Learning from Failure – Decisions Should be Data Driven

Although gut definitely has a role to play in startups, data should always be the driving factor in decisions. In the early stage of the startup when data volume is low, intuition plays a more significant role. But as the startup grows and we have more and more data at our disposal, the data should be utilized well to make any further decisions for the company.

Emjoyment was a startup looking to be the Tinder for jobs. The founder says – “The Lean Startup tells us to be data-driven, and so we werewith our initial sample size of 100 homogeneous Penn friends. Not smart.”

Advice – Data driven decisions should drive a startup. Also ensure that the source of the data is accurate and relevant for your startup.