{"id":10905,"date":"2017-03-29T08:15:33","date_gmt":"2017-03-29T08:15:33","guid":{"rendered":"http:\/\/www.instantoffices.com\/blog\/?p=10905"},"modified":"2017-04-11T07:22:38","modified_gmt":"2017-04-11T07:22:38","slug":"lessons-learnt-failing-in-business","status":"publish","type":"post","link":"https:\/\/www.instantoffices.com\/blog\/business-growth\/lessons-learnt-failing-in-business\/","title":{"rendered":"Lessons Learned from Failing in Business"},"content":{"rendered":"

Being an entrepreneur isn\u2019t for the faint of heart, especially for those afraid of failing. A Study by Harvard showed that 75% of startups don\u2019t succeed<\/a>, but the good news is that entrepreneurs can learn as much from their mistakes as they do from their successes. To find out more, we look at some of the failures of iconic brands and entrepreneurs, and what can be learnt from them.<\/strong><\/p>\n

Even with all the best networking connections and huge brand awareness success is not set in stone. Here are some notable business lessons in history by some of the most innovative, and effective entrepreneurs:<\/p>\n

Steve Jobs<\/h2>\n

Apple<\/span><\/h3>\n

\"\"
\nmarshallmashup.usc.edu<\/p>\n

Apple wouldn\u2019t be where it is today without this mastermind of technological innovation. But he had his fair share of failures and setbacks.<\/p>\n

Founded in 1976, Apple boomed initially \u2013 then a failed product launch in 1985 resulted in Jobs being kicked out of the company. But he didn\u2019t quit there, instead Jobs founded NeXT.<\/p>\n

Although Apple was also struggling, NeXT caught the company\u2019s eye, so they bought it and rehired Jobs. A move that would bring us the iPod, iPhone, and iPad.<\/p>\n

The lesson:<\/strong> Pivotal to Jobs\u2019 success was his perseverance. He was committed to what he wanted to achieve, and regardless of the failures he continued to strive for success. In doing so, he left behind a legacy.<\/p>\n

 <\/p>\n

Roberto Cr\u00edspulo Goizueta<\/h2>\n

Coca-Cola<\/span><\/h3>\n

\"\"
\nrichestcelebrities.wiki<\/p>\n

On April 23 1985, the\u00a0Coca-Cola\u00a0Company announced a formula change to one of the world\u2019s most popular drinks, committing what some called marketing suicide, and what became widely known as one of the biggest risks taken in \u201cconsumer history\u201d.<\/p>\n

\u201cNEW Coke\u201d was criticised for being an irrational attempt to keep customers after Pepsi\u2019s introduction of Pepsi-Cola. Marketing campaigns like the Pepsi Challenge – where people were given an unbranded cup of Coke and Pepsi, and had to choose which they preferred, worried the Coca-Cola Company as customers seemed to prefer Pepsi.<\/p>\n

Reasons for the changing the formula have been debated, but regardless, a spread of Coke consumer distress unlike any business has ever witnessed wowed the world. \u00a0In less than four months, and thousands of consumer complaints later, the old formula was back.<\/p>\n

What the Coca-Cola Company hadn\u2019t considered, was the connection that their customer base felt towards\u00a0their most iconic product\u00a0\u2014 and it transpired that it was something that didn\u2019t need tampering with.<\/p>\n

The lesson:<\/strong> Never underestimate the power of a customer\u2019s connection to your brand. The customer holds the cards, and ultimately decide the success or failure of a venture. Solid market research is key, and, even then, further brand analysis must be taken to prevent blunders like NEW Coke.<\/p>\n

Failure has benefits, sometimes even revealing what it is about your product that really works. Failures should never be ignored rather viewed as valuable lessons that guide future success.<\/p>\n

