Failure

Is often not bad. It just means the world didn't turn out how you expected. It is the inevitable risk in trying new ideas.

The key question is why the failure occurred. Acceptable reasons include:

  • Acts of God
  • Changes in the market
  • Changes in technology
  • Changes in competition

If failure happens through stupidity, arrogance or something under your control, that's different.

The decision about when to give up on an enterprise is tough but one academic study has shown that innovators often hang in there too long.

Case studies of honourable failure:

Snaptalent

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License