As an entrepreneur and the leader of a business, your employees, executive team, and investors look to you as a source of inspiration. When you make a major mistake that hurts others, costs resources, or delays a project, you may worry that your reputation for trustworthiness and efficiency may be irreparably damaged. Here are some tips on how you can acknowledge your failures and in the process become a better, stronger, and more capable leader.
Realize You Are Not Infallible
The first thing to take a hit after you realize you have made a significant error in your vanity. When everyone around looks to you for instructions and example, you can develop an exalted image of your own self-importance. One way to prevent this is to focus on appreciating the accomplishments of others. Make an effort to notice the achievements, small and large, of those around you, and acknowledge these deeds and abilities with sincere compliments.
Don’t Try to Cover Up
Some people are so terrified of their mistakes coming to light that they attempt to ignore them or turn them into lessons for others. Your employees can easily see through this tactic, and the only person that you will be fooling is yourself.
Admit Your Mistakes
The first step in mitigating your mistakes is to acknowledge them. Many people think that admitting that they make mistakes weakens them. In fact, the opposite is true. In showing your vulnerability by confessing that you did wrong, you inspire others and gain their trust. People can relate to you as a flawed human being, just as they are, and they will respect you even more than they did before. A true leader takes responsibility for both success and failure, and he acknowledges his mistakes without making excuses.
For more advice on being an effective leader, get in touch with First Source Capital.