Lesson from a $500 Million mistake – Trajan King

Lesson from a $500 Million mistake

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There’s a story of a legendary mistake that goes around business schools, which is usually attributed to either Jack Welch, Thomas Edison or a high-level manager at IBM.

Sometimes it’s quoted as $500 Million, sometimes $500,000 or $10 Million.

It doesn’t really matter who said it or if it really even happened at all.  The message is still a good one.

It’s a lesson on failure and how managers should treat employees who fail.  The lesson can also be applied to how we treat our own failures because failure it part of business.  If you’re a perfectionist, then business will be tough on you and tough for your employees because you’re going to fail sometimes and that’s okay.  It’s never easy, but it’s always an opportunity to learn and grow.

Watch the episode below to hear how one of the best business managers of all time handled failure.

Timeline:

0:00 – Failure is part of the system.
1:30 – 10,000 ways it didn’t work.
2:10 – Lessons from a $500 Million mistake.
3:10 – One thing you can do to be more successful.

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About the author

Trajan King

Hey hey. I'm Trajan. I'm a minimalist entrepreneur who loves exploring the world (42 countries), learning new things (7 languages) and trying to get better every day (working on my backsquat).

I write about entrepreneurship and building an optimized and happy life through systems, good habits and scientific research.

Join me and we'll discover how we can build businesses we can be proud of.

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By Trajan King

Trajan King

Hey hey. I'm Trajan. I'm a minimalist entrepreneur who loves exploring the world (42 countries), learning new things (7 languages) and trying to get better every day (working on my backsquat).

I write about entrepreneurship and building an optimized and happy life through systems, good habits and scientific research.

Join me and we'll discover how we can build businesses we can be proud of.

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