It is entirely possible that advertising works, but digital advertising is in a bubble. My direct experience with paid advertising, and my reading of the references above, have brought this to light for me, although I am far from the first.
Based on what I know today today, I estimate that entrepreneurship is one third talent, one third luck and one third wisdom. Talent is not teachable and, at present, is very hard to identify in first time entrepreneurs. Luck cannot be taught nor bought but plays an important role in success, and, unfortunately, is often misinterpretedContinue reading “Part 9: Entrepreneurship = Luck + Talent + Wisdom”
Based on taste tests, it turns out that experts are very bad at predicting the future price of fine Bordeaux wines – so realised Orley Ashenfelter, a Priceton economist. As told by Daniel Kahneman in Thinking Fast and Slow, when Ashenfelter built simple rules of thumb to predict prices he was able to achieve accuracy far beyondContinue reading “Part 1: Entrepreneurship is like evaluating a fancy bottle of wine”