{"id":17812,"date":"2013-08-01T23:01:59","date_gmt":"2013-08-01T15:01:59","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=17812"},"modified":"2023-09-18T18:21:47","modified_gmt":"2023-09-18T10:21:47","slug":"fail-to-succeed-billionaires","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/fail-to-succeed-billionaires\/","title":{"rendered":"5 Billionaires&#8217; Failures: The Feedback That Led to Success"},"content":{"rendered":"<p>Every success book, seminar, or life coach out there can tell you that failure is just a stepping stone towards <a href=\"https:\/\/www.hongkiat.com\/blog\/top-freelance-entrepreneurs\/\">success<\/a>. And they\u2019re right. It is. But that simple piece of information won\u2019t help you. Information <em>is<\/em> power only when applied in real-life situations. In this case, that means being able to view failure for what it really is: <strong>feedback<\/strong>.<\/p>\n<p>You then simply extract different lessons from that feedback, and you\u2019re on your way to success. That sounds easier than it really is. Everybody gets caught up in the day-to-day drama of work, family, or friends. <strong>It\u2019s easy to forget the basic rules and feel like a failure after something doesn\u2019t work out,<\/strong>, especially in business.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/top-freelance-entrepreneurs\/\" class=\"ref-block__link\" title=\"Read More: 7 Successful Entrepreneurs Who Began As Freelancers\" rel=\"bookmark\"><span class=\"screen-reader-text\">7 Successful Entrepreneurs Who Began As Freelancers<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/top-freelance-entrepreneurs.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-16848 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/top-freelance-entrepreneurs.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">7 Successful Entrepreneurs Who Began As Freelancers<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tIf you want to start a small business, you craft a plan, make some financial decisions, complete some...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h3>Failure Beats You Up<\/h3>\n<p>It\u2019s the habitual first \u2018instinct\u2019 to feel disappointed in yourself when the start-up you\u2019ve invested so much in <a href=\"https:\/\/www.hongkiat.com\/blog\/entrepreneurs-5-reasons-why-your-products-are-not-selling\/\">fails<\/a>. After such a defeat, you couldn\u2019t care less about the mantra<strong> failure equals <a href=\"https:\/\/www.hongkiat.com\/blog\/dealing-with-criticism\/\">feedback<\/a> <\/strong>that those \u2018success gurus\u2019 keep chanting. It\u2019s understandable. But let me show you some real-life examples that will actually prove that that very mantra is true.<\/p>\n<p>Here are 5 giant entrepreneurial figures (whose net worth in total comes in at around $90 billion or so) who didn\u2019t succumb in the face of early failure but rather enjoyed and appreciated for the lessons heeded. And they aren\u2019t afraid to admit it.<\/p>\n<h2>FunBug \u2013 Nick Woodman<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/fail-to-succeed-billionaires\/nick-woodman.jpg\" alt=\"nick woodman\" width=\"600\" height=\"282\"><\/figure>\n<p><strong>Net Worth $1,750,000,000 <\/strong><\/p>\n<p>Nick was a \u2018B student\u2019 during college and an avid surfer, a hobby which oftentimes interfered with his studies. He wasn\u2019t born a billionaire. Before creating the now wildly successful brand of wearable cameras \u2013 <strong>GoPro <\/strong> he failed in great style with two online startups during the crazed dotcom bubble of 2000.<\/p>\n<h3>The Failures<\/h3>\n<p>First, he created EmpowerAll.com, an e-commerce site aimed at a young demographic which sold very cheap electronics. The company didn\u2019t make any profit, so it was quickly shut down. That didn\u2019t drive our future billionaire out of the business arena; it drove him to try harder, so in 1999 he set up FunBug, an online marketing company.<\/p>\n<p>The site gave users the chance to win cash prizes in return for participating in sweepstakes. It was marketing through games. He even managed to raise $3.9 million in funding from different investors. The company was on the rise, but by 2001, Nick had to admit failure once again. He <strong>wasn\u2019t able to create a sustainable user base from which to drive profit<\/strong> via the companies he was marketing.