learn from our mistakes. These 5 successful entrepreneurs and businessmen encountered missteps but used them to their advantage instead of letting it get the best of them, and you should as well!.our modern overdemanding world, failure is often undervalued. By facing defeat, we can grow stronger and
1. Milton Hershey bankrupt two companies before founding Hershey’s
Popular chocolatier, Milton Hershey founded his first company at the tender age of 18. Regretfully, he was still too green to own such an ambitious business venture, and the candy store he had created shut its doors for years later.
Give them quality. That’s the best kind of advertising.
He didn’t grow discouraged, instead of opening new and bigger stores in Chicago and New York, but regretfully neither of them resulted in success. He kept trying to keep them afloat, but after a few years of financial struggles, Milton decided to file for bankruptcy to save his remaining assets.
Most men would have taken two failures of this magnitude as signs that they were not meant to be business owners, but Milton Hershey was no regular man. He learned from the mistakes he had committed in his previous ventures and finally founded the Hershey Company, commonly known as Hershey’s. The rest, as they say, is history.
2. One of Walt Disney’s films almost bankrupted his company
Fantasia might be one of Disney’s most beloved movies nowadays, but back in the day, it almost ruined Disney and forced its shutdown.
Problems with the production of the film demanded more and more money simply to finish the project, and Walt’s obsession with seeing his vision become a reality made him pump more money than he could win back.
Do a good job. You don’t have to worry about the money; it will take care of itself. Just do your best work — then try to trump it.”
When Fantasia hit the theatres, it was not the success it was today, and it almost cost Walt Disney his entire studio.
Thankfully, he learned from his blunder and applied the lesson for the following projects, managing to grow into the billion-dollar company Disney is today.
3. Amazon’s founder, Jeff Bezos, believes failure needs to grow at the same rate as success does
It’s not a secret that Jeff Bezos co-founded the delivery titan in a small garage during the 90s, but people would be mistaken if they believed everything was easy for the massively successful businessman.
In 1999, Amazon invested their hard-earned money to buy 50% of Pets.com, adding an extra $50 million to help finance the pet supply company. Regretfully, Pets.com went out of business in the early 2000s.
Failure comes part and parcel with invention. It’s not optional.”
Jeff Bezos is famous for praising the importance of failing in business and life and learn from those mistakes. He writes to his investors annually, letting them know that if a company that grows in scale doesn’t have failed experiments, then it’s not doing a good job.
Bezos admits having experienced losses many times in his life, but he considers it a positive fact. He believes that every time he fails, a bigger success is waiting just around the corner.
4. Colonel Sanders was well known for suffering from serial failures
Nowadays, everyone enjoys a good chicken meal at KFC, but Sanders didn’t always enjoy such popularity.
Apparently, Harland Sanders was a big fan of get-rich-quick ventures, and those rarely – if ever- work out well. He even tried his hand at founding a gas lamp manufacturing firm, but regretfully it didn’t stay afloat for long.
One has to remember that every failure can be a stepping stone to something better.”
When he finally attempted to get into the food business, he experienced greater profits but had the misfortune of a new highway being built, close to the restaurant he had established next to the old one, which resulted in his potential clients effectively bypassing his business.
Sanders didn’t give up, though, and in 1964, he was able to sell KFC to a group of investors after taking his chicken on the road and having restaurants in Utah sell it instead of creating his own locations.
5. Mark Zuckerberg believes it’s a waste of time to try and avoid mistakes
When one deals with a business venture day in and day out, no matter how big or how small, mistakes are bound to be made. Zuckerberg believes this fact wholeheartedly, and Facebook has tried and changed many features during its history, adapting to the user’s preferences over time.
Run toward your mistakes”
He is also not in a hurry to make an immediate profit with all his investments: Zuckerberg is aware the Facebook Messenger and Paper apps won’t be bringing in any big bucks any time soon, but he’s alright with it. “There’s a big premium on creating single-purpose first-class experiences.” Zuckerberg insists.
Key Take Away
These are only five examples of hundreds of successful entrepreneurs and businessmen who are not only incredibly successful but who had learned from years and years of experience in their fields. They all vouch for failure as a real way to grow both as a person and as a professional.
Without mistakes, without failure, one would never gain the new tools knowledge such instances provide. It might be a blow to our pride, but if we only focus on our deflated ego, we’ll never discover the opportunities hiding behind our loses.
So each time you fail, remember: There’s a lesson to be learned here. So make sure you take it to heart, analyze the situation, and use the tools for the next decision so that you don’t trip twice with the same rock.
What part of this article resonated most with you and why? What lessons have you learned from these successful entrepreneurs? Share your ideas, tips, thoughts, and experience below in the comments.
I hope you found some value in today’s article. Also, if this article was helpful to you, by all means, please share this post with your friends and family. If it has helped you, it will do for others too. Share the positivity and greatness!
Let me know what you think by sharing your thoughts in the comments below, or if you have any questions or feedback, please ask away. I’m always reading the comments. Want great content like this delivered regularly to your inbox? Sign up for our exclusive newsletters.