My Favorite Mistake: Business Lessons from Failures and Success

Episode page with transcript, video, and more My guest for Episode #224 of the My Favorite Mistake podcast is Mark Myers. Mark is the founder of Peak Profit Solutions and a Tax Savings Architect. He brings over 20 years of successful business operation and high-level consulting experience to the clients and financial professionals he services. Mark employs the same discipline and tenacity in finding tax savings as he did serving his country as a former Marine Corps Sergeant in Bravo Company 4th Marine Division. In this episode, Mark shares his favorite mistake story from a previous business, where he was “overconfident” — not getting mentors or help when working in the high-end health club industry. Why did he vow to never repeat this mistake? What does he do differently now? We also discuss leadership lessons from the Marine Corps. We dive deeply into the world of tax strategies, including what are “red flags” of “unscrupulous” approaches? What mistakes are made when trying to understand or apply United States tax laws to a business? Mark Myers Was Overconfident & Didn’t Have a Mentor; Vowed Not to Repeat That Mistake posted on AUGUST 19, 2023FILED UNDER: MY FAVORITE MISTAKETAGGED WITH: CEO, COACH, ENTREPRENEUR, MENTORING, MISTAKES Check out all episodes on the My Favorite Mistake main page. My guest for Episode #224 of the My Favorite Mistake podcast is Mark Myers. Mark is the founder of Peak Profit Solutions and a Tax Savings Architect. He brings over 20 years of successful business operation and high-level consulting experience to the clients and financial professionals he services. Mark employs the same discipline and tenacity in finding tax savings as he did serving his country as a former Marine Corps Sergeant in Bravo Company 4th Marine Division. In this episode, Mark shares his favorite mistake story from a previous business, where he was “overconfident” — not getting mentors or help when working in the high-end health club industry. Why did he vow to never repeat this mistake? What does he do differently now? We also discuss leadership lessons from the Marine Corps. We dive deeply into the world of tax strategies, including what are “red flags” of “unscrupulous” approaches? What mistakes are made when trying to understand or apply United States tax laws to a business? Questions and Topics: What mentor or help did you look for or bring in? Thought he was indestructible Guarding against overconfidence now?  Tell us more about Peak Profit Solutions – why start advising business owners this way? Why this focus and this interest?  You are not a CPA but working with them and financial advisors?  Compliance questions for advisors vs. tax law? Tax efficiency or minimizing taxes without anything that’s illegal? What’s a red flag of “unscrupulous”? Black and white — IRS interpretation of that law? What questions should we ask an accountant to see if they are a good fit? Book a free consultation --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

Episode page with links, transcript, and more My guest for Episode #223 of the My Favorite Mistake podcast is Alisa Applewhite. She is the CEO of Top of the Line Healthcare Staffing, TOTLHS Heart of Gold Inc., and The Real Alisa Applewhite Consulting. Alisa describes herself as a Nurse, CEO, Wife, Mom, Child of God, Friend, Daughter, and Sister. In this episode, Alisa shares her favorite mistake story about hiring 18 family members based on emotion, paying them too much. How did she discover performance issues and her mistake? Did she have to let some of them go? We also discuss a number of issues in healthcare, including proper staffing levels, “travel” nurse staffing, and the mistake of not listening to the patient's family about how they're doing. Questions and Topics: Working at the bed when Covid started? What was it like? The story of starting the staffing company? How Covid affected her mentally The business need for a staffing agency like hers? Staffing level mistakes in healthcare? What’s standard vs. what’s sufficient?? Determining the “true” ratios for staffing?? What’s standard vs. what’s practical? The dynamics where nurses are increasingly wanting to be a “traveler” nurse? More to it than just higher pay? “Stigma” of travel nurses can be unfair? Videos — 5 nursing mistakes Mistake to NOT listen to patient’s family about how the patient is doing? A time your listening saved a patient’s life? --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

