We investigate the implications of failure at the firm and individual levels. For instance, an entrepreneur can fail, yet her business can successfully be taken over by others. Alternatively, a firm may fail but the entrepreneur behind the firm may go on and run successful firms in the future. We believe there is a lack of conceptual clarity surrounding what happens to the firm, opportunity and individual after failure. We develop a typology of failure outcomes taking into account individual and firm level outcomes, based on Jenkins and McKelvie (2015). Our study is the first to specifically and systematically address the extent to which failed entrepreneurs persist with their opportunity in a new legal entity or where the opportunity is pursued by others.