Posts Tagged ‘mistakes’

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 #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)

Leaders’ actions speak far louder than their words

Monday, May 3rd, 2010

I read this story recently and found it very affecting. It is by Paul Anderson, former CEO of BHP Billiton:

After I spent about a year at BHP Billiton, …profitability was up, and our efficiency was up; we were getting great productivity. You could look at almost any measure, and it was positive. Except safety. Safety had actually gone down a little bit.

I was very vexed by this, and I kept asking the head of the safety group, “What is it? Why isn’t the organization embracing a safety culture, and why can’t we seem to improve our safety performance?”

After beating around the bush for a while, he finally blurted it out. He said, “Well, you’re the problem.”

I said, “I’m the problem? I’m a real proponent of safety; we’ve got it right in our charter; I can’t imagine a higher objective for the company; I can’t imagine anything going before it.”

He said, “Well, you’re a lousy role model – just look at what you’re doing.”

I replied, “Lousy role model – what do you mean?”

He said, “You know, people notice that when you come to work you jaywalk across the street; you don’t go to the corner. People notice that when you’re out visiting a plant, if you’re wearing dark safety glasses and you come inside, you take off the dark glasses even if you don’t have a pair of clear safety glasses to replace them with and you’re still in an area where you need them. They notice that when you go up and down steps you don’t hold onto the handrail, which is the standard practice we have here. They notice that you don’t park your car backward in a parking space which, again, is the safety standard that we have. You’re just basically a lousy role model.”

Of course, that took me a little aback. But he went on and said, “when you go to visit a manager, the first thing you ask is, ‘How are you doing against budget?’ You start asking financial questions; you don’t start with, ‘How is your safety program? What results have you had over the last year? What are your two or three safety issues that you have here?’ So, people assume you’re not particularly interested in safety. And in fact, they’re focusing on everything but safety because you haven’t really highlighted it.”

That really struck me. I had never been in a situation where I was so clearly scrutinized as a role model and where safety was so important, because this was primarily a mining operation and steel mills, and very much an industrial setting. I realized that not only was I being scrutinized on the job, but also I was being scrutinized off it, too. One of the things that the head of the safety group said was, “People know you don’t like to wear a helmet when you ride a motorcycle.” And I thought, “Well, what’s that got to do with anything?” But if you don’t display these values in your personal life, then you obviously don’t really embrace the values. It really drove home the point. Somebody once said, “Good leadership is doing the right thing, even when no one’s looking.” I realized that, actually, somebody is looking….

The key point I got out of that experience was that you are a role model 100 percent of the time. When you’re the CEO of a company, you can’t separate your personal life from your professional life. People learn what you do in your personal life; they follow what’s going on; they watch you in situations where you might even thing you’re not being watched. And if you don’t walk the talk, they pick that up in a heartbeat. They sense very quickly whether your words and your actions are tied together, and if you don’t match your words with your actions, the organization basically discards your words.

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

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.

It may be difficult to learn from failure, but it’s easy to learn from mistakes

Thursday, April 1st, 2010

I posted the following this morning as a comment to Michael Schrage’s HBR post entitled, “The Failure of Failure“:

Michael, you bring up some very provocative points in this piece.

One issue with disasters as learning events is that the deep level of focus on the exact sequence of events, while it performs a useful service (explaining the unexplainable & contributing to closure on behalf of victims & loved ones), is not that helpful for ongoing learning.

A disaster (brutal summary coming) is a chain of unlikely events occuring in sequence and causing a clearly terrible outcome.

The opposite scenario also occurs, with similar frequency–we call it a rousing success (exhibit A: Microsoft in the 1990s).

The issue with both scenarios with respect to learning is this: knowing the precise chain of actions & avoiding it (in the disaster case) or replicating it (in the MS case) actually obscures the much larger number of more basic lessons that help prevent failure or contribute to success.

For those reasons I prefer to look to mistakes rather than failures as learning situations. Mistakes are things people do that, upon reflection, they would do differently, given the chance.