 <\/p>\n

Bill Gates:<\/h2>\n

Microsoft Corporation<\/span><\/h3>\n

\"\"
\nlifewire.com<\/p>\n

Founder of the Microsoft empire, and currently ranked as one of the richest people on the planet, Bill Gates is one of the founding fathers of the tech industry.<\/p>\n

Many credit his numerous wins to a stroke of luck, and having a fantastic idea perfectly timed during the tech industry boom. What most don\u2019t know is that Gates failed<\/a> as an entrepreneur before he had anything to do with Microsoft.<\/p>\n

Gates produced a product, in partnership with Paul Allen, which analysed data from traffic tapes, called Traf-O-Data, which had moderate success.<\/p>\n

\u201c…when the guy from the County that Seattle’s in came to see it, it didn’t work. We ended up being okay successful, not seriously successful … just by processing the tapes. At first that was a very manual process. Then we used this prototype machine that we built to do that. So, we made a little bit of money and had some fun with it.\u201d – Bill Gates<\/p>\n

The lesson:<\/strong> Even though your first business idea isn\u2019t a success, there are valuable skills<\/a> to be learnt that will leave you better equipped for future ventures. There are always other ideas and opportunities available in the future, if you have the vision to see them clearly.<\/p>\n

 <\/p>\n

Walt Disney<\/h2>\n

The Walt Disney Company<\/span><\/h3>\n

\"\"
\norlandosentinel.com<\/p>\n

Disney is an entertainment giant, a global household name that produces some of the most loved films of all time, and the man behind it all: the genius that was Walt Disney.<\/p>\n

Disney\u2019s successful movies are nearly ubiquitous, \u00a0but he too battled many failures<\/a> \u2013 his first cartoon series went bankrupt when he was 22, his first animation studio was dissolved, and, sometimes, he couldn\u2019t even afford his rent. Early classics like Pinocchio and Fantasia also failed financially.<\/p>\n

Disney is a great example of learning early on that success doesn\u2019t come immediately, and it\u2019s more than admirable that Disney viewed his struggle as a road to opportunity, further possibilities, and, ultimately, creativity.<\/p>\n

Despite Disney being bankrupt many times, he is still considered a creative genius, having brought us masterpieces like Snow White and the Seven Dwarfs, Alice in Wonderland, and Mary Poppins.<\/p>\n

The lesson:<\/strong> Failure doesn\u2019t mean the end \u2013 it\u2019s a step on your path. Use your experiences as motivation.<\/p>\n

