Thomas Wast on understood what true entrepreneurs know:failure is a necessary and important part of the entrepreneurial process and it does have to be permanent.Some of the world ’s greatest entrepreneurs failed(some of them many times)before they finally succeeded. HenryFord ’s business, the Detroit automobile company, failed less than two years after Ford and his partners established it. Ford’s second auto company also failed, but his third attempt in the then new-auto manufacturing business was, of course a huge success.
The Ford Motor Company which is still controlled by the Ford family, is a major player in the automobile industry, and is one of the biggest companies in the world.
Milton Hershey launched his first candy shop at age 18 in Philadelphia;it failed after six years. Four more attempts at building a candy business also failed before Hershey finally hit on success with the Lancaster caramel company, the business that was the parent of the famous Hershey foods corporation. Today, Hershey is the leading manufacturer of chocolate products in the United States and exports to more than 90 countries.
Inpost—World War Il Japan, Masaru Ibuka and Akio Morita formed a partnership to produce an automatic rice cooker. Unfortunately, their machine burned the rice and was a flop. Their company sold just 100 cookers. Ibuka and Morita refused to give up however, and created another company to build an inexpensive taperecorderthatthey sold to schools.Their tape recorder proved to be successful, and the company eventually became the consumer electronics giant Sony corporation. Rick Rosen field and Larry Flax wrote a screen play that never sold, started an Italian restaurant that went bankrupt, and developed a mobile skateboard park that quickly flopped. Then, in 1990, they tried the restaurant business: again, launched the California Pizza kitchen, and struck paydirt!The California Pizza Kitchen is now a successful and well-recognized chain.
Gail Borden(1801—1874) also knew about failure because he had a great deal of experience with it. One of his first inventions, the Terraqueous Wagon,a combination wagon and sailboat that was designed to travel on both land and water, sank on its first trial run. Several years later, returning to the United states from London where he had been promoting another invention, the condensed meat biscuit(a concoction of dehydrated meat and flour), Borden saw four babies die from tainted milk.After ward, he dropped the meat biscuit to focus on making milk safer for human consumption. He knew that the key was to remove the water from the milk,but the challenge was to do so without affecting its taste. For two years, he worked without success always ending with scorched milk. Ultimately, Borden developed a vacuum condensation process that successfully removed the water from milk without adversely affecting its flavour. After three unsuccessful attempts, Borden finally won a patent for his process in 1856 and set up a manufacturing plant.It failed. A second attempt to produce condensed milk also failed. Undaunted, Borden convinced new York financier Jeremiah Milbank to investin a new milk-processing venture,and this one succeeded! The new York Condensed Milk Company supplied much-needed nourishment to troops during the civil
War before becoming a staple in American households. Today, Borden Inc. is a multi billion dollar conglomerate that still manufactures condensed milk using the same process that Borden developed 150 years ago. When he died in 1874, Gail Borden was buried beneath a tombstone that read, "I tried and failed; I tried again and succeeded."

REQUIRED
How do these entrepreneurs view failure?Is their view typical of most entrepreneurs?

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Most of the entrepreneurs across the world have a unique phycology governing them in their business ... View the full answer