Daily Archives: September 16, 2010

Entrepreneur Who Put Golf on the Radio is Back Swinging

Kirk Coburn had this harebrained idea to put golf on the radio. Well, guess what? It worked.

Here’s a fascinating look at the man who raised over $600,000 and launched the PGA TOUR Network on SiriusXM in 2005, the most successful launch in XM Satellite history. What is he up to now?

Trent Thurman has the story at Running Commentary.

The Perils of Doing Your Own Market Research

Be careful of that research you gather. You might only hear the voice in your own head!

It turns out we’re not so good at doing our own market research. According to experts, even when we think we have separated our personal viewpoints from the data gathering, we’re very likely to confirm our original bias.

We see what we want to see, and hear what we want to hear.

This was highlighted recently in a study by four university researchers looking at investors who gathered stock market information from popular sites such as Yahoo! Finance. They found that the investors’ information gathering was actually counterproductive, causing them to make worse decisions than without the online research. Investors who were enthusiastic in their particular investment philosophy became even more confident, aggressively trading while making less.

This is called confirmation bias, a tendency to seek information that agrees with our previous view of the world while ignoring contrary data points.

It could be a serious problem for many budding entrepreneurs–who may be tempted by both time constraints and lack of resources to become their own market research team. C’mon, didn’t you personally do a lot of information gathering from colleagues, advisors and prospective customers as you formulated your business plan?

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