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What I Learned Losing a Million Dollars$
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Jim Paul and Brendan Moynihan

Print publication date: 2013

Print ISBN-13: 9780231164689

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231164689.001.0001

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(p.152) Postscript
What I Learned Losing a Million Dollars

Jim Paul

Brendan Moynihan

Columbia University Press

This chapter presents three stories of market failures and setbacks that happened due to the entrepreneur's failure to heed the advice of his companions. Foremost among these is the story of Sir Freddie Laker, the pioneer of transatlantic airline service, Skytrain. A combination of factors, including the U.S. government's grounding of all DC10 airplanes in 1979, began to strain Laker's financial situation. However, he ignored the financial condition of his business until his business became bankrupt. The chapter also considers Steve Jobsw plan to start a new company, the NeXT. He ignored advisors' repeated warnings about flaws in NeXT's strategy; hence NeXT has never turned a net profit, and has exhausted $250 million from backers. Lastly, the chapter examines the story of Roy Raymond who started the highly successful chain of seductive lingerie stores, Victoria's Secret. Likewise, his business failed due to his comitment to his own belief.

Keywords:   Sir Freddie Laker, Skytrain, Steve Jobs, NeXT, Victoria's Secret

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