Successful Enterpreneur

With thousands of startups worldwide building new products, it’s no wonder 75 percent of them fail. It’s actually a good thing because startup birth and death helps the ecosystem overall. Entrepreneurs can learn as much from mistakes as successes. Poor management, ineffective marketing and team stress are some of the many reasons why companies fail.

“It's either you started making a startup with friends who didn't have complementary skills, or the opposite - people you think have the perfect balance of skills, but then completely different ways of communicating,” says Cassandra Phillips, founder of Failcon, a conference featuring startup founders who failed and share what they learned.

Every success book, seminar or life coach out there can tell you that failure is just a stepping stone towards success. And they’re right. It is. But that simple peace of information won’t help you. Information is power only when applied in real-life situations. In this case, that means being able to view failure for what it really is: feedback.


Bill Gates is now one of the world’s wealthiest individuals, but he didn’t earn his fortune in a straight line to success. Before being the richest person in the world and owning Xanadu 2.0 (the ‘Bill Gates House’), a computerized residence with real-time adjustable temperature, music and lightining for each pin-wearing guest, Bill Gates was a failing entrepreneur.

His first company,Traf-O-Data(1972) was a partnership between Bill Gates, Paul Allen, and Paul Gilbert. The objective was to read the raw data from roadway traffic counters and create reports for traffic engineers. The company’s product was the Traf-O-Data 8008, a device which could read traffic tapes and process the data. They first tried to sell the processing service to the local County, but their first demo failed because of teeny tiny little flaw ‘it didn’t work’.

"Even though...