Storey summarises this belief to dismantle it, arguing that knowledge gained from a failed business makes little difference to future business success, due to the unpredictability of starting a business. ‘The best analogy is with a lottery,’ Storey writes, ‘it is not possible to learn to win a lottery.’

Storey points to research in the UK and Germany which indicates that experienced founders are no more or less likely to succeed in starting a new business than novices. It goes against one of the basic tenants of venture capital investing – focusing on the experience of the management team. Yet it is hard to refute research with only anecdotal evidence of successful serial entrepreneurs, as Nic Brisbourne of DFJ Esprit writes in his blog.

Success is, in this view, somewhat out of the individual entrepreneur’s hands - yet if boosting the number of successful start-ups in Europe is the goal, then this mindset itself may be an impediment. Storey extends his lottery analogy to say that the US has more ‘eventual winners’ simply because more businesses are founded, regardless of whether the founders are experienced or not.

Assuming this is the case, if entrepreneurs are not made aware of others’ successes and led to believe their hard work, vision and, yes, experience will help them achieve their goals, then they are unlikely to start new businesses in the first place – reducing the overall number of successes.

Regardless of whether a serial entrepreneur’s success will positively impact their next venture’s performance, they may certainly play a role inspiring others in their own ventures. While Storey’s op-ed focuses on the failed entrepreneur who tries again, Europe could benefit from more repeat attempts by entrepreneurs who have already succeeded.