The Value of Learning Through Experience

This chapter explores the significance of enabling individuals to learn from their mistakes, whether in a family or workplace setting. It emphasizes the delicate balance between guidance and freedom, advocating for a growth mindset that fosters leadership and personal development.

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Episode notes

On today’s episode, Clay is joined by David Fagan to discuss Don Keough’s book, The Ten Commandments of Business Failure.

Don Keough was the President and COO of Coca-Cola. During Keough’s and Roberto Goizueta’s leadership, Coca-Cola’s stock compounded at 27% per annum from 1981 through 1997.

David Fagan serves as the managing partner at MBF Chartered Professional Accountants, a firm dedicated to supporting small and medium-sized owner-managed businesses across Canada. David was an early member of our TIP Mastermind Community, and he enjoys utilizing it to meet interesting people and learn more about stock investing.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

05:17 - Why the best businesses never quit taking risks.

18:37 - Why being inflexible is a recipe for failure.

20:53 - Why perception is everything and we shouldn’t assume infallibility.

24:24 - What makes trust the foundation of any successful business.

35:19 - How business leaders can balance outside expertise with their own intuition.

39:38 - How we can utilize optimism to win in business.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Don Keough’s book: The Ten Commandments of Business Failure.
Related Episode: Same as Ever w/ Morgan Housel | YouTube Video.
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