Even great business leaders make mistakes. What separates great business leaders from the rest is that they rarely make the same mistake twice. Rather, great leaders learn from their mistakes and go on to build even stronger businesses because of those very mistakes. Learn about three quite common business mistakes that even the greatest leaders have made. Then learn how to avoid making them in your business enterprise.
Mistake 1: Know When to Stay Your Course and When to Run
In the hit country song “The Gambler,” singer Kenny Rogers gave some wise advice that every great business leader has learned to heed. “You gotta know when to hold ’em, know when to fold ’em, know when to walk away, know when to run.” Even great business leaders will make the mistake of staying in a negotiation, deal, or enterprise longer than is wise. But this is a mistake that starts fixing itself the moment you walk away.
Mistake 2: Do What You Tell Others to Do
Great leaders businessmen like Alexander Bouri have discovered a powerful motivator for those whom they employ. Great employees are made through a great leader who has first walked a mile (and then some) in their shoes. When employees see that their leader is willing to do everything he or she is telling others to do, they will not just give 100 percent, but even 150 percent. To fix this mistake, get visible. Let employees see the engagement of their leader at every level of business operations, and they will soon begin to follow suit.
Mistake 3: Always Take the Blame
There is an innate graciousness in accepting blame, even and especially if it is tempting to deflect it, or to split hairs over who is to blame for what. The greatest leaders know that ultimately, they bear responsibility for everything that happens within the context of their business operations. This does not mean great leaders do not fire unproductive or dishonest employees, or uphold their legal obligations to disclose facts to the authorities. To fix this mistake, simply remain at the helm until the very last, reminding employees that there is an accountable, honest leader in charge who will ensure blame does not become the company’s swan song.
With these three business mistake fixers under your belt, you will have more confidence to successfully rebound from the very normal mistakes even the greatest leaders sometimes will make.