During my days of training executives, I remember I used to ask the group ” Who would you call a fool?”. This usually was met with a stunned silence. Then people spoke out with their views. I used to say “The fool is one who doesn’t learn from his/her mistakes”. Building on this theme, I would next ask ” Then who is the wise guy?’ Almost always people would echo ” The guy who learns from his mistakes!”

To cap it off, I would then ask ” But who is the wisest of them all?” The expected answer, which I often got by the way,  being “The guy who learns from other’s mistakes!” I was reminded of this when I came across this article in the New York Times “How Six Companies Failed To Survive 2010

I think this article is very pertinent at a time when more and more people try their hand at being entrepreneurs. Here are true life lessons from people who tried but failed to make the cut.