Not all mistakes are bad. In fact, for Jim McKelvey, the co-founder of mobile payments company Square, one failure led to a new venture.
In 2010, McKelvey and fellow Square co-founder, Jack Dorsey, decided to expand the company's operations to their hometown of St. Louis, hoping to create more jobs for programmers in the area. "My city needed ... great jobs," McKelvey said. Yet what transpired surprised them. Instead of having the luxury of choosing from a selection of endless new talent, Square was poaching employees from existing positions at other start-ups. This resulted, essentially, in a zero-sum hiring equation rather than the creation of new jobs.