Archive for the ‘mistake bank’ Category

Mistake Bank Podcast #5 – Monica Gould of Strategic Consulting Partners

Tuesday, August 31st, 2010

Mistake bank logo#5 in our series of interviews with successful entrepreneurs in which they talk about the mistakes that helped shape their careers. Our guest is Monica Gould, who founded her business, Strategic Consulting Partners, after a successful career at MCI, and has sustained it for more than 10 years.

Monica, like so many of the entrepreneurs I’ve talked to, is very candid and self-reflective, and willing to talk about mistakes, to teach others and to ensure they themselves learn from them. I was struck by Monica’s sense of humor when she discussed the cobbler’s kids dilemma – while she helped companies improve their planning she tended to neglect planning for her own business (something I’ve experienced myself). I’m sure you’ll enjoy the interview.

Monica Gould podcast (31:24)

Content:

0:30 How she got started
11:10 An early mistake…the “we can help you with anything” brand
13:30 Consequences of a consultant losing focus
15:15 A more recent mistake: how long to try to break into a new market?
17:10 “Time is your biggest commodity”
18:50 A difficult situation with a subcontractor
23:45 A final thought on planning…

(audio content copyright 2010 John Caddell)

If you are interested in contacting Monica , please visit her website.

Previous podcasts can be found here.

From the Mistake Bank: “The Power of Positive Failure”

Thursday, July 29th, 2010

Mistake bank logoThere is enough of a chorus of ideas (such as this one from Nancy White referencing Chris Corrigan who points to Alexander Kjerulf) around learning from mistakes and failures that I feel we may be on the cusp of an actual movement here. Most recently, David Simms posted “The Power of Positive Failure” on the HBR Conversation blog.

Simms recounts an experience hosting a panel in which he asked the speakers to relate stories of failures they suffered through. He was amazed at how willing the panelists were to discuss their mistakes, and how much they had learned as a result. He also encourages readers to be more willing to share their own mistakes. I heartily agree.

By the way, when reading “The Power of Positive Failure,” be sure to read the comments. There are some great mistake stories there. And if you want to read/hear/see more mistake stories, visit The Mistake Bank’s temporary home (http://mistakebank.com), which will bring up a set of posts from my work in gathering and learning from mistake stories. (You’ll find plenty of my own stories in there, believe me.)

Related Posts:
A Mistake Bank story from Don McFadden – due diligence in real estate

Mistake Bank Podcast #4 – Donald McFadden on Due Diligence in a Real-Estate Transaction

Wednesday, July 28th, 2010

Continuing our look at successful entrepreneurs and the mistakes that shaped their careers. This video was part of the Mistake Bank Ning site, and I was reminded of it as we toured the city of Wilkes-Barre, PA, last weekend. My wife was driving, and from time to time she’d point to a building and say, “My dad owned that one.”

This story was from the beginning of my father-in-law’s real-estate investment career, and to me says a lot about due diligence. I’ve heard many entrepreneur mistake stories where inadequate due-diligence was at the heart of the issue. On the other hand, diving into a deal without having everything figured out, and then making it work, eventually brought these business owners to another level of success.

So: mistake or bold move? Discuss.

Don McFadden on Due Diligence in a Real Estate Transaction – a Mistake Bank story from John Caddell on Vimeo.

Prior Mistake Bank podcasts:
Tim Berry of Palo Alto Software
Charlie Crystle of Chilisoft
John Bliss of BlissPR

Mistake Bank Post: Don’t Let Them Skip The Employment Application

Monday, June 28th, 2010

Mistake bank logoIn our tradition of scouring the world for the best and most useful business mistake stories, I’m happy to present the following story from Human Resources expert Sharlyn Lauby. It first appeared in her blog HR Bartender. I’m grateful for her permission to reprint it here.

A few weeks ago I wrote a post about anti-harassment training and mentioned the time that I read about one of my employees in the newspaper – specifically their alleged inappropriate conduct. There’s another piece of that story I wanted to share with you because I learned a very valuable lesson with the situation.

Everyone needs to complete an employment application. Everyone. No exceptions.