Mistakes occur amid failure and success (& even in everyday plugging along). They don’t have the high profile of “failures,” yet the lessons can be more fundamental & useful. Mistake learning scales up & down–from ground level to the executive suite. And mistakes are ubiquitous. We all make them & can learn from them.

So, I’d propose this. Let’s shift the focus from learning from failure to learning from mistakes. We’ll all be a lot better off.

Related post:
Lessons learned from the Mistake Bank

Scott Berkun reminds us of the value of learning from mistakes

Wednesday, March 3rd, 2010

You may remember my project The Mistake Bank. It’s on hiatus now (isn’t that what broken-up bands say?), and someday soon I’ll be putting up a post on what I learned from that project. (Thanking Cynthia Kurtz for that idea.)

In the meantime, people are still screwing up and, thankfully, learning from those experiences. Most recently there was this post from Scott Berkun: “My Biggest Mistakes.”

Scott, in addition to being a great speaker and blogger, is a first-class mistake learner. His post “How to Learn From Your Mistakes” was an early entry in the Mistake Bank. It’s gratifying to see that he still appreciates the value of reflecting on his past actions, and retains the sense of humor that allows him to do so.

Related post:
Scott Berkun on learning from mistakes

From the Mistake Bank: the players dissect the AOL-Time Warner failed merger, 10 years later

Monday, January 11th, 2010

Mistake bank logoI’ve learned, after working on the Mistake Bank for the past several years, that the most powerful lessons can be learned years after a mistake is made. This is especially true with a colossal failure. Only after much time has passed can the people involved shed their self-protective impulses and see clearly what happened.

There has been much written (for example here and here) about the 10th anniversary of the failed AOL-Time Warner merger (AOL again became an independent company in mid-December 2009). But nothing has been as compelling and rewarding to read as this New York Times article recounting the history of the merger from the viewpoints of the principal actors involved. Did you know that Gerald Levin and Steve Case first met at the 50th anniversary celebration of the People’s Republic of China? I didn’t either.

Once back in the States, Case began his pursuit:


MR. LEVIN We’re now back in the United States and I think Steve Case called me on the phone and in that conversation more than alluded to putting the companies together. I had my traditional script and quasi-legal background that when someone calls you on the phone, make sure they understand you’re not for sale, which we certainly weren’t, and decline any overture, which I did over the phone.

And the story goes on from there. It’s riveting, candid, and revealing, and a must read for anyone who is eager to do a big merger. It might make them stop and think a bit.

More evidence of the power of learning from mistakes

Thursday, December 24th, 2009

As we head toward year-end, it’s good to be reminded of important things that may have been forgotten amid the turmoil of 2009. In my case, it’s the value of learning from mistakes. In this Newsweek NurtureShock post, Po Bronson references an experiment by Stanford researcher Carol Dweck – in my view the preeminent researcher looking at students’ views of achievement vs. learning.

Bronson effortlessly summarizes a complex set of experiments by Dweck and co-researcher Jennifer Mangels, and you should read the entire post, but the major point was this: “knowledge-hungry” (in Bronson’s terminology) students learned better from their mistakes than “grade-hungry” students. Knowledge-hungry students were interested in where they had made mistakes so they could learn the correct answer. Grade-hungry students were more concerned simply that they had made a mistake – the error itself obsessed them, not what they didn’t know. As a result, knowledge-hungry students did better on a retest: they learned better.

Even when we leave school and enter the work world, we often remain “grade-hungry.” Companies, frankly, enable and reward this focus with their HR management tools: promotions, numerical performance reviews, “merit” raises. Workers tend to be more concerned about the effect a mistake will have on these measures than on learning from what they did. This is bad for the company, of course. And bad for the worker.

Thanks for reading all year and best wishes for a healthy, less stressful, learning-filled 2010.

(Hat tip Roger Dooley, Neuromarketing)

Related posts:
Don’t try to fail, but try (work of Carol Dweck)