Episode page with transcript, video, and more My guest for Episode #222 of the My Favorite Mistake podcast is Indus Khaitan,  the CEO & Founder of Quolum, a company funded by Sequoia and Nexus. Mark's new book - The Mistakes That Make Us: Cultivating a Culture of Learning and Innovation Indus has 20 years of business growth, product management, and SaaS experience. He has analyzed SaaS buying for 20+ companies with over $500,000 in SaaS spend and has been the leader of growth for a unicorn. Indus grew up in a mining town where 2-3 homicides daily were a norm, and eventually escaped what he calls the “India Coal Mafia” that plagued his life and left for America. He made the most out of this move and became a founder, a father, and a pilot. He now aims to help others make the same growth in their business and life. In this episode, Indus shares his favorite mistake story about selling a previous company “prematurely.” Why does he now think they should have persisted? What was the thought process at the time? What was the risk of not selling? We discuss all of that and more. Questions and Topics: What's a unicorn? What do you mean by the “Indian Coal Mafia”? If everyone is telling you it’s a mistake… are you wrong or being a visionary? What positive comes out of a mistake? Lessons learned for next time? Trusting your gut? Putting your foot down as you said? Risk of overadjustment? Learning vs. agonizing over it This isn’t your profession, but I have questions for you as a Pilot – preventing mistakes? Difference between preventing mistakes in a repeatable process (like taking off and landing) vs. doing innovative things? Doesn’t mean anybody can fly a plane? Get there-itis may have killed Kobe Bryant Tell us about your current company, Quolum… Mistakes companies make with their portfolio of SaaS applications and spending? --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

Episode page with transcript and more My guest for Episode #221 of the My Favorite Mistake podcast is Beate Chelette. Beate is the Growth Architect and Founder of “The Women’s Code” – she provides visionaries and leaders with proven strategies, blueprints and growth maps that provide clear steps to improve business systems,  strengthen leadership skills and teams so that their clients and audiences can maximize profits and scale their impact.  A first-generation immigrant who found herself $135,000 in debt as a single parent, Beate bootstrapped her passion for photography into a global business that licensed content into 79 countries. She exited in a multimillion-dollar deal when she sold the company to Bill Gates.  She is the host of a podcast, the Business Growth Architect Show. Her book is Happy Woman Happy World: The Foolproof Fix That Takes You From Overwhelmed To Awesome. In this episode, Beate shares her favorite mistake story about losing a year of her life by engaging in a lawsuit where she was “right” but it “wasn't worth the time.” Why did it just lead to mental anguish? What did Beate learn from this and what can we learn from her? We discuss that and more. Questions and Topics: You sold your business to Bill Gates, what was it that you sold? “If you think something’s off… you’re right” Did you consider dropping the case at different points? How did you get everything back on track with your career and businesses? How often are you helping business owners who are in a similar rock bottom situation? What are the most common blockers to business growth? Find out what your #1 Business Growth Blocker is How to clarify strategy and “what do you do?” Doing a bunch of random things vs. having a strategy? Please follow, rate, and review via Apple Podcasts, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly. You can also financially support the show through Spotify. You can now sign up to get new episodes via email, to make sure you don't miss an episode. This podcast is part of the Lean Communicators network. --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

Episode page with transcript, video, and more My guest for Episode #220 of the My Favorite Mistake podcast is Rich Sheridan, the co-founder, CEO, and “Chief Storyteller” of Menlo Innovations, a software and IT consulting firm that has earned numerous awards and press coverage for its innovative and positive workplace culture. He’s the author of two books — first,  Joy, Inc.: How We Built a Workplace People Love, and then his latest, published in 2019, Chief Joy Officer: How Great Leaders Elevate Human Energy and Eliminate Fear. I’ve interviewed Rich twice in my “Lean Blog Interviews” podcast, we’ve crossed paths at conferences, and I’ve been able to visit the Menlo Innovations office in Ann Arbor (2014). In this episode, Rich shares two favorite mistake stories from his time as a senior leader at a previous company. Why did one mistake change his life? How did the second mistake help him put himself in the CEO's shoes? Rich also kindly endorsed my new book: “At Menlo Innovations, one of our favorite phrases is ‘Make Mistakes Faster!’ It’s not that we like making mistakes, we just prefer making small mistakes quickly rather than BIG mistakes slowly. The difference comes from creating a culture where we are safe to share our mistakes. In The Mistakes That Make Us, author Mark Graban teaches all of us how to do this and shares story after real story of the benefits. It would be a BIG mistake to ignore this wisdom!” Questions and Topics: Why the title “chief storyteller?” How do you define “joy” in the workplace? What’s your role as CEO in helping others find joy or be joyful? Joy vs. happiness? Deming connections: pride, fear Why is eliminating fear so important to you and Menlo? You say, “one of your favorite phrases at Menlo Innovations is ‘Make Mistakes Faster!” — tell us more about that…  “Fear makes bad news go into hiding…” “Let’s run the experiment” — tell us more, “try stuff and see if it works” Being open to small mistakes as a way to avoid big ones? An experiment in working with you? “Without the stories, Menlo doesn’t make sense” Paired work Please follow, rate, and review via Apple Podcasts, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly. You can also financially support the show through Spotify. You can now sign up to get new episodes via email, to make sure you don't miss an episode. This podcast is part of the Lean Communicators network. --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

