The cost of entrepreneurialism is allowing lots of failure

While we praise and laud entrepreneurs, they exist because so many fail. Most entrepreneurs approach their businesses with no real rationale or effective management. Yet some succeed anyway. We should be grateful that so many are prepared to take such risks, but over the years, I have seen that many successful entrepreneurs were in the right place at the right time. Many of them go on to think that instead of being lucky, they were smart - smart in a way which does not allow of analysis. Large corporations can also suffer from this, but individuals are more likely to. Yet there is an inexhaustible supply of new entrants to the race, and a very few do make it.