Next time you feel like a failure, remember, even the best around have failed \u2013 you\u2019re not alone.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Being an entrepreneur isn\u2019t for the faint of heart, especially for those afraid of failing. A Study by Harvard showed that 75% of startups don\u2019t succeed, but the good news is that entrepreneurs can learn as much from their mistakes as they do from their successes. To find out more, we look at some of the failures of iconic brands and entrepreneurs, and what can be learnt from them. Even with all the best networking connections and huge brand awareness success is not set in stone. Here are some notable business lessons in history by some of the most innovative, and effective entrepreneurs: Steve Jobs Apple marshallmashup.usc.edu Apple wouldn\u2019t be where it is today without this mastermind of technological innovation. But he had his fair share of failures and setbacks. Founded in 1976, Apple boomed initially \u2013 then a failed product launch in 1985 resulted in Jobs being kicked out of the company. But he didn\u2019t quit there, instead Jobs founded NeXT. Although Apple was also struggling, NeXT caught the company\u2019s eye, so they bought it and rehired Jobs. A move that would bring us the iPod, iPhone, and iPad. The lesson: Pivotal to Jobs\u2019 success was his perseverance. He was committed to what he wanted to achieve, and regardless of the failures he continued to strive for success. In doing so, he left behind a legacy.   Roberto Cr\u00edspulo Goizueta Coca-Cola richestcelebrities.wiki On April 23 1985, the\u00a0Coca-Cola\u00a0Company announced a formula change to one of the world\u2019s most popular drinks, committing what some called marketing suicide, and what became widely known as one of the biggest risks taken in \u201cconsumer history\u201d. \u201cNEW Coke\u201d was criticised for being an irrational attempt to keep customers after Pepsi\u2019s introduction of Pepsi-Cola. Marketing campaigns like the Pepsi Challenge – where people were given an unbranded cup of Coke and Pepsi, and had to choose which they preferred, worried the Coca-Cola Company as customers seemed to prefer Pepsi. Reasons for the changing the formula have been debated, but regardless, a spread of Coke consumer distress unlike any business has ever witnessed wowed the world. \u00a0In less than four months, and thousands of consumer complaints later, the old formula was back. What the Coca-Cola Company hadn\u2019t considered, was the connection that their customer base felt towards\u00a0their most iconic product\u00a0\u2014 and it transpired that it was something that didn\u2019t need tampering with. The lesson: Never underestimate the power of a customer\u2019s connection to your brand. The customer holds the cards, and ultimately decide the success or failure of a venture. Solid market research is key, and, even then, further brand analysis must be taken to prevent blunders like NEW Coke. Failure has benefits, sometimes even revealing what it is about your product that really works. Failures should never be ignored rather viewed as valuable lessons that guide future success.   Bill Gates: Microsoft Corporation lifewire.com Founder of the Microsoft empire, and currently ranked as one of the richest people on the planet, Bill Gates is one of the founding fathers of the tech industry. Many credit his numerous wins to a stroke of luck, and having a fantastic idea perfectly timed during the tech industry boom. What most don\u2019t know is that Gates failed as an entrepreneur before he had anything to do with Microsoft. Gates produced a product, in partnership with Paul Allen, which analysed data from traffic tapes, called Traf-O-Data, which had moderate success. \u201c…when the guy from the County that Seattle’s in came to see it, it didn’t work. We ended up being okay successful, not seriously successful … just by processing the tapes. At first that was a very manual process. Then we used this prototype machine that we built to do that. So, we made a little bit of money and had some fun with it.\u201d – Bill Gates The lesson: Even though your first business idea isn\u2019t a success, there are valuable skills to be learnt that will leave you better equipped for future ventures. There are always other ideas and opportunities available in the future, if you have the vision to see them clearly.   Walt Disney The Walt Disney Company orlandosentinel.com Disney is an entertainment giant, a global household name that produces some of the most loved films of all time, and the man behind it all: the genius that was Walt Disney. Disney\u2019s successful movies are nearly ubiquitous, \u00a0but he too battled many failures \u2013 his first cartoon series went bankrupt when he was 22, his first animation studio was dissolved, and, sometimes, he couldn\u2019t even afford his rent. Early classics like Pinocchio and Fantasia also failed financially. Disney is a great example of learning early on that success doesn\u2019t come immediately, and it\u2019s more than admirable that Disney viewed his struggle as a road to opportunity, further possibilities, and, ultimately, creativity. Despite Disney being bankrupt many times, he is still considered a creative genius, having brought us masterpieces like Snow White and the Seven Dwarfs, Alice in Wonderland, and Mary Poppins. The lesson: Failure doesn\u2019t mean the end \u2013 it\u2019s a step on your path. Use your experiences as motivation. Next time you feel like a failure, remember, even the best around have failed \u2013 you\u2019re not alone.  <\/p>\n","protected":false},"author":1,"featured_media":10918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,76],"tags":[364,362,363],"class_list":["post-10905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-growth","category-instant-offices-news","tag-entrepreneurial-success","tag-failing-in-business","tag-lessons-in-business"],"yoast_head":"\nLessons Learned from Failing in Business - Instant Offices Blog<\/title>\n<meta name=\"description\" content=\"We share stories from the greatest entrepreneurs & how they've grown from experiencing a range of failures that would've demotivated even the best of us.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.instantoffices.com\/blog\/business-growth\/lessons-learnt-failing-in-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lessons Learned from Failing in Business - 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