Growing as an entrepreneur is a function of how you grow as a person. It’s a process that mostly consists of making decisions, living with the results, and trying to incorporate those results into future decision making. We’re all bound to this process, but some of us are much better at it than others. Being right is of course important, but being wrong is more important. Being wrong lets you adjust your aim and improve. Without it you are lost. So get good at it. Admit mistakes, don’t be afraid of them, and try to understand what happened. Step outside of yourself and see how open you are to seeing things clearly, not emotionally.
If you can’t admit you are wrong emotionally, if you are basically too immature to do that, then you won’t grow. This is a process that is more emotional and having to do with your character than it is intellectual. It’s pretty rare these days for people to admit they got something wrong. Politicians don’t do it. Companies don’t do it (lawsuits certainly don’t help). Doctors don’t do it (lawsuits again). But great leaders can and should acknowledge when they got something wrong and focus on how to get better.
When I was managing, I tried to be pretty honest about what was at stake, what I didn’t know (you mostly have limited data to make decisions), and how I made a decision. When I got something wrong, which was often, I tried to admit it. First to myself, then to the folks working for me. If you can do this, you’ll grow faster, you’ll gain the respect of your employees, and you will build a more cohesive team. When you don’t, and I often didn’t, things get harder.
Keep growing. Surround yourself with people who will be honest with you. And treat them well when they are honest with you, so they keep being honest. This is a healthy cycle you’ll find in management at great companies.
