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Fri, 16 Nov 2012 10:00:00 GMT | By Max Nisen, Business Insider
15 lessons from the greatest business failures of all-time

Don't let your ego keep you from knowing when to quit



The Myspace.com website is displayed on a computer monitor on June 29, 2011. (© Jin Lee/Bloomberg via Getty Images)
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  • LA Gear, Mattel's Barbie and Kmart (© Courtesy LA Gear; Solent News/Rex Features)
  • The Myspace.com website is displayed on a computer monitor on June 29, 2011. (© Jin Lee/Bloomberg via Getty Images)
  • R.J. Reynold's 'Premier' cigarettes were not popular with consumers. (© Eric Feferberg/AFP/GettyImages)
  • LA Gear (© Courtesy LA Gear)
  • Entrepreneur Richard Branson (© Maxim Shemetov/Reuters)
  • Coca-Cola launched New Coke in response to the Pepsi Challenge. (© Daniel Acker/Bloomberg via Getty Images)
  • Netscape founder Mark Andreesen made the mistake of ignoring his company's main success, its Internet browser. (© Courtesy of Computer History Museum)
  • A scratched and worn Caterpillar logo. (© Richard Carson/Files/Reuters)
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Don't let your ego keep you from knowing when to quit

After significant financial, emotional or psychological investment in something, leaders can have an incredibly difficult time writing it off. News Corp. spent $580 million on MySpace in 2006 and poured investment money into it for years and years as it bled market share to Facebook. It was eventually sold for $34 million. 

The idea of being first and the idea of the turnaround are extremely seductive, but the greatest leaders have learned when to quit from the times that they failed. 

* Bing: Which famous entertainer recently invested in MySpace?

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