0:00:03.010,0:00:07.999
On the first part of your question on some lessons from a failure,

0:00:08.000,0:00:13.079
it's almost always a team or running out of money.

0:00:13.080,0:00:15.229
Team issues, when the team doesn't get along or doesn't have all

0:00:15.328,0:00:20.189
the skills or team spending too fast and doesn't conserve cash.

0:00:20.470,0:00:23.279
The first one is probably the harder one because finding

0:00:23.280,0:00:25.614
great people that have all the skills is always hard.

0:00:25.820,0:00:27.249
The second one should be easy.

0:00:27.250,0:00:31.089
But sometimes people are often so worried,

0:00:31.090,0:00:33.799
and this was one of the excesses of the dotcom crash, about,

0:00:33.800,0:00:35.474
"If I don't spend the money now,

0:00:35.660,0:00:38.619
I'm going to lose the market share. It's about to

0:00:38.620,0:00:40.324
go away. It's going to get way more expensive."

0:00:40.470,0:00:42.279
That's always the excuse for spending faster.

0:00:42.280,0:00:45.579
I haven't seen too many cases where that works.

0:00:45.580,0:00:49.159
It does work sometimes. I mean, there are cases where there truly is

0:00:49.160,0:00:51.669
a raise to a winner-take-all-like market.

0:00:51.950,0:00:55.669
But usually, the better executor with the greater persistence wins.

0:00:55.860,0:00:56.859
So, I would say those would be the

0:00:56.860,0:00:58.210
two biggest lessons from a failure.