From the troubles at MySpace to Kmart's bankruptcy, there's a lot to learn from these business mistakes.
People learn best from failure. It drives lessons home like nothing else.
The paradox is that in business, failure can be extremely costly. A new book from Laurence Weinzimmer and Jim McConoughey, "The Wisdom of Failure," shows that it's possible to learn the lessons of the greatest business failures without having to go through them yourself.
The authors looked through some of the great failures of the past, surveyed hundreds of executives, and talked to industry leaders. We've broken out some of the key tips.
Thanks to the publisher for allowing us to feature the book.
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Should new wireless companies Mobilicity, Wind Mobile and Public Mobile be allowed to fail?
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- Yes, the market will decide if they are competitive enough to survive.
- No, the playing field in the wireless market is not level. The government should help these companies.
- I don't know.
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