4 Startups That Tasted Terrible Failure And Then Climbed Up The Success Ladder

Failure teaches you the most important lesson that success can never teach. Failure helps you to not repeat the same mistakes that you repeated earlier and if you don’t learn anything from your mistakes then you can never succeed. So here are the stories about people who found super success after overcoming failure.

Bill Gates first company was a complete failure:

Bill Gates is now one of the world’s wealthiest individuals, but he didn't achieve success at his first attempt. He entered the entrepreneurial scene with a company called Traf-O- Data, which aimed to process and analyze the data from traffic tapes. He tried to sell the idea alongside his business partner, Paul Allen but the product didn’t even work and was a complete disaster but this didn't stop him,  a few years later, he created his first Microsoft product and achieved tremendous success.

Walt Disney was told he lacked creativity:

Walt Disney was fired from a newspaper because he was told he lacked creativity. Trying to persevere, he formed his first animation company, which was called Laugh -O – Gram films. He raised $15, 000 for the company but was eventually was forced to close Laugh-O -Gram, following the close of an important distributor partner.

Steve Jobs was fired from his own company:

Steve Jobs found success in his 20’s when Apple became a massive empire, but when he was 30, Apple’s board of directors decided to fire him but that didn’t make him lose his willpower and determination, he founded a new company, NEXT, which was eventually acquired by Apple. Once back at Apple he took the Apple brand to new heights.

Milton Hershey started three candy companies before Hershey’s:

When Milton Hershey first started his candy production career, he was nobody. He started three separate candy related ventures, all of which failed. In one last attempt, Hershey founded the Lancaster Caramel Company. As he started to see enormous results, he built on his vision for a brand of chocolate for the masses and started Hershey’s.

Entrepreneurial Opportunities in Family Business

The family business focuses on maintaining ownership across multiple generations but they might not be considered compatible with entrepreneurship. The heirs of the family firms are supposed to take care and grow founder’s creation, but they are not expected to be entrepreneurs themselves. This often kills the family business.

The Stats Says It All

According to a survey, only 60% of the family businesses survive to the second generation and only 12% to the third generation. This is because in family businesses one has to focus on balancing financial performance as well as maintaining family control which in turn affect their decisiveness and planning and this cannot be maintained without the entrepreneurial mindset.

Entrepreneurship in Family Business=Scalability

We think that family business and entrepreneurship are two opposite poles but the truth is family businesses are incomplete without an entrepreneurial touch. They are actually two faces of the same coin. We have to understand the practicality that we can create more opportunities in family businesses which can be done by widening the customer segment, by expanding the business into the new market or by adopting the changes and diversifying into the activities that can grow. This will also help in overcoming identity crises. The importance of entrepreneurs is not
only the continuation of the family company but for the continued success of the family itself.