Entrepreneur Patrick Grove is riding high after selling one of his startups, iProperty, to Rupert Murdoch's REA for a squillion or so.

It might be why Grove has been willing to open up about some of his struggles – or, to use his words 'F---ups' – that went with the terrain.

"The first eight years, we completely f---ed up ... we launched a search engine, we launched a free SMS service, and even launched a dating service," said a report of Grove's keynote address in Kuala Lumpur this month organised by his Catcha Group.

"There's a list of things we tried, failed, and f---ed up – but we learned so much," he said citing the ability to 'pivot' the business as the most important ability for a startup CEO.

"When you're involved in a startup, it is not about managing executives, it is about having the ability to experiment, test, and to take a chance," Grove, who according to Forbes is worth around $US260 million ($350 million), said.

Of course, not all of these chances pay off, no matter how much pivoting or perseverance.

Take Ensogo, iProperty's ugly twin.

The flash sales site – which floated in 2013 at 32c a share offering self-adhesive bras and padded push-up panties across its multiple Asian businesses – is on its last legs.

Ensogo's founder and CEO, Kris Marszalek, walked away from the business last week as the company announced it was withdrawing financial support for its flash sales business across Asia "which is likely to result in the shutting down of these subsidiaries".

Not that Grove, who is the largest Ensogo shareholder via Catcha, will necessarily be giving up.

"Basically, you need to find a big beautiful problem that you are passionate to solve; work with rockstar people to solve it together; and keep pivoting until something works," he said in Malaysia. 
 
"If nothing works, have the perseverance to try again and again until it finally works." 

Humble Pie 

So many people got the Brexit call wrong that it is hard to single out any party – other than Suncorp's head of Treasury research, Darryl Conroy.

"The UK vote to leave has surprised many, especially me (after I incorrectly called Bremain over Brexit)," he said.

His team were offering up something more interesting than humble pie with their mea culpa. The email included a chorizo and green pea risotto recipe which was in keeping with their pro-continental prediction.

Cry Wolf 

It is fair to say that Elsmore Resources has not had the best of times since listing on the ASX just before Christmas in 2013.

It was suspended from trading just two months later and has not traded a single share since.

As CBD reported at the time, the big problem was one of its executives had absconded with most of the $2.2 million it raised in the initial public offering.

Readers with long memories will recall that an alleged miscreant, Ashley Howard, was bankrupted by the self-proclaimed Wolf of Wall Street – convicted fraudster Jordan Belfort – for reasons that remain unknown.

No money there for Elsmore, then.

Elsmore has extended its trading suspension until August.

So the company, obviously hoping that its investors have short memories about why they have been held captive in this dud for more than two years, will cough up another $2 million as part of a rights issue to get things rolling.

For those who have forgotten after so long, the company appears to be in the business of fossicking for tin, precious stones and rare earths.

But don't worry, investors will have a bit more time to consider whether to pour good money after bad. ASIC pulled the plug on Elsmore's current prospectus on Friday.

"The company is currently working through the issues raised by ASIC in its Interim Stop Order with a view to resolving them as soon as possible," said Elsmore in an ASX release on Friday.

It might not be anything untoward. ASIC might just be inquiring whether Elsmore will be a bit more careful with its money this time.

Got a tip? ckruger@fairfaxmedia.com.au