We asked industry experts to share one thing they learned from a failed business venture or project and how that experience shaped their approach to entrepreneurship moving forward. Here are their strategies and mindsets that have transformed failure into success to build and sustain a thriving business.
- Importance of Market Validation and Data Analysis
- Building the Right Team and Strategic Capital
- Aligning Team Processes for Efficient Scaling
- Simplicity and Clear Communication in Strategy
- Clarity of Purpose Before Expansion
- Focus on Financial Sustainability and Risk Reduction
- Prioritizing Work-Life Balance to Avoid Burnout
- Aligning Values in Partnerships for Success
- Recognize Your Worth and Price Confidently
- Setting Clear KPIs from the Start
- Importance of Competitor Research and Differentiation
- Finding Customers Where They Already Are
- Prioritizing Cultural Fit in Hiring Decisions
- Defining Boundaries and Expectations Early
- Embracing Adaptability and Feedback
- Mindset and Delegation in Entrepreneurship
- Active Involvement and Aligned Vision in Partnerships
- Choosing Business Partners Carefully
Importance of Market Validation and Data Analysis
I once led a project to launch a subscription service for a DTC brand that ultimately fell short of expectations—our conversion rates were 40% lower than our target due to overestimated market demand and supply chain challenges. This setback taught me the importance of rigorous market validation and real-time data analysis before scaling. In response, I implemented structured A/B testing and incremental rollouts that, in subsequent initiatives, boosted conversion rates by 15% and reduced churn by 10%. Moving forward, I always ground strategic decisions in concrete data, ensuring that every venture is built on a measurable, sustainable growth foundation.
Windy Pierre
Founder, Windy Pierre Dot Com
Building the Right Team and Strategic Capital
One of the most defining lessons I’ve learned in my early twenties from a failed venture came from my experience with Frank, a low-cost smartphone startup.
At the time, my co-founders and I saw an opportunity in the North American market for a budget-friendly smartphone. We realized that in emerging markets, high-quality, affordable phones were widely available, yet in Canada and the U.S., consumers were locked into expensive Apple, Samsung, or Google devices. Our idea was to bring a mid-range, cost-effective smartphone to North America, targeting budget-conscious consumers.
We built a compelling brand around Frank, a character who was “fed up with the big guys” taking his money and wanted a straightforward and affordable phone. We launched a crowdfunding campaign, gaining early traction, raising money, and generating significant media buzz—both positive and negative.
But soon, reality hit: navigating regulatory and compliance issues, dealing with supply chain complexities, and underestimating the capital required to bring a hardware product to market. We also learned a hard lesson in how early-stage companies toe the line between disruption and legal risks. While many successful startups push the boundaries of policies and market norms, we didn’t yet have the experience or resources to play that game effectively.
Eventually, we had to shut down the business. We returned the money—which, at 23, felt like losing everything.
But the failure wasn’t wasted. Frank taught me 3 lessons that shaped my approach to entrepreneurship:
- Building the right team is everything. We were ambitious but lacked the expertise in hardware and supply chain management. A great idea can only go so far without the right team to execute it.
- Raising capital is not just about money—it’s about strategy. Understanding the true financial runway needed for success is critical.
- Most startups fail because they can’t survive the initial risk phase. Many startups challenge the status quo, but the successful ones know how to navigate risk strategically. We were playing the David vs. Goliath game but didn’t have the right slingshot.
That experience shaped how I run my business today. A team-first mindset ensures we have the right talent, expertise, and financial runway to sustain the business beyond its initial hype. It also influenced my work for others, ensuring they didn’t make the same mistakes I did.
Failure is a brutal but powerful teacher—and Frank was my greatest MBA.
Fahd Alhattab
Founder & Leadership Development Speaker, Unicorn Labs
Aligning Team Processes for Efficient Scaling
One of the most impactful lessons I learned was from an eCommerce venture that scaled too quickly without aligning team processes. We were seeing incredible growth, but our internal operations couldn’t keep up. The friction between departments led to crippling inefficiencies. We failed to centralize data across marketing and sales, which resulted in misaligned campaigns and wasted resources.
This taught me that scaling is not just about increasing sales but also about preparing your infrastructure. I now emphasize the importance of aligning internal processes and leveraging collaboration tools early on. We’ve integrated centralized data systems that ensure all our departments can swiftly adapt to rapid changes in growth, which resulted in smoother operations and a better ROI for our clients.
For example, during a campaign with an electric skateboard company, efficient data sharing led to a 580% ROI—the highest in their history. This is a testament to how internal alignment can turn challenges into breakthroughs, not just for us, but for our clients as well.
Samir ElKamouny
Founder & CEO, Fetch & Funnel
Simplicity and Clear Communication in Strategy
I remember one project during my time at Deutsche Bahn where we were working on an international strategy for market expansion. The team spent months researching, analyzing competitors, and crafting what we thought was an airtight plan. But when we pitched the strategy, the response was lukewarm, and it ultimately went nowhere.
Why? We had overcomplicated the narrative and missed clear communication with all stakeholders involved. That experience taught me something profound: the simplest message often carries the most impact. I’ve carried that lesson forward by ensuring that every project starts with clarity around goals, target audiences, and how to communicate effectively with decision-makers.
