Learning from failure in leadership development

Small businesses are the backbones of the American economy and contribute nearly 46% of thebU.S. gross domestic product. However, the failure rate for small businesses is high. Only half of all small businesses will be able to survive for 5 years, and only 20% of small business can survive 10 years. Failure is a common phenomenon among entrepreneurs of small businesses. This qualitative phenomenological study involved examining entrepreneurs' perceptions of their failure experiences. The study involved exploring the impacts of failure on entrepreneurs, the valuable lessons that entrepreneurs have taken from their failure experiences, and how they have applied what they have learned into business practices. Ten participants were purposefully selected for an individual face-to-face interview