Is a failure by the team also a failure of leadership? Yes, it's always the leadership. You're the one who brought the team in, and it's your responsibility to create the correct infrastructure and checks to keep them successful. If you haven't empowered them to tell you when you're wrong, they won't.

Can mistakes be beneficial for business growth? Mistakes are a necessary part of growth. They can be seen as expensive lessons or continuing education. When you make a mistake, it’s not really a failure until you give up. Mistakes that cost money and mistakes that cost time are both valuable for learning and improving.

What's a common mistake when dealing with business agreements? An agreement is not final until the money hits your account. One host learned this the hard way by starting to hire people and make moves as if a promised million-dollar investment was already in the bank. This increased the burn rate and caused the business to tank before any money was received.

How should you handle an inflexible client who resists change? For existing clients, you might need to "bend a little bit" because they are your "goose that's been giving the golden eggs." However, for new clients, you can set clear expectations and a "straight and narrow path" from the beginning. You can also offer incentives like a discount during a transition period to make the change easier for them.

Watch the full episode at https://youtu.be/kNfaook8qdo and read more in THE ASCENT | 020.