If at first you don’t succeed… declare bankruptcy and try again. Before he made a name in the automotive industry, Henry Ford made some business missteps and had to file for bankruptcy. Twice.
The first time Ford had to file was with his Detroit Automobile Company which was backed by three prominent politicians (who Ford blamed for the financial default and became obsessed with getting rid of).
His second attempt, the Henry Ford Company, met with the same bankruptcy fate. While he had managed to distance himself from the bother of his investors – having complete say was the downfall. Ford’s perfectionism resulted in too few cars being produced.
Third time proved to be the charm though. Henry Ford founded Ford Motor Company a few years later and the rest is history.