<\/p>\n<p>Here\u2019s what he said to <a href=\"https:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/13\/five-startup-lessons-from-gopro-founder-and-billionaire-nick-woodman\/\" rel=\"nofollow\">Forbes<\/a> about failing the second time and losing almost $4 million dollars:<\/p>\n<p>\"<em>I mean, nobody likes to fail, but the worst thing was I lost my investors\u2019 money, and these were people that believed in this young guy that was passionate about this idea\u2026 you start to question: are my ideas really good?<\/em>\"<\/p>\n<h3>The Lesson<\/h3>\n<p>After losing the second company, Nick <strong>cleared his head<\/strong> by going on a surf trip, a long one. Once back, he started working on a prototype for a camera that can be used by athletes: GoPro.<\/p>\n<p>\u2018<em>I was so afraid that GoPro was going to go away like Funbug that I would work my ass off. That\u2019s what the first boom and bust did for me. I was so scared that I would fail again that I was totally committed to succeed<\/em>.\u2019<\/p>\n<p>Only this time, there was no bust, only the boom. GoPro made him one of the youngest billionaires in the world and the owner of the <a href=\"https:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/gopro-evolution-from-35mm-film-to-americas-fastest-growing-camera-company\/\" rel=\"nofollow\">fastest-growing camera company<\/a> in America.<\/p>\n<h2 id=\"billgates\">Traf-O-Data \u2013 Bill Gates<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/fail-to-succeed-billionaires\/bill-gates.jpg\" alt=\"bill gates\" width=\"600\" height=\"403\"><\/figure>\n<p><strong>Net Worth $72,700,000,000<\/strong><\/p>\n<p>Before being the richest person in the world and owning <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bill_Gates%27_house\">Xanadu 2.0<\/a> (the \u2018Bill Gates House\u2019), a computerized residence with real-time adjustable temperature, music, and lighting for each pin-wearing guest, Bill Gates was a failing entrepreneur.<\/p>\n<h3>The Failure<\/h3>\n<p>His first company was Traf-O-Data, the objective of which was \u2018<em>to read the raw data from roadway traffic counters and create reports for traffic engineers<\/em>\u2018. In this way, the company would optimize traffic and end road congestion.<\/p>\n<p>The company\u2019s product was the Traf-O-Data 8008, a device that could read traffic tapes and process the data. They first tried to sell the processing service to the local County, but <strong>their first demo failed because the machine \u2018didn\u2019t work<\/strong>, recalled Gates.<\/p>\n<h3>The Lesson<\/h3>\n<p>His partner, Paull Allen, summarised the experience for exactly what it was: \u2018<em>Even though Traf-O-Data wasn\u2019t a roaring success, it was seminal in preparing us to make Microsoft\u2019s first product a couple of years later<\/em><\/p>\n<p>And happily, that\u2019s exactly what they did. They kept on going, and Microsoft became the largest personal-computer software company in the world. But it\u2019s still nice to know that even the richest philanthropist in the world can make business blunders.<\/p>\n<h2>Dyson \u2013 James Dyson<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/fail-to-succeed-billionaires\/james-dyson.jpg\" alt=\"James Dyson\" width=\"600\" height=\"300\"><\/figure>\n<p><strong>Net Worth $3,000,000,000<\/strong><\/p>\n<p>Most people think inventors are born inventors with some special talent or gift. Their genetic makeup must be different than that of us mere mortals. But in fact, the opposite is true. Inventors are created; they\u2019re \u2018grinders\u2019.<\/p>\n<p>Sir James Dyson\u2019s company is now a worldwide success, selling bag-less vacuum cleaners in over 50 countries. It made him a billionaire. But he had to fail a lot of times before he could get to that winning formula.<\/p>\n<h3>The Failure<\/h3>\n<p>In fact, he created 5127 vacuum prototypes, all of which could be considered \u2018failed attempts. He <strong>spent 15 years perfecting his product before taking the DCO1 to market in \u201993<\/strong>. The vacuum works on his own patented principle of cyclonic separation, that\u2019s why it doesn\u2019t need a bag. This innovation took a lot of dedication:<\/p>\n<p><em>\u2018There are countless times an inventor can give up on an idea. By the time I made my 15th prototype, my third child was born. By 2,627, my wife and I were really counting our pennies. By 3,727, my wife was giving art lessons for some extra cash. These were tough times, but each failure brought me closer to solving the problem.