Lives", it seems you mean they'll only have 1 successful business idea. That's what you seem to be getting at, and you argue yourself that a good idea isn't always a successful idea.

Why Silicon Valley Tech Wunderkinds Overestimate Their Own Smarts and Abilities

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