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It's difficult because we tend to overrate the pain of failure. We fear it too much. That's research that emerges from psychology. We think it's going to be worse than it really is. And, I think, as we get a bit older, really after we leave school or college, we quickly stop experimenting.
Tim Harford
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Interpretation

What this quote means

Fear of failure often holds us back from trying new things.

This quote highlights how people frequently exaggerate the pain and consequences of failure, leading to an irrational fear that prevents experimentation and personal growth. As we grow older and move past educational environments, we tend to become more risk-averse, which inhibits our willingness to take chances and explore new opportunities.

Themes

FailureFearExperimentationGrowthPsychology

In practice

Example use cases

Using this quote in a workshop about embracing risk in business.

More from Tim Harford

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. You don't expect dentists to be able to forecast how many teeth you'll have when you're 80. You expect them to give good advice and fix problems.
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In certain businesses, I would say 10 failures to one success is a perfectly acceptable ratio. Because the failures die pretty quickly, they're not that expensive, and the successes can be really huge.
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