One time, we helped a startup turn around their investor pitch by stripping away the fluff and focusing on three core metrics investors actually cared about—they raised $2M within two months after struggling for over a year. Failing at Deutsche Bahn taught me that complexity can be the enemy of execution, and staying grounded in simplicity has been a guiding principle ever since. It also reinforced the importance of gathering early buy-in from stakeholders, saving countless hours and headaches later on.
Niclas Schlopsna
Managing Consultant and CEO, spectup
Clarity of Purpose Before Expansion
I once collaborated on a digital media venture that aimed to blend fashion and wellness content—but we expanded too quickly, chasing every opportunity that came our way. In trying to be everything to everyone, we never honed a clear voice or consistent value for our audience. The project fizzled before it could gain real traction.
I realized that clarity of purpose must come before expansion. Now, I zero in on a specific audience need, refine the core offering to perfection, and only then consider branching out. This approach saves time and resources and ensures each venture has an unmistakable identity that resonates deeply with the right people—ultimately laying a stronger foundation for growth.
Kristin Marquet
Founder & Creative Director, Marquet Media
Focus on Financial Sustainability and Risk Reduction
In our early fundraising rounds, I made a crucial error. I created a proposal stressing vision and long-term impact instead of addressing what investors really worry about: financial sustainability and risk reduction. The turning point occurred when an investor said, rather plainly, “I fund traction; I do not fund ideas.” That made me go back over everything. We then turned our attention to unit economics, retention statistics, and growth forecasts grounded in actual momentum. Night and day marked the difference. Having learned the language of the investor, we attracted $500,000 in angel money. Now, instead of promises, I start with evidence anytime I introduce anything fresh.
Tornike Asatiani
CEO, Edumentors
Prioritizing Work-Life Balance to Avoid Burnout
Overworking without setting boundaries led me to experience burnout in a past venture, which affected both my health and business decisions. That experience taught me that constant hustle drains creativity and energy. I now prioritize regular downtime and set clear limits on working hours.
Scheduling breaks and honoring personal time has become just as important as meetings or deadlines. Protecting work-life balance keeps me energized and helps me bring fresh ideas to the table. Sustainable success means nurturing both the business and myself.
Shawn Plummer
CEO, The Annuity Expert
Aligning Values in Partnerships for Success
One key lesson from a failed partnership was the importance of aligned values. We entered into a collaboration that seemed promising in terms of resources but faltered due to differing ethical standards. This mismatch affected decision-making and ultimately our brand’s integrity. From this, I learned to prioritize a potential partner’s values alignment over their resource offerings.
This experience profoundly shaped my approach to new partnerships and ventures. Now, I ensure that all potential partners share our commitment to transparency and customer-focused service. This alignment is crucial in maintaining consistent service quality and protecting our brand’s reputation. It has led to more sustainable partnerships that support our mission at our company.
Ivan Rodimushkin
Founder, CEO, XS Supply
Recognize Your Worth and Price Confidently
One of the biggest lessons I learned was that I never truly knew my worth—I drastically undercharged for my products. I poured time, effort, and high-quality materials into my gifts, but because I undervalued them, I wasn’t building a sustainable business. That experience taught me that pricing isn’t just about covering costs; it’s about recognizing the value of my work and positioning my brand for long-term success. Now, I price with confidence, ensuring my business thrives while delivering high-quality, luxury gifts that reflect their true worth.
Veronica Cockerham
Owner/Founder, Apple Blossom Gift Baskets
Setting Clear KPIs from the Start
A lack of KPIs in a past project meant inefficiencies went unnoticed until it was too late to recover. That experience taught me the power of tracking key metrics consistently. I now set clear KPIs from the start and monitor them frequently to spot early warning signs. This allows me to pivot quickly before small issues become major problems. It also provides a clearer picture of what’s working so I can double down on strengths. Tracking progress regularly has become essential for making smarter decisions and driving sustainable growth.
Adrian Iorga
Founder, 617 Boston Movers
Importance of Competitor Research and Differentiation
I once launched a product without researching my competitors and quickly realized I wasn’t offering anything unique. Customers couldn’t see why they should choose my product over others, which led to slow sales and frustration. I learned to take competitor research seriously, studying their strengths, weaknesses, and messaging before bringing anything to market. This helps me identify gaps I can fill and craft a clear value proposition. Differentiation isn’t just about having a good product—it’s about making sure customers know why it’s the best choice. I stay agile, too, adjusting based on evolving competitor strategies. This approach has helped me build offerings that stand out and resonate with the right audience.
David Haskins
CEO, WrongfulDeathLawyer.com
Finding Customers Where They Already Are
My first venture was a jewelry brand, and I naively thought that if I built an online store and pushed it on social media, customers would just show up. They didn’t. For months, I struggled to get traction—until I finally walked into a boutique and asked if they did B2B wholesale. That single conversation led to my jewelry being stocked in multiple stores, and suddenly, my online shop became more of a catalog than the main sales channel.
