Entrepreneur Plus - Short White
For Subscribers

How These Entrepreneurs Failed Their Way to Millions These resilient entrepreneurs bounced back after losing it all, again and again.

By Michelle Goodman

This story appears in the March 2015 issue of Start Up.

Shae Hong is no stranger to failure. His first company, ePods, which made a precursor to the tablet, didn't survive the 2000 dot-com bust. His second venture, a line of countertop kitchen appliances, fizzled out in 2002 after Amana—from which Hong had obtained licensing rights—was sold to Maytag.

Down the drain went nearly $3 million in development costs, including half a million dollars invested by Hong and his parents, costing the family home and savings. Out the window went the company's deal with J.C. Penney to sell the blenders, mixers and toasters that were ready to ship. Three years into the venture, Hong and his remaining staff closed shop.

This is a subscriber-only article. Join Entrepreneur+ today for access

Editor's Pick

Related Topics

Business News

Taylor Swift Reportedly Pays All Restaurant-Goers' Checks to Clear Out Restaurant For Her and NFL Star Travis Kelce

The star was spotted at Arrowhead Stadium for the Kansas City Chiefs game Sunday night alongside Kelce's mother.

Business Plans

10 Simple Tips to Write a Successful Business Plan

In the new book "Write Your Own Business Plan," business expert Eric Butow takes the anxiety and confusion out of planning and offers an easy-to-follow roadmap to success.

Social Media

We Are Disillusioned and in an Influencer Overdrive — Here's How to Find Authentic Guidance via Social Media Influencers

Instagram, Twitter and Facebook seem more unrealistic than ever. Remember when it was fun!? In the age of authenticity, we're not buying the dupliciousity of influencers.

Franchise

Is Franchising a Fit for You? Crucial Questions to Ask Before You Buy

Before taking the leap make sure you've thoroughly researched every nuance of this business model.

Starting a Business

Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch

How to watch the new live streaming episode of 'Ask Marc.'