How Failure Taught Me to Succeed as an Entrepreneur

Informed i’s Weekly Business Insights

Extractive summaries and key takeaways from the articles carefully curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since 2017 |  Week 429, covering November 28-December 4, 2025 | Archive

How Failure Taught Me to Succeed as an Entrepreneur

By FAST Company | Inc | Dec 3, 2025

2 key takeaways from the article

1. According to an entrepreneur having over the past 50 years in the shoe trade, he has had his fair share of failure.  The biggest lesson he learned, at the start of his career, is not to devote time and energy to a business or project that has little chance of success. This might sound obvious, however sometimes you are so involved in the detail of the day to day running of the business that you don’t stand back and question the future viability of what you are doing.
2. His other lessons from his experience are:  A) As an entrepreneur it is easy to get distracted and sidetracked into ventures that are not related to your area of expertise.  B)  Don’t underestimate the marketing cost of selling a new brand online; and you may have a great product, but it is essential that you get out there and sell.   And C)  It is essential to recognize the limitations of your abilities and hire a team that can do things better than you.

Full Article

(Copyright lies with the publisher)

Topics:  Entrepreneurship, Startups, Lessons from failure

Extractive Summary of the Article | Read | Listen

According to an entrepreneur having over the past 50 years in the shoe trade, he has had his fair share of failure.  The biggest lesson he learned, at the start of his career, is not to devote time and energy to a business or project that has little chance of success. This might sound obvious, however sometimes you are so involved in the detail of the day to day running of the business that you don’t stand back and question the future viability of what you are doing.

He was a women’s shoe manufacturer in London in the 1980s. If he had looked at the big picture he would have seen that the future of manufacturing in the U.K. for low technology, high labor content businesses like footwear manufacturing, was unsustainable. Most of the production was moving to Asia where costs were much lower and the quality was excellent. It took a visit to Taiwan to see the same shoes being made at half the price that it was costing us in his London factory to persuade him to leave manufacturing and become an importer.   His lesson is to respond quickly and try and anticipate change.

From a failed shoe shop closure he learned that as an entrepreneur it is easy to get distracted and sidetracked into ventures that are not related to your area of expertise. This loss of focus can be damaging, as not only is there a high probability that the new venture is unprofitable and you will lose money, but it also takes your attention away from your main activity.

During the pandemic, he launched a sustainable trainer brand. He felt that was where the growth was in footwear, so that’s where he needed to be.  It was a failure.  There are two important lessons for entrepreneurs here. One: Don’t underestimate the marketing cost of selling a new brand online. Two: You may have a great product, but it is essential that you get out there and sell.

The entrepreneur launched a range of children’s shoes online.  The venture proved to be more difficult than thought out.  The lesson resists the temptation to get distracted unless you are very confident that the new venture is financially compelling.

Finally, having the right team in place is essential. As an entrepreneur there is a danger that you are reluctant to give up control. It is essential to recognize the limitations of your abilities and hire a team that can do things better than you.