Not Correcting a Mistake is Fatal

Entrepreneurs will make mistakes. This is a given. The more you try, the more mistakes you will keep making. And this is totally fine as a mistake teaches you what went wrong and what you should have done.

The crucial part here is realising that you have made a mistake as soon as possible. And once you realise it, correcting it ASAP. If our assessment cycle is too long, the damage which the mistake can cause your business will be more. We need to keep assessing quickly, reasonably and continuously.

Once we realise the mistake, if I do not correct it, that is equivalent to a death wish. So why would an entrepreneur not want to correct a mistake? Believe it or not, this is quite common. At times, my ego may not let me. 'This is my project and it will work and I will make it work anyhow'. This can also be due to my irrational belief in the project in its current state. As entrepreneurs, we need to keep implementing new things, learn from them and keep pivoting the business if required. We need to have an open mind about the fact that the business may need a change in course and all actions should be based purely on learning and practicality.