The biggest lesson? Find where your customers already are and tap into existing “aggregators” that can do the heavy lifting for you. Whether it’s retail stores, marketplaces, or platforms with built-in traffic, working with demand instead of trying to create it from scratch makes all the difference.
Vivian Chen
Founder & CEO, Rise Jobs
Prioritizing Cultural Fit in Hiring Decisions
A rushed hiring decision resulted in team discord, and it taught me just how crucial cultural fit is for a cohesive team. While technical skills are essential, they can’t make up for a lack of alignment with the company’s values and work style. I’ve since revamped my hiring process to prioritize cultural fit alongside expertise. I now conduct more in-depth interviews and even incorporate team interactions to assess how candidates mesh with the group. This change has led to stronger collaboration and higher morale. Building a team that clicks has made a world of difference in productivity and overall job satisfaction.
Grant Aldrich
CEO, Preppy
Defining Boundaries and Expectations Early
A failed partnership taught me the hard way how crucial it is to define boundaries and expectations early on. Misaligned goals and unclear roles led to confusion, frustration, and eventually, the venture’s collapse.
I now have open, upfront conversations before any collaboration begins. I clearly outline roles, responsibilities, and expectations to avoid ambiguity.
Exit strategies are established early so everyone understands how to part ways professionally if needed. This process has strengthened my partnerships and built greater trust and transparency in my business relationships.
Rodger Desai
CEO, Prove
Embracing Adaptability and Feedback
In business, sticking to a failing idea can be a costly mistake. Entrepreneurs often desperately try to look for signals that their venture is working when it’s not. One of the most important lessons I’ve learned is that changing your mind doesn’t signal weakness—it shows growth and flexibility. The ability to quickly recognize when something isn’t working and make necessary adjustments is one of the greatest strengths an entrepreneur can have. From a past venture that didn’t succeed, I learned the critical importance of adaptability. Initially, I was convinced that my product would meet a specific market need.
However, after receiving consistent feedback that indicated otherwise, I hesitated to pivot, hoping that with more effort, things would improve. This led to wasted resources and time. Experiencing this failure taught me to embrace feedback and view it as a valuable tool rather than a setback. Now, I actively seek input from customers early in the development process, allowing me to iterate and pivot when necessary. This shift in mindset has not only saved resources but has led to more innovative solutions that truly resonate with the market. I hope this helps
Marco Manazzone
Chief Executive Officer (CEO), Zzone Homes
Mindset and Delegation in Entrepreneurship
One of the biggest lessons I learned from a failed business venture was that mindset plays a crucial role in success. When my first venture didn’t work out, I internalized the failure, believing that I wasn’t good enough and that I would never be able to make a business work. In hindsight, the real issue was timing—I was trying to launch a niche product during COVID when people had other priorities. It wasn’t necessarily a reflection of my abilities, but rather the wrong product at the wrong time.
Another major challenge was that I tried to do everything myself—from product creation to order fulfillment to website development. Just because you can do everything doesn’t mean you should. Learning to delegate is much easier than shifting a mindset, but both are essential for long-term success.
Now, I actively work on my mindset by monitoring my self-talk. If I catch myself being overly critical, I ask: Would I say this to a friend? If not, I correct myself and replace the thought with something constructive. Entrepreneurship is a continuous learning process, and often, the biggest obstacle isn’t external—it’s you.
Tianette van Staden
Owner & CEO, Lollie’s Handmade
Active Involvement and Aligned Vision in Partnerships
One of the most valuable lessons I’ve learned from a failed business venture is that partners must be actively involved in their business and aligned in their vision. We once advised two business partners who had previously worked in a manpower supply company—one as an Accountant & General Manager and the other in Sales & Marketing. When they started their own company in Dubai, they chose to hire staff for their key roles instead of managing them personally, which led to high initial costs and operational inefficiencies. This happened because the partners were operating with two different mentalities—one focused on practical operations, while the other was fixated on profits, which were still virtual at that moment. This misalignment caused tension and delays.
As a result, they realized the importance of hands-on involvement and took control of their operations, leading to successful growth after a year. This issue also arose because they had different visions for the business—one wanted rapid growth, while the other preferred a more cautious, steady approach. This misalignment caused disagreements, delays in decision-making, and almost led to failure. From this, they understood that for a partnership to succeed, both partners need to share the same vision, work ethic, and commitment. It’s crucial to have clear agreements on roles, responsibilities, and exit strategies to avoid conflicts and ensure smooth decision-making.
This experience has shaped my approach to entrepreneurship by reinforcing the importance of being actively involved in the business and choosing the right partner who shares a similar vision. Moving forward, I always advise entrepreneurs to work closely with their partners and maintain strong communication to align their goals for long-term success.
Bibin Basil
Marketing Manager, Best Solution Business Setup Consultancy
Choosing Business Partners Carefully
One thing I learned was to always be careful about who you go into business with. I went into business with an acquaintance over a business idea I believed in. However, it quickly became evident that it wouldn’t work as the other person had very different values and ethics from me. It was the best decision in the end and since I have launched many successful businesses with great individuals I know I can trust.
Matt Collingwood
Founder and Managing Director, VIQU IT Recruitment
