Experience is the name given by man to his mistakes” as said by the great author Oscar Wilde. One may find many such experienced people in our day to day life. The pay off of mistakes in business can be as small as monetary loss or as high as liquidation of the business. It is our obligation to learn from the mistakes made by our predecessors and see to it that we do not forge ahead on the same path.
A few business failures to learn form:
Farepak: It was subsidiary of a retail giant European Home Retail Plc. (EHR). EHR was a listed company and also a parent company to many companies like Kleenz and eeZee TV. Farepak had lent £33m to EHR which it failed to repay. Hence with EHR even Farepak dissolved.
Benjy’s: Benjy’s had 46 stores in UK of which 17 had signs reading ‘closed, because the company had gone in administration’. This was a sudden jerk on a commoner in London who could afford a sandwich daily while going for work. The company went in administration twice. It is believed that the administration had failed to perform its responsibilities.
Airfix: A company founded in 1939 was known for manufacturing plastic scale model kits for aircrafts. It had quite a few high profile clients. But the market was hampered due to rise in computer games leading to a decline in the number of potential companies. In 1986 it was bought by Humbrol, which went into administration and later even Airfix had a gradual downfall.Tiny computers: It was a major company and supplier of PCs in the 1990s. But there was growing competition and the deflation in prices of PCs resulted in downfall of the company. It had sold nearly 400,000 computers in 2000. But in July 2005 it went into administration leading 1500 people jobless.
Choices UK: It was one of the leading rental DVD and video game suppliers in the UK which was established in 1985. Until the boom of internet it was enjoying every piece of cake. The company did try to come out of the tremors caused by the internet but it could not sustain beyond 2007, which is when it got into administration and was took over by Blockbuster GB ltd.
Great people learn from others’ mistakes and try not to repeat them. These were a few of the companies who had gone into administration for failing to catch up with technology, failing to analyse the market, failed administration and many such reasons. So to become a great entrepreneur you have to learn from these instances and abstain from doing any blunder that would harm your business.
Ever heard of a kimono store or dashiki store in London or Paris or Rome You will never find such stores.
Even if you take the highest technology in the world and put it in the wrong hands it will of no benefit. 
Successful businessman always wants his company to have strong brand name and at an ideal position in industry
In this rapid changing economy is it possible to run a business always in huge profits One must be aware