The paradoxical nature of venture failure

New Venture Failure (NVF) is a well researched field, emphasising on the importance of learning and recovering from it. However, studies about what it is that one can learn from NVF are scant. This Study explores how 27 experienced Australian entrepreneurs and intrapreneurs perceive NVF, and what they have learned from it. We conclude with a list of advices to help novice and nascent entrepreneurs and intrapreneurs succeed in their first venture, as suggested by the participants.