Similarity Between Biological Systems and Businesses. Why Failure is Good for Business and Petroleum Exploration

Scientific Essay from the year 2019 in the subject Sociology - Economy and Industry, , language: English, abstract: In this text, we will explain how biological systems and businesses are similar in the way they behave and evolve. We will then argue that a good measure of fuzziness, serendipity, uncertainty is beneficial for biological evolution and business. We will then discuss why serendipity is an integral part of evolution. We will try to demonstrate that the same rules that make biological evolution successful apply to business, too. Mathematical concepts and their limitations will be discussed briefly. A short example of how this applies for petroleum exploration has been added.