Using Failure to Develop a Successful Business

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Author(s): Ron Craig (Wilfrid Laurier University, Canada)
Copyright: 2008
Pages: 8
Source title: Electronic Commerce: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Annie Becker (Florida Institute of Technology, USA)
DOI: 10.4018/978-1-59904-943-4.ch092

Keywords: Business & Management / Business Science Reference / E-Commerce

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Abstract

Can failure play an important role in developing a successful e-comm, dot-com, or Internet-based venture? This chapter shows that testing the firm’s business model provides quick feedback concerning what works and what does not. Often the only way to test the assumptions of a business model is through implementation. Failure can (and should) be a learning experience, whereby a venture confirms or modifies components of its business model and moves forward. This article starts with a review of business model literature, considers a recent start-up, and concludes with lessons learned. References and a glossary of key terms follow.

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