TD Fall Investing GuideTD Fall Investing Guide
Business Insider
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)
Next
Previous
Previous
  • 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)
Next
Jin Lee/Bloomberg via Getty ImagesShow Thumbnails
Previous2 of 16Next
Share this Gallery

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?

Image Search for Don't let your ego keep you from knowing when to quit on Bing
Image
Previous 1 of 1 Next
loading
See more results results by

Have your say

Is it important to own a house?

Thanks for being one of the first people to vote. Results will be available soon. Check for results

  1. 77 %
    1. Yes, owning a home is an investment that will pay off.
    8,976 votes
  2.  
    9 %
    2. No, I'd rather save my money and rent.
    1,083 votes
  3.  
    10 %
    3. No, I can't afford to buy a home.
    1,213 votes
  4.  
    4 %
    4. I don't know.
    514 votes

Total Responses: 11,786
Not scientifically valid. Results are updated every minute.

Money videos

Recently recommended stories