MBA Failure Essay Example 2
The application essay question / topic:
Question: Describe a failure or setback that you have experienced.
What role did you play and what did you learn about yourself? (500
In 2001, a child forgotten in a car in our city died.
This bothered me so much that I decided to invent something that would prevent
it from ever happening again.
I came up with the idea of creating a
child-secure environment. I felt the idea was simple, inexpensive and essential.
However, instead of pushing it immediately, I hesitated and moved slowly. Five
years later another company introduced it to the market. I still view my
hesitation to move quickly as a failure.
Even though I invented several
products for commercial use in the past, such as a mechanism to keep the
freshness of food at restaurants, I felt this idea had the greatest
When I first started to develop the idea, I initiated
research and collaborated with specialists from different areas, such as car
safety and childcare. After 6 months, I realized I had neither money nor
business connections in the area, so I decided to wait for an opportunity to
Two years later, in 2003, I revived my idea after
attending a lecture from a successful local entrepreneur. I initiated a meeting
with the manager of our largest patent company and persuaded him to work with
me. Next, I began developing the prototype.
I created a business plan and
presented it to 5 potential investors. I convinced them the idea had great
potential, yet they preferred to start working only after the patent was
guaranteed. However, this was a long and expensive process, so as before I
hesitated from taking the next step until I had the funds.
In 2006, I
read an article in a news website that a product very similar to mine was
successfully released by a UK company. The headline was “How didn’t we think
about it earlier”. I knew I missed my chance and was very
Although I failed, I learned a lot about myself.
learned that sometimes the fear of failing could stop me from moving forward.
Instead of being afraid to fail, I should have considered this experience an
important lesson heading up to my next venture. I learned that even a good idea
has to be pushed as much as possible and that I cannot succeed if I'm too afraid
to risk resources such as money or time.
I also realized that I cannot
do everything on my own, and that teamwork is a crucial element in success. Once
you picked excellent people, you need to trust them with your ideas and with
their work. For example, by cooperating with professionals and even starting a
partnership, I could have boosted my idea.
This experience affects me to
this day. For example, it reflects in my aspiration for a business career,
including my MBA candidacy. I am not afraid to invest as much time or money as
needed. I also believe I could leverage my MBA experience to meet partners I can
cooperate with in the future. Most importantly, I now look for the opportunity
instead of being afraid of it.