You see, the employee I read about in the newspaper hadn’t completed an employment application. Only submitted a resume. He was a friend and former colleague of a member of the leadership team. You know how this goes…senior level manager wants to hire a former employee from a past employer. They know the person so the manager comes to human resources and says they know the person, great guy, no need to fill out an application, yada yada yada.

And because HR is constantly being accused of creating unnecessary paperwork, I figured I was being a team player and just took the resume. Wrong-o.

Now, if I had an application, would that have changed whether or not we hired the person…who knows? What I do know is, if he had completed an application, I might have at least known about the situation before reading about it in the newspaper.

Having no application, both the senior manager and I were in the dark. That just delivered a gut punch like you wouldn’t believe.

You’re probably wondering about the outcome of this situation. Well, the senior manager met the employee in the parking lot and came to my office. (Note: if your manager ever meets you in the parking lot and says “let’s go to the director of human resources’ office”, this is not a good sign.) I asked the employee one question – “Have you seen today’s newspaper?” He immediately resigned.

The outcome could have been very different. But I learned an important lesson – employment applications are for everyone. It’s not beneath someone to complete an application. It doesn’t change a person’s title or responsibilities. Employment applications contain different information than is usually found on a resume.

Having employees complete employment applications is necessary. Do yourself a favor and don’t cut corners on this one.

You can find more Mistake Bank stories and thoughts about learning from mistakes here.

People who admit mistakes bring honor to themselves; so do those who forgive

Tuesday, June 15th, 2010

I’m still a bit in awe of the sequence of events that took place in Major League Baseball two weeks ago. Armando Galarraga, a journeyman pitcher for the Detroit Tigers, retired the first 26 batters in a row, coming within one out of the twenty-first perfect game in the 125+ year history of Major League Baseball. The next batter hit a slow ground ball to the first baseman, who threw to Galarraga covering first, the ball appearing to arrive before the batter’s foot reached the base.

Except the umpire, Jim Joyce, emphatically called the runner safe. No perfect game. Innumerable replays that night and the next day confirmed that the runner, in fact, should have been called out. Galarraga was robbed, and he had every right to be incensed. His shot at immortality had been taken away by a bad call. What a crazy turn of events.

Something even more amazing happened the next day. Joyce (named in a poll of baseball players as the best umpire in the game) admitted his mistake and apologized for it. Galarraga, for his part, graciously accepted Joyce’s apology with the delightful observation that “nobody’s perfect.”

How much easier would it have been for Joyce to insist that he saw what he saw? How understandable would it be that Galarraga hold a grudge rather than forgive the person whose mistake cost him his name in the record books? Yet it is to these two men’s everlasting credit that they took the difficult path, the thoughtful path, and as such they taught us much more than perfection could have.

[For a selection of other Mistake Bank-related posts, click here.]

Mistake Bank Podcast #3 – Tim Berry, Founder of Palo Alto Software

Thursday, June 3rd, 2010

Mistake bank logoHere’s another in our series of interviews with successful entrepreneurs in which they talk about the mistakes that helped shape their careers. Our guest is Tim Berry, a co-founder of Borland Software and founder of Palo Alto Software, the publisher of Business Plan Pro and Marketing Plan Pro, among other titles.

Tim has shared many other great mistake stories on his blog.

UPDATE 3 Jun, 5:23 central time. After our discussion, Tim was inspired to write a new post, “5 Business Fundamentals I Learned the Hard Way.” -Either he was inspired or really low on ideas ;)

Tim Berry Mistake Bank Podcast (25:45)

Content:

0:40 The making of an entrepreneur
5:10 An early mistake – with serendipitous results
10:10 “Adjusting the aim” when evaluating people
15:16 Believing the hype of the dot-com era
19:12 The importance of killing mediocre products

(audio content copyright 2010 John Caddell)

Previous podcasts can be found here.

Mistake Bank Podcast #2 – Charlie Crystle of Chilisoft and Mission Research

Tuesday, May 25th, 2010

Mistake bank logoHere’s our second podcast focusing on the mistake stories of successful entrepreneurs. Our guest is Charlie Crystle, who founded Chilisoft, a web infrastructure provider which in 1999 was sold to Cobalt Networks for $70 million. He and two partners later started Mission Research, which offers low-cost business software to support nonprofits. Now he is working on a new venture and advising startups.

