Just like success, failure is part of doing business. Entrepreneurs and large companies often take big risks, hoping for success but not always achieving it.
These failures take many different forms. When a product doesn’t sell, when it is recalled or discontinued, or when it otherwise does not come close to meeting a company’s expectations or plans, it can be marked as a failure. While failures are expected, some can be so catastrophic they can lead to permanent damage to a company’s reputation, layoffs, and even complete financial ruin.
Sometimes, it can take years, or even decades for a product flop to disappear from the market. This was the case with Betamax a video format which Sony introduced, expecting it to replace VHS. Despite being technologically superior to VHS, Betamax lost market share until it eventually vanished.