Through in-depth interviews the EU INNOVATE research project has highlighted multiple types of risks that innovative entrepreneurs in tourism could not overcome, and critical events and factors at different stages. The aim of this video is to review some of the key lessons reported by real-life entrepreneurs participating in the research who failed to succeed. Failing to succeed with an innovative entrepreneurial venture is a painful but valuable learning opportunity. Some lessons might seem obvious but they are real-life examples which illustrate how easy it is to overlook them in practice. With the video the researchers aim to translate the research findings into a language and format that can reach potential entrepreneurs to remind them about the importance of a proactive and active management of common potential risks. The video also brings teaching opportunities to academics lecturing entrepreneurship and innovation in tourism in order to attract their students’ interest and shape their future careers as potential entrepreneurs.