Embracing failure is a necessary
step for successful
entrepreneurs
Laptop Battery By Tom Still • 11/08/05
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Thinkpad WHITEWATER Thomas Edison invented the electric light, the
central power station, the phonograph and
recorded 1,000 patents, but his
effort to extract low-grade iron ore from sand cost him millions
of dollars and was dubbed Edisons Folly in the late 1800s.
From the belief that failure is useful, and even necessary, successful outcomes into new assignments. Hammer often prefers to "live" with the evidence of an unhappy experience, embracing rather than discarding that which has fallen short.
Microsoft Steve Jobs was fired by Apple Computers, the very company he
helped to create. Dean Kamen, the creator of the Segway Human
Transporter and holder of 150 patents, jokes that his biggest
failure is that I have too many to talk about.
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Laptop Computers For each of these famous entrepreneurs, however, failure was a
milestone on the road to success. They actually celebrated their
failures for what those mistakes taught them and used the
experience to move to the next idea.
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Laptop Computer Embracing failure as a teacher in the school of hard knocks was
the theme of last weeks Ideas to Profits conference at
UW-Whitewater, where the Wisconsin Innovation Service Center marked
its 25th year of helping entrepreneurs grow their businesses.
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Desktop Computer Three successful Wisconsin entrepreneurs told their stories to
conference participants during a panel discussion that illustrated
how most if not all innovators have overcome obstacles along the
road to growing profitable businesses. About 200 people attended
the two-day conference organized by Dr. Deb Malewicki,
UW-Whitewaters director of business outreach services.
Notebooks Embracing failure is mandatory if youre going to succeed, said
Craig Schiefelbein, president of Paragon Development Systems, a
19-year-old Oconomowoc firm with 215 employees and more than $100
million in annual sales. Paragon has survived because it adapted
with each wave of change in the information technology
industry.
Lenovo Paragon first evolved into a component distributor after a start
as a computer memory broker. Later, responding to market changes,
it built and sold computers wholesale, then became a direct seller
of hardware to large companies and ultimately moved into IT
consulting and outsourcing. Today, Paragon Development Systems is a
full-service IT infrastructure designer, supplier and
manager.
Hard Drive Agility is the only sustainable edge, said Schiefelbein, who
told how the company could have folded several times, but instead
diversified and learned from its own mistakes.
Travelstar Ralph Kauten, president of Madison-based Quintessence
Biosciences, described how his company was launched with a
portfolio of five separate cancer-fighting technologies and
sputtered when it initially picked the wrong technology to
pursue.
Gateway Most things dont work, said Kauten, who has been a part of
starting four biotech companies over time, and if they do work,
they dont work the way you think theyre going to work.
Laptop Parts After much time and investment, Kauten said, Quintessence
eventually set aside the first technology and moved to developing
what the company now believes is its most promising idea. The
company now appears on the road to developing a safe and effective
cancer drug, he said.
Software Jan Eddys example of failure involved a company that she
developed Wingra Technologies and later sold to a larger software
company about the time of the tech bubble bust in 2001. The sale
had been a stock sale, and Eddy became frustrated as she watched
the company she built from scratch slowly slipping away, along with
the jobs of some of her closest friends and colleagues. So, in
2002, she bought back the company and rebuilt it.
Hard Drives This month, Eddy retired with Wingra Technologies showing record
sales and profits and having been sold again (this time for cash)
to a company that is dedicated to continuing its growth.
Electronics Failure is seldom a single event, Eddy said, but a collection of
mistakes and circumstances that add up in ways that test the
patience of entrepreneurs. Failure plus an underlying sense of
business ethics can motivate and produce innovation, while failure
combined with a lack of ethics can lead to desperation.
Canon As Edison said a century ago, I am not discouraged, because
every wrong attempt discarded is another step forward. For
entrepreneurs just starting out, theres some comfort in knowing
that innovators, past and present, profited by their own
mistakes.
Desktop Pc Tom Still is president of the Wisconsin Technology Council. He
is the former associate editor of the Wisconsin State Journal in
Madison.
The opinions expressed herein or statements made in the above
column are solely those of the author, & do not necessarily
reflect the views of Wisconsin Technology Network, LLC. (WTN). WTN,
LLC accepts no legal liability or responsibility for any claims
made or opinions expressed herein.
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