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Businessweek Archives

Acknowledge Mistakes Sooner, Not Later


Successful companies take calculated chances when launching new products or beginning new ventures. Many times new ideas are successful and contribute to a company’s increase in revenues and profits. However, mistakes are also a part of the process, and knowing when to admit defeat can save valuable time and money.

For the most part, you and your managers know when a mistake has been made. Stepping up to take responsibility shows real leadership. The faster you fix problems, the less mistakes cost. It also leads to greater respect from the organization. Hiding from the truth is like a cancer that can spread quickly and disenfranchise a company’s greatest assets — its employees.

Chris Indelicato

Owner and CEO

Delicato Family Vineyards

Napa, Calif.


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