Are you a fan of statistics?  Obviously, they’re a great tool of science and awesome at capturing data about the masses.

However, they can’t tell you much about me as an individual because there is no law of small numbers.  Has anyone ever tried to discourage you from starting your own business because only ___% of small buinesses succeed?  I’ve heard those words often.  It’s true statistics can be used to determine probabilities of the masses - but don’t fall into the trap of taking those numbers personally.  

Statistics don’t tell us if my business ideas are 100 times better than those of the sample.  Another statistical example I find amusing goes like this: 

Anti Gunner:  Statistics show that owning guns increases the chance of being involved in a shooting accident.

Pro Gunner:  Statistics also show that gun owners are better able to defend themselves should the need arise.

Anti Gunner:  But the chance of being involved in an accidental shooting is greater than that of being a victim of violent crime.

The problem with Anti Gunners thoughts here are that they don’t take into account anything about Pro Gunner - other than that he/she owns a gun.  Nor are statistics able to say whether or not Pro Gunner will be that 1 out of ____ crime victim.

In summary, it’s all about the stakes not the odds…