Greater Cheyenne Chamber of Commerce Business Journal Q1 2014 | Page 34

Business Journal
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It’s Okay to Make
Mistakes- But Not

These Mistakes

By: Barry Schuler,
Orginally published in Inc Magazine
>> Were there truly a Moron Hall of Fame, I imagine it
would be a splendid Frank Gehry building shaped like a
massive ear. It would serve as an icon to the biggest cause
of meltdowns: failure to listen. Leaders are flooded with signals from various sources -- their market, their employees,
board directors, and advisors. How they respond to this
stream of information will govern their future prospects.
>> Great entrepreneurs develop deep conviction about their
unique vision and believe there is little from the past that
may be applicable, particularly if they are doing something
disruptive. As a result, they notoriously shut out contrarian
points of view. This is where the trouble begins.
The entrepreneur’s dilemma>>
To prevent failure we must look to the past, learn from others’ mistakes, and take good advice in real-time. All of this
goes against the entrepreneur’s very strong conviction that
what he or she is doing is truly unique. So as an entrepreneur, you are either doomed to live and die by your vision,
or to force yourself to modify it based on a feedback loop.
Pattern recognition is the key ingredient. Catching mistakes
before they compound into failure is critical. Here are a few
mistake memes. If they are hitting too close to home, that
should be enough to sound the klaxon.
You don’t get it>>
Famously authored by Steve Jobs, the notion of “getting it”
is reserved for those with compatible vision. Surround yourself with only those who “get it” and you are destined to fail.
The only people who need to “get it” are those who are buying your product. Lack of traction in sales is a good signal
that you may be ahead of the market, or perhaps you have
misjudged it entirely. Experienced contrarians on your team
may be able to save you, but only if you are willing to \