Turning Mistakes Into Lessons

In business and in life, we will always face challenges. They can be mistakes that cost money and mistakes that cost time. But the true difference between a setback and a failure is how you navigate it. We see them not as failures but as "expensive lessons" or "continuing education". This approach is a core part of strategic navigation the ability to learn, adapt, and grow from every misstep.

I learned this lesson in a big way after an exciting idea led to a huge time-wasting mistake. The excitement of the idea overshadowed the critical step of building an MVP (Minimum Viable Product). Instead of validating the hypothesis, a full project was launched, only to fail. The lesson? If you don't do things the proper way from the start, you will waste your own time.

Another valuable lesson came from a costly mistake that stemmed from a commitment that was never finalized. I had a verbal agreement for a million-dollar investment, and started making moves, hiring a team and increasing the business's burn rate before the money was in the bank. When the investment fell through, I had to let go of the team, resulting in a significant financial loss and embarrassment. This experience taught a hard but essential truth for business owners: an agreement is not final until the money hits your account.

We considered the difference between a leadership failure and a team failure. It's a common headspace for leaders to get into if the team fails, does the leader fail too? The answer is always yes. It's always the leadership. As a leader, you are responsible for creating the infrastructure and systems to make your team successful. If you haven't empowered your team to give you feedback or put a series of checks in place, any failure ultimately falls on you. A team's ability to execute properly is a testament to the leader's skills.

For a leader, this means constantly checking in and challenging your team with questions like, "Have you thought about this?" to help them identify risks before they become problems. When you're making a significant change, such as shifting from a solopreneur to a firm, you have to be mindful of how your clients will respond. For a firm trying to scale and bring on new team members, an inflexible client may push back, creating tension. We found that you need to "bend a little bit" for existing clients, as they are your "golden goose". For new clients, you can set the expectations from the start with a "straight and narrow path". This strategic approach manages the transition with empathy while ensuring the business can grow.

Ultimately, every mistake is a learning opportunity. They will cost you time and money, but they are necessary for you to grow at the end of the day.

Watch the full episode at https://youtu.be/kNfaook8qdo and connect with us on social media @gobeyondthegrind.