RENEE MONTAGNE, host:
Our last word in business today is failure.
This week, entrepreneurs gathered in Silicon Valley to celebrate, not the thrill of success, but the agony of defeat.
Mr. MAX LEVCHIN (Cofounder, PayPal): The very first company I started failed with a great bang. The second one failed a little bit less, but still failed. The third one, you know, proper failed, but it was kind of okay. I recovered quickly. Number four almost didn't fail. It still didn't really feel great, but it did okay. Number five was PayPal.
MONTAGNE: That's Max Levchin, founder of online payment company PayPal, which has succeeded. At the FailCon gathering, he and other company founders spoke about their missteps, the idea being to help other entrepreneurs avoid the same pitfalls.
Mr. LEVCHIN: I think glorifying failure is a little bit like saying that death gives reason to life. It probably does, but it still sucks to die and, you know, and it's no fun to fail as an entrepreneur, either.
MONTAGNE: One piece of advice: Max Levchin says always have a cofounder. That way you'll always be able to share the credit, as well as the blame.
And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.
STEVE INSKEEP, host:
And I'm Steve Inskeep.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.