Entrepreneur Bill Asher is the co-owner of Vivid Entertainment. A leading authority in the entertainment industry, Bill Asher took content to the masses through partnerships with cable television networks, achieving significant success as a business person. Like many entrepreneurs, he has also experienced failed ventures, such as his attempt to introduce an uncensored music television network, before achieving success.
Before co-founding Microsoft, Bill Gates was part of a team that founded Traf-O-Data, a company that recorded traffic information through wired cables next to roads and relayed the information to government authorities and private companies. The company never gained traction and ultimately, failed.
Nick Woodman, the founder of GO Pro, also faced failure in his first venture Fun Bug. The company attempted to revolutionize marketing by combining it with gaming. It was a complete miss that cost investors millions of dollars. Other well-known entrepreneurs who have experienced failure include Paypal co-founder Peter Thiel whose fund Clarium Capital burned through 90 percent of its assets, Milton Hershey whose first three candy companies failed, and Reid Hoffman whose first social networking company before LinkedIn, SocialNet, failed.
Other entrepreneurs made huge mistakes while running their companies. For example, when Jeff Bezos launched Amazon to sell books, people exploited a glitch in its system to receive credit from the company. Later on, when the company started selling toys, Bezos had trouble forecasting demand for the holiday season, leaving the company with millions worth of toys after the season ended that had to be given away.