New Venture Failure (NVF) is a well researched field, placing emphasis on the importance of learning and recovering from. However, studies about what it is that one can learn from NVF are scant. This exploratory, qualitative study explores how experienced Australian entrepreneurs and intrapreneurs perceive NVF, and what they have learned from it. The research used practice-based theories to convert the participants’ experiences into academic theories. I conclude with a conceptual list of advice to help novice and nascent entrepreneurs and intrapreneurs succeed in their first venture/s, as suggested by the participants. A significant addition to the body of knowledge in this domain is depicted. Since this study is a first of its kind to integrate entrepreneurial learning and new venture failure, the following finding is highlighted: Venture failure is not perceived in a negative context by entrepreneurs, as long as they learn from the experience/s. As such, it is identified that ventures fail, not entrepreneurs! This finding would, however, provide a base for further empirical research into the psychological aspects of entrepreneurs’ perceptions to new venture failure.