What does baptism by fire mean?

baptism by fire meaning in Law Dictionary

n occasion that means success or failure for a company or party. This might be common for new organizations.

baptism by fire meaning in Business Dictionary

A major occasion that'll determine the success or failure of a business or someone, specially a new company or a person who has recently taken on a unique position in a business. Examples include a short general public supplying (IPO) or an emergency that must definitely be handled by a unique CEO.