Third Time is the Charm

This guy had to reinvent his business twice in order to be successful.

Even with dot-coms crashing around him, Rick Faulk refused to surrender.

Which is why two years ago, at a pivotal do-or-die moment in the roller-coaster history of his Woburn-based online services firm Inc., he stood before its seven-member team of investors, hat in hand, and asked for their continued support of a radically revamped version of his company.

It would be its third incarnation in seven years of business.

"Basically, we had two choices: return the money to our investors, or reinvent the business again," says Faulk.

He had already repositioned the company once before — moving from a packaged software product to a free, hosted web-based model — a process supported by $3 million in funding and a massive print and television ad campaign.

I think this demonstrates one of the key traits of entrepreneurs – they embrace failure. Not that they seek it out, but they aren't bothered by it the way "normal" people are. I hate to say that, because I want to be an entrepreneur, but it seems that previous failure is one thing they all have in common.