The Good Fail: The Rise and Fall of Microworkz — Entrepreneur Addiction #38

4 min read • May 28, 2012 • Dan Bischoff

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Yes, this is actually the side of Patrick Wiscombe’s head.

If you can remember back to 2000, Microworkz was making headlines across the country for putting serious pressure on people like Bill Gates by building the first affordable computers. The founder and CEO, Keith Latman, was was dubbed “The next Internet billionaire.”

Then almost overnight, it all came crashing down. Legal action resulted in fines from Microsoft, the dissolution of Microworkz, Latman’s personal bankruptcy, divorce, severe depression and suicidal thoughts.

About a decade later, Latman published a book about his experience, how he returned from that abyss, and tips on how other entrepreneurs can avoid the ‘Good Fail.’ In this episode we chat with him about the book, his personal experiences, and give a preview of the 19 entrepreneurial lessons he learned from his massive failure.

About the Guest
Richard Keith Latman is the author of “The Good Fail: Entrepreneurial Lessons from the Rise and Fall of Microworkz,” Chief Executive Officer / Co-Founder of iMagicLab ( the Founder of Latman Interactive ( Latman drives product development, technology, sales, marketing and architecture decisions across all iMagicLab/Latman products to ensure the product direction is consistent with the overall strategy of the company and the needs of the marketplace. Over the past 9 years he has trained tens of thousands of salespeople, written over 275 articles and has spoken at major events and seminars nationwide.

Latman has broad experience in the sales, hardware, software and services sectors, having spent more than 20 years in senior management roles in the IT industry. Prior to founding iMagicLab, Latman helped start many innovative companies including RetailTRAC (Sold to Minow LLC), MicroPOS (Sold to Micros) and

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  • Introducing Richard Keith Latman
  • The story of MicroWorkz
  • The Good Fail
  • Fails are good if you learn something you don’t repeat
  • Where the bundle and the free PC movement started
  • The poster child of failure
  • How earthquakes and fires in Taiwan can destroy a business
  • From the ‘next Internet billionaire’ to an empty checking account
  • How he went from being suicidal to finding success again
  • Psychological damage of failure
  • If you think everything you touch turns to gold, watch out
  • 19 ways to avoid a Good Fail lessons for Entrepreneurs
  • Understand what you do very well
  • Hunters vs. Farmers
  • Fail fast
  • Business plans are not a bible
  • Focus on making good and bad decisions
  • You can’t predict turbulence, have to adjust in real time
  • Know what business you’re really in
  • Become an idea magnet
  • Simple ideas vs. HUGE ideas
  • Fails are not just business fails

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Dan Bischoff