Quoted from http://startup-russia.com/en/archives/135

via startup-russia.com/

The very first company I started failed with a great bang. The second one failed a little bit less, but still failed. The third one, you know, proper failed, but it was kind of okay. I recovered quickly. Number four almost didn’t fail. It still didn’t really feel great, but it did okay. Number five was PayPal.  Max Levchin (Cofounder, PayPal)