Admitting You Were Wrong Could Save Your Business

We all have egos. How could you be a successful business owner without a certain level of self confidence? You make important decisions and take risks and you have to believe in what you’re doing.

However, that ego can get in the way when a decision you made turns out to be wrong. I’ve seen many business owners stick with something well after it was obvious it was hurting their business because they were too proud to admit it was a mistake. This happens in big corporations as well. Big companies continue to do things the way they always did them because, well, that’s the way they always did them. While the rest of the world moves forward, they remain the same until they become obsolete.

Whether it’s a product that bombed, marketing materials that aren’t working, or an employee that just isn’t serving your company well, you need to say “I made a mistake” and correct it. Maybe you even picked the wrong niche. It’s okay. Businesses re-invent themselves all the time. The marketplace constantly changes. It doesn’t mean you have failed, but that you have learned what doesn’t work.

I just heard a story on National Public Radio yesterday about Steve Jobs and Pixar. Pixar didn’t start out being the leader in computer animation which they are today. But when Steve Jobs (founder of Apple) saw an emerging opportunity to re-focus Pixar in that direction back in the 1990’s he jumped at it because he’s a brilliant entrepreneur.

No one likes to say they were wrong. But true leaders do so willingly, knowing that to waste even a day continuing to travel down the wrong road is costing them dearly.

No Comments

Post A Comment