Embracing failure is key to success, says MoviePass CEO.

Stacy Spikes is aware of the rarity of receiving a second opportunity like the one he experienced.

In 2017, the CEO and founder of MoviePass was removed from the company due to the success of its $9.95 all-you-can-watch plan, which ultimately led to the business's collapse. However, he regained ownership of the company in 2021.

He states that it has been "noteworthy to have the chance" to revive the company.

""MoviePass is the first time a company has shut its doors and gone down to zero, operationally, and it's almost biblical that it doesn't happen," Spikes tells CNBC Make It."

Seeing his business succeed after its first profitable year and receiving an investment from Comcast's Forecast Labs is "reaffirming" for Spikes, the founder of the company.

"He tells Make It that it proves he wasn't insane for what he was attempting to construct. Currently, 60% of theaters offer a subscription product, which was previously questioned as to why people would subscribe to go to the movies."

Despite the unexpected twists and turns of his journey, Spikes embraces the unpredictable path that led him to his current success. If he could offer one piece of advice to aspiring entrepreneurs, it would be to have no fear of failure.

"Failure is a boogeyman that young people are taught about," he says. "Looking at Edison and the lightbulb or the Wright brothers, we see the frequency at which failure occurs. The quicker you fail, the closer you get to success."

According to Spikes, the "myth" of the billionaire twenty-something startup founder has led entrepreneurs to believe that failure is the ultimate outcome rather than a temporary setback on the path to success.

"The belief is that being successful means dropping out of an Ivy League school, starting a business in your dorm, and becoming a billionaire," he remarks. "However, the reality is that most successful entrepreneurs are in their 40s or 50s and have experienced the failure of three businesses."

Spikes encourages entrepreneurs to "believe in the power of their dreams" as he aims to expand MoviePass' presence in theaters and premium formats.

"He claims that there is no failure, only learning."

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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