a.k.a. attending the "pink-slip party" "blood loss" "lossage" "lossity" "the big zero"
In the industry, failure is when a business becomes unsuccessful, ceases to function, or declares chapter 11. Entrepreneurs do not look at failure as totally negative. Instead, when they hear your first business failed, they'll say, "Welcome to the club." Many successful business people will tell you they've gone through dozens of failures before getting it right. So then, failure is not always lack of success, it is when you know something is wrong but you choose to do it anyway. Take petstore.com for example, where did they fail in that, in listening to experts and following a dream? Unless it is based on poor management or the like, a business failure is better thought of as a life lesson.