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Learning from Failure

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Author Info
Philip R. P. Coelho () (Department of Economics, Ball State University)
James E. McClure () (Department of Economics, Ball State University)

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Abstract

Failures may lead to ultimate success in both nature and business. Just as dynamic ecosystems depend on death to replace senescent organisms with vigorous growth, the termination of uneconomic activities is essential to wealth creation. This paper explores the benefits of failures, and uses aspects of the analogy between death and business failure to analyze how failures in business economize upon resources and lead to better firms and greater efficiencies. A distinguishing feature of our work is the analytic use of competitive markets to provide insights into the processes of success and failure. Recognizable patterns of business failures are discussed in an effort to provide entrepreneurs and mangers with a basis for understanding and acting upon changing circumstances.

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File URL: http://web.bsu.edu/cob/econ/research/papers/bsuecwp200402coelho.pdf
File Format: application/pdf
File Function: First version, 2004
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Publisher Info
Paper provided by Ball State University, Department of Economics in its series Working Papers with number 200402.

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Length: 20 pages
Date of creation: Jan 2004
Date of revision: Jan 2005
Publication status: Published in Mid-American Journal of Business 20 no. 1 (2005): 13-20.
Handle: RePEc:bsu:wpaper:200402

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Related research
Keywords: Entrepreneurship; Business Failure; Evolution; Uncertainty; Learning from Failure;

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  1. Mata, Jose & Portugal, Pedro, 1994. "Life Duration of New Firms," Journal of Industrial Economics, Blackwell Publishing, vol. 42(3), pages 227-45, September. [Downloadable!] (restricted)
  2. George J. Stigler, 1951. "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, University of Chicago Press, vol. 59, pages 185. [Downloadable!] (restricted)
  3. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-47, April. [Downloadable!] (restricted)
    Other versions:
  4. Thomas J. Holmes & James A. Schmitz, Jr., 1995. "On the turnover of business firms and business managers," Working Papers 545, Federal Reserve Bank of Minneapolis. [Downloadable!]
  5. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211. [Downloadable!] (restricted)
  6. repec:att:wimass:199211 is not listed on IDEAS
  7. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter. [Downloadable!] (restricted)
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  8. Audretsch, David B, 1991. "New-Firm Survival and the Technological Regime," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 441-50, August. [Downloadable!] (restricted)
  9. Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September. [Downloadable!] (restricted)
  10. Holmes, Thomas J & Schmitz, James A, Jr, 1995. "On the Turnover of Business Firms and Business Managers," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1005-38, October. [Downloadable!] (restricted)
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