\u2019<\/em><\/p>\n<p>With such relentless drive despite failures and hardships, how could Dyson <em>not<\/em> be a billionaire? I dare say, <strong>no matter what other business he would have started, he\u2019d be successful<\/strong>. That\u2019s what dedication gets you.<\/p>\n<h3>The Lesson<\/h3>\n<p>True inventors are the biggest failing lot you could encounter. And that\u2019s a compliment. <strong>Failing is the only way through which you can create something new.<\/strong> But real inventors, they don\u2019t even call it \u2018failing\u2019. As Thomas Edison famously put it:<em>\u2018I have not failed. I\u2019ve just found 10,000 ways that won\u2019t work.\u2019 <\/em>Sir James Dyson, the founder of the Dyson Company, really took this principle to heart.<\/p>\n<p>So if you want to create anything, t<strong> the way you view your failed attempts will decide whether or not you\u2019re going to succeed.<\/strong><\/p>\n<h2>Apple \u2013 Steve Jobs<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/fail-to-succeed-billionaires\/steve-jobs.jpg\" alt=\"steve jobs\" width=\"600\" height=\"369\"><\/figure>\n<p><strong>Net Worth $10,200,000,000<\/strong><\/p>\n<p>We all know <a href=\"https:\/\/www.hongkiat.com\/blog\/apple-ceo-steve-jobs-1955-2011\/\">Steve Jobs <\/a>as the Guru entrepreneur, the genius behind best-selling products such as the iPod, iPad, the iPhone or the MacBook. He is the most influential business figure of our time, and he\u2019s going to be forever reminded of the Da Vinci of our tech-world renaissance.<\/p>\n<h3>The Failure<\/h3>\n<p>What we know less of is Steve is his nothing-burger creations. Believe it or not, Apple was producing exactly that at one time. Remember Lisa? Of course not. Steve managed to waste millions of dollars in development to create such mass amnesia. It would have been cheaper to simply hypnotize every customer out there.<\/p>\n<p>He had a track record for this sort of thing, considering that in the previous Apple dud episode, he and partner Steve Wozniak invested their savings and time into the Apple I, which sold a not-so-impressive 175 units. But it was the <strong>Lisa development fiasco that got Steve Jobs kicked out<\/strong> of the company he founded.<\/p>\n<p>Applying the principle \u2018failure is just feedback\u2019, Jobs went on to create another company: NeXT. That company also met its demise due to hardware issues in the product. Eventually, the software division was sold to Apple, and Steve returned to his starting point.<\/p>\n<h3>The Lesson<\/h3>\n<p>But now, armed with so many failures, Jobs <strong>was more determined than ever to succeed<\/strong>. His dream of creating \u2018<em>a company that will still stand for something a generation or two from now<\/em>\u2018 just like \u2018<em>Walt Disney did, and Hewlett and Packard, and the people who built Intel<\/em>\u2018 was finally going to manifest.<\/p>\n<p>Ask yourself this: What if Steve had stopped? How would the world be different now?<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-2\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/where-these-companies-got-their-names-from-part-1\/\" class=\"ref-block__link\" title=\"Read More: Where These Companies Got Their Names From \u2013 Part 1\" rel=\"bookmark\"><span class=\"screen-reader-text\">Where These Companies Got Their Names From \u2013 Part 1<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/where-these-companies-got-their-names-from-part-1.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-44795 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/where-these-companies-got-their-names-from-part-1.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">Where These Companies Got Their Names From \u2013 Part 1<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tWorld-famous companies with the origin of their names and the ideas behind their establishment\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>Virgin\u2019s Richard Branson<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/fail-to-succeed-billionaires\/richard-branson.jpg\" alt=\"Richard Branson\" width=\"600\" height=\"339\"><\/figure>\n<p><strong>Net Worth $4,600,000,000<\/strong><\/p>\n<p>Richard Branson really cashed in on the \u2018failure principle\u2019. He made it work to the point where he\u2019s one of the most well-known entrepreneurs in the world. The Virgin brand is one of the most recognizable brands out there, carrying a lot of weight, especially thanks to Richard\u2019s charming persona and televised adventures.