Leslie Berlin reports in the New York Times today, "Try, Try Again, or Maybe Not". Do serial entrepreneurs have a better chance the second time around? Even if they failed the first time out? A recent Harvard Business School study questions this long held belief.

In my case, I was successful on my second chance at bat. Did lessons learned from my first company and its boom-bust cycle give me a leg up the next time? I probably thought so, but don't ask me what it could have been. In 1979 in Bellevue, WA I took my first try at starting a consulting business; my clients were the growing electronic manufacturing companies popping up around Seattle. I did well, drove a Porsche, had a home with a pool (tells you I came from California), but then when the economy turned sour, like these present times, my clients shrank and my fledgling company with them. Seen from today's perspective, it set me up for a relocation to southern California and the beginnings of my software company which would steadily grow via bootstrapping over the next 15 years. That entrepreneurial experience definitely gave me experiences which would help me the next time. Maybe it's the passage of time, all I remember from the first failure is the pain, seeing my fortunes fall like the rain in Seattle.

But, you've heard it on this show several times, "it doesn't matter, success or failure," a serial entrepreneur is prized for their experience. Is this another myth?

"The data are absolutely clear," says Paul A. Gompers, a professor of business administration at the school and one of the study's authors. "Does failure breed new knowledge or experience that can be leveraged into performance the second time around?" he asks. In some cases, yes, but over all, he says, "We found there is no benefit in terms of performance."

Read the full article.