Yes, most entrepreneurs do fail, and in doing so apparently flush capital down a hole.

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Economists tend to look at statistical aggregates covering high and low end income, and in doing so, fail to study the career paths of individuals.

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In so doing, they sometimes fail to build appropriate controls and leave existing managers overstretched: NatWest has built a sizeable derivatives business out of nothing in a handful of years.

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Chances are some will succeed in doing so, but many will fail.

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In other words, the people doing the hiring fail to understand, look for, and qualify the one characteristic that indicates the certainty of a good hire.

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This, the authors suggest, is in part because the auditors themselves might fail to recognise that they are doing something wrong.

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Even if we fail, as I have done many times in my life, we learn what not to do by experience and doing the new.

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