<\/p>\n<h3>The Failures<\/h3>\n<p>But if you were to meet him in his teens, you wouldn\u2019t really bet on his later success. Branson had poor reading and math skills, dropped out of high school, and <strong>is proud to admit he\u2019s dyslexic all his life<\/strong>. Not really your first choice for a billionaire philanthropist knight and worldwide media icon.<\/p>\n<p>But this guy, with his perfect 59-year-old blonde hair and dazzling mumbling charm, didn\u2019t always have a hold over an empire of 400 companies. His first business endeavor, the Student Magazine, which he started when he was 16, had difficulties with, believe it or not, the UK\u2019s law enforcement agencies. Richard <strong>almost went to jail for publishing remedies for venereal disease<\/strong> in the magazine.<\/p>\n<p>It didn\u2019t stop there. His Virgin record shops, in the midst of cash-flow problems, almost put him in jail again. This time it was for something more serious: tax evasion. After spending one night in prison, the plea bargain for \u00a360,000 was paid.<\/p>\n<p>The experience, as he recalls, had a big impact on him: <em>\u2018I vowed to myself that I would never again do anything that would cause me to be imprisoned or, indeed, do any kind of business deal that would embarrass me.\u2019<\/em><\/p>\n<p>The trend of failures, however, kept on going for him for pretty much his entire life: Virgin Cola (for which he drove a tank in Times Square), Virgin Vodka, Virgin Vie, Virgin Brides (for which he dressed up as a bride), Virgin Clothing, Virgin Cars, Virgin Digital all failed. And the list could go on for a long time.<\/p>\n<h3>The Lesson<\/h3>\n<p>I guess you could say Branson is the king of the entrepreneurship club, according to his definition: <em>\u2018Learn from failure. If you are an entrepreneur and your first venture wasn\u2019t a success, welcome to the club!\u2019<\/em><\/p>\n<p><strong>So, Failure <em>is<\/em> Feedback!<\/strong><\/p>\n<h2>Conclusion<\/h2>\n<p>The fact of the matter is most of the people you see in Forbes\u2019 list of richest people in the world <strong>had to take enormous risks to get there. That almost always means a lot of failing<\/strong>. I know it\u2019s easy to put on a tag on the rich and say: <em>They had it easy. It\u2019s their parents. They were lucky. It\u2019s probably secret societies or reincarnation. Or maybe alien control.<\/em><\/p>\n<p>You can find a dozen reasons to internalize somebody else\u2019s success as \u2018luck\u2019 or \u2018special access to information\u2019. The reality is<strong> 73 out of the first 100 billionaires in the world <a href=\"http:\/\/fundersandfounders.com\/how-much-sweat-it-takes-from-zero-to-billionaire\/\">are self-made<\/a>.<\/strong> That\u2019s a Bloomberg fact. There\u2019s no conspiracy going on. They just work harder than you do.<\/p>\n<p>Those self-made billionaires simply <strong>applied some core, fundamental knowledge everybody else has access to<\/strong>. They <em>did<\/em> what everyone only <em>read<\/em> about. But knowing and doing are very different things. Failure and success are very similar in that they\u2019re both spiral staircases. Once you get on, inertia keeps you going and adds some dizziness to the process. Stop failure\u2019s spiral by seeing it <strong>as feedback <\/strong>or you\u2019re going to go deeper and eventually crash and burn.<\/p>\n<p><strong>So what are you going to do next time you fail? Give up? Or become the next billionaire? <\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Every success book, seminar, or life coach out there can tell you that failure is just a stepping stone towards success. And they\u2019re right. It is. But that simple piece of information won\u2019t help you. Information is power only when applied in real-life situations. In this case, that means being able to view failure for&hellip;<\/p>\n","protected":false},"author":126,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3405],"tags":[2109,3060],"topic":[4522],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Billionaires&#039; Failures: The Feedback That Led to Success - Hongkiat<\/title>\n<meta name=\"description\" content=\"Every success book, seminar, or life coach out there can tell you that failure is just a stepping stone towards success. And they&#039;re right. It is. 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