Aspiring entrepreneurs should definitely take a quick look at this post over at Breaking the 9 to 5 Jail (Entrepreneur in the Making).
It is the story of the poster's first venture, and what he learned from its failure... It is part of a series, so I would expect other great posts to follow.
Aside from the lessons he lists, it is clear that he learned two additional lessons, and in my opinion they are the most important ones.
The first lesson he learned is that new businesses do fail -- even when they are based on really good ideas. The second lesson that he clearly learned was to keep on going.
The numbers are staggeringly ugly when considering starting a new business. The fact is, most new businesses fail. More interestingly, almost every successful business that started from scratch, was started by someone who had already failed once.
Here is the clear link: http://breakingthe9to5jail.ning.com/profiles/blogs/my-failure-at-14-and-what-i
UPDATED: Great minds apparently think alike -- clicked away from here and ran almost immediately into an ad for Honda entitled: Failure -- the Secret to Success. Here is a link to the video the ad leads to -- it is pretty short, and worth watching... http://dreams.honda.com/#/video_fa
*The Second World Wars*
3 hours ago