" BUSINESS " AND ITS RELATIONSHIP TO THE "THEORY OF PROBABILITY ".
balasubramaniam sundhararaj (SUNDAR)
Assistant Professor- Training & Placement Division, SASTRA Deemed University, Tanjore, Tamil Nadu.
"BUSINESS" HAS 2 SIDES TO IT. "SUCCESS" (or) "FAILURE".
"THE THEORY OF PROBABILITY" IS BEST EXPLAINED BY THE FLIP/TOSS OF A COIN HAVING 2 SIDES - A "HEAD" AND A "TAIL".
WHEN YOU FLIP/TOSS A COIN UP, THE PROBABILITY OF GETTING A "HEAD" (OR) A "TAIL" IS 50% ( EQUAL CHANCE ). HOWEVER, THERE IS A CAVEAT.
THE 50% PROBABILITY OF GETTING A "HEAD" (OR) A "TAIL" IS ACHIEVABLE ONLY AS ONE KEEPS INCREASING THE NUMBER OF FLIPS/TOSSES ( i.e. ATTEMPTS/ TRIALS ).
FOR EXAMPLE, LET US ASSUME THAT, IN THE FIRST INSTANCE, YOU ARE TOSSING THE COIN 10 TIMES, OUT OF WHICH YOU COULD GET "HEAD" -7 TIMES & "TAIL"- 3 TIMES (OR) VICE VERSA.
IN THE SECOND INSTANCE, LET US ASSUME THAT YOU ARE TOSSING THE COIN UP 50 TIMES. IN SUCH CASE, AS THE NUMBER OF ATTEMPTS/TRIALS HAVE INCREASED,THERE IS A 50% EQUAL CHANCE OF GETTING A"HEAD" -25 TIMES & " TAIL"- 25 TIMES.
APPLY THE SAME PRINCIPLES TO BUSINESS & YOU WILL SEE THE SIMILAE.
EVEN TO HAVE A 50% CHANCE OF SUCCESS, ONE WILL HAVE TO INCREASE THE NUMBER OF ATTEMPTS/ TRIALS TO ACHIEVE THEM (SIMILAR TO INCREMENTAL TOSSES/FLIPS TO ACHIEVE A 50% SUCCESS IN GETTING A "HEAD" OR A "TAIL".).
IF YOU UNDERSTAND THIS BASIC PRINCIPLE AND START WORKING ACCORDINGLY, I AM SURE, YOU COULD ACHIEVE "SUCCESS". FURTHER, THERE WOULD BE NO ROOM FOR ONE TO FEEL " LET DOWN", "DEPRESSED" , "DISTRESSED"
" IS THIS WHY FAILURE IS ALWAYS REFERRED TO AS A STEPPING STONE TO SUCCESS" , MEANING AS YOU INCREASE THE NUMBER OF ATTEMPTS, YOU ARE LIKELY TO TASTE SUCCESS.