Lessons from Failure: Companies That Turned Setbacks into Breakthroughs

• Emerson Hudson
• March 29, 2023April 17, 2023

Failure is an inevitable part of any business journey, but it’s how you react to it that can make all the difference. Some of the most successful companies in the world have had to overcome numerous setbacks and failures before achieving their current level of success. In this article, we’ll look at a few examples of companies that turned product failures into stunning successes.

Colonel Harland David Sanders is an excellent example of someone who never gave up on his dreams despite facing numerous setbacks. Before becoming a millionaire with his Kentucky Fried Chicken (KFC) franchise, Sanders had failed at multiple other careers, including as a lawyer and salesman. But what’s most remarkable about Sanders’s story is that he reportedly failed over 1,000 times to sell his chicken recipe. It wasn’t until his 1,010th attempt that someone finally took a chance on him, and the rest is history. KFC is now a global fast-food giant with over 22,000 locations worldwide, and it all started with one man’s persistence in the face of failure.

Another example of a company that overcame failure to achieve success is Rovio, the creators of the popular mobile game Angry Birds. Before launching Angry Birds in 2009, Rovio had developed and released 51 previous games, all of which failed to make an impact. The company was in dire straits financially and was on the verge of bankruptcy when they decided to try one more time with Angry Birds. This time, they struck gold, and the game became an instant hit, leading to over one billion downloads, numerous merchandising deals, a TV show, and even a feature film. Rovio’s persistence in the face of failure paid off, and the company now employs almost 400 people and generates hundreds of millions of dollars in revenue annually.

Another example of a company that turned failure into success is Airbnb. In the early days, the founders of Airbnb struggled to get traction with their platform, and the company was on the brink of bankruptcy when they came up with a new approach. Rather than just listing available rooms, they decided to focus on creating unique, one-of-a-kind experiences that people couldn’t get anywhere else. This approach proved to be a game-changer, and Airbnb is now worth billions of dollars and has revolutionized the travel industry.

Finally, we have the story of Apple and their Newton product. The Newton was a personal digital assistant that was ahead of its time when it was released in the early 1990s, but it failed to gain much traction with consumers. Instead of giving up on the concept, Apple learned from their mistakes and continued to develop the technology, eventually leading to the creation of the iPhone and iPad, two of the most successful consumer products of all time.

Takeaway

In the business world, failure is almost always seen as a negative outcome that can have dire consequences for a company. However, the reality is that failure can be an incredibly powerful teacher, pushing companies to re-evaluate their strategies, products and even their entire business model. The ability to learn from failure and turn it into success is a hallmark of some of the most successful companies in history.

As we have seen from the inspiring stories above, persistence and a willingness to take risks are essential for any company that wants to succeed in the long term. It’s important to recognize that failure is not the end, but rather an opportunity to reflect and reassess. Successful companies know how to take risks, learn from their mistakes, and pivot when necessary.

Moreover, companies that have experienced failure often emerge stronger and more resilient than ever before. They know what it takes to survive in the competitive business world and are better equipped to handle challenges and setbacks in the future.

In short, the ability to turn failure into success is a vital skill for any business owner or entrepreneur. By persevering, innovating, and learning from past mistakes, companies can achieve greatness and become industry leaders. Remember, failure is not the end, but rather a stepping stone to even greater success.