Learning from new venture and business failure

New Venture Failure (NVF) is a well researched field, emphasising the importance of learning and recovering from it. However, discrete information on how one can learn from NVF is rather scanty. This study explores how 27 experienced Australian entrepreneurs and intrapreneurs perceive NVF, and what they have learned from it. We conclude with a conceptual model to help novice and nascent entrepreneurs and intrapreneurs succeed in their first venture, based on the suggestion given by the participants.