Download the Charlie Crystle podcast (28:27).

Content:

1:10 Investing in someone else’s dream
4:00 On breaking up with a business partner
5:53 “Lessons learned doesn’t necessarily mean lessons applied.”
7:40 Personnel mistakes
12:50 Knowing when to step aside
16:45 On mistakes by your employees
20:00 Consequences of a culture of withholding information
21:00 “Startups have a lot to do with learning along the way”

(audio content copyright 2010 John Caddell)

Mistake Bank Podcast #1 – John Bliss, founder of Bliss PR

Tuesday, April 27th, 2010

Mistake bank logoWelcome to the first in a series of podcasts in which we explore learning from mistakes with successful entrepreneurs. First up, John Bliss, founder of Bliss PR, discusses starting out working for the family business, then going out on his own, and what he learned along the way.

Download the John Bliss podcast

Content:

0:45 A brief history of Bliss PR
4:35 When you’re starting out, you’ll take any business you have
6:55 A mistake – sharing equity with a business partner
10:00 Another mistake – losing focus
12:20 A few hiring mistakes
15:30 Going downmarket in bad times
17:15 Learning from mistakes my dad made
19:40 “It’s a ‘we’ business”

(Thanks to John, and also to Elizabeth Sosnow for connecting us.)

(audio content copyright 2010 John Caddell)

From the Mistake Bank: make a mistake, get promoted

Tuesday, April 20th, 2010

Mistake bank logo

This story is from William Johnson, the CEO of H.J. Heinz.

It was a mistake in this company that got me my first major promotion. We had a hot cocoa line called Alba. We had an underutilized factory in Iowa. I was a young general manager in the company, and I had been challenged with how to use this factory. What should we do rather than close the factory? Although [closing] it was the simple thing to do, long-term it wouldn’t create a lot of value.

We were actually in New York one time and looked up at Warner Brothers and saw Superman flying – I guess this was the time of the first Superman movie in the early to mid-eighties – and Superman had just been put on Superman Peanut Butter, which was selling like crazy. So, we literally walked in unannounced, went upstairs, walked in to the licensing department, met with the merchandising guy – the guy who had the licensing for Warner Communications – and asked if we could have the Superman license to launch hot cocoa, therefore going after kids. I got it granted right there; we only had to work out the details.

I went back to my boss at the time and said, “We have an idea. Give us six weeks, and let’s go play with it.” So we researched it – research said it would be a good idea – tested it with kids, developed the product, and were ready to go. I walked into my boss and said, “I want to launch this thing nationally.” He looked at me like I had two heads and said that we didn’t have enough research, that it was a big risk, and so forth. [He said,] “How about if we do it regionally?” I said, “Okay, we’ll do it regionally.” It failed miserably. We underestimated how the competitors would react.

Two months later I was promoted to vice president from my general manager position, and I asked my boss at the time why. He said, “Because in order to get ahead, innovate, and move the business forward, you have to be prepared to take risks and suffer the consequences. The fact that you took the chance, came up with the idea, moved it ahead, and tried to solve a problem did not create a problem because we cleaned it up without substantial costs. That says to me that you’re prepared to take risks, many of which are judgment calls. And sometimes you’re right and sometimes you’re wrong.”

Reprinted by permission of Harvard Business Press. Excerpted from Lessons Learned: Straight Talk from the World’s Top Business Leaders–Overcoming Obstacles. Copyright (c) 2009 Fifty Lessons Limited; All Rights Reserved.

Seeking entrepreneurs to tell their stories

Wednesday, April 7th, 2010

As part of the ongoing Mistake Bank project, I am looking for entrepreneurs who would like to tell their stories as part of an ongoing series of podcasts. If you know of anyone who might be willing to share 45 minutes of time with me (or if you might be one of those people yourself), please contact us at mistakebank (at) caddellinsightgroup (dot) com, or tweet me at @jmcaddell. Thanks a lot!

Related posts:
Lessons Learned from The Mistake Bank
From the Mistake Bank: Surprised by a customer defection