Episode page with video, transcript, and more⁠ My guest for Episode #219 of the ⁠My Favorite Mistake podcast⁠ is Hank Levine, the President and CEO of ⁠iPlace USA⁠, a global Recruitment Process Outsourcing company. He has 39 years' experience in sales, business development, marketing, and general management. He created the marketing and business strategies for six companies – four of which were acquired for a total of $92 million. Hank has twice “reinvented” his career. Before heading offshore recruiting firms, he held senior management positions in venture capital-backed technology companies. The first phase of his career was with cutting-edge home automation and telecom firms. Hank holds a bachelor’s in engineering from the University of Pennsylvania and his master’s in management from the Sloan School at MIT. In this episode, Hank shares two favorite mistake stories from earlier in his career at two different companies — one related to sales and one related to technology development. Why did the first story profoundly change how he views leadership? Why did the second story teach him to avoid the “curse of the expert?” We also discuss his efforts to cultivate a culture of learning from mistakes at iPlace USA. I also want to mention that Hank is mentioned and quoted in my book ⁠The Mistakes That Make Us: Cultivating a Culture of Learning and Innovation⁠, based on a previous interaction we had. Questions and Topics: Putting the right person in the right role — good fit Examples of putting that lesson into practice? Giving up on a person vs. finding a different role? Dealing with politics in an organization when you think they're wrong and you're right Turning around and mentoring younger employees based on his lessons? Tell us about iPlace – the business and the environment Core values of respect, integrity Try to make it safe to admit mistakes Methods or approaches to help learn and avoid repeating mistakes? Learning from mistakes? Spreading that learning? Subscribe, Follow, Support, Rate, and Review! Please ⁠follow⁠, rate, and review via ⁠Apple Podcasts⁠, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly.  You can now ⁠sign up to get new episodes via email⁠, to make sure you don't miss an episode. This podcast is part of the ⁠Lean Communicators network⁠.

Episode page with transcript, videos, and more⁠ My guest for Episode #218 of the ⁠My Favorite Mistake podcast is Colonel Kim “KC” Campbell⁠, who served in the Air Force for 24 years as a fighter pilot and senior military leader.  KC has flown 1,800 hours in the A-10 Warthog, including more than 100 combat missions protecting troops on the ground in both Iraq and Afghanistan.  KC is now a keynote speaker and bestselling author. Her new book, ⁠Flying in the Face of Fear: A Fighter Pilot's Lessons on Leading with Courage⁠ is now available! KC is a distinguished graduate of the Air Force Academy and has a Master of Arts in International Security Studies and a MBA from the University of London.  In 2003, Colonel Campbell was awarded the Distinguished Flying Cross for Heroism after successfully recovering her battle-damaged airplane after an intense close air support mission in Baghdad. She has served in roles including Squadron Commander, Operations Group Commander and, most recently, KC served as the Director for the Center for Character and Leadership Development at the United States Air Force Academy. In this episode, KC shares her favorite mistake story about a time her visor fogged up when flying an A-10 Warthog in a training mission. What did she learn from this mistake, including how to let mistakes go — to put them aside and debrief at the right time? She also discusses almost being shot down over Baghdad — would it have been a mistake to eject? Was it almost a mistake not to? As she says on her website: "But how can we improve if we don’t learn from our mistakes?” Questions and Topics: Learning to stay calm under stress? — learned over time?? Kids and sports —- ⁠Lenny Walls – Ep 51⁠ Learning to stay calm under stress? — learned over time?? Distinguished Flying Cross for Heroism Almost being shot down over Baghdad? Debriefing, learning, and moving forward? Planning for contingencies is a way of preventing mistakes… Mistake of ejecting too soon vs. too late? Is this critiqued? For learning? How many women when you became a fighter pilot? Lessons for women navigating male-dominated environments? Debriefing from mistakes as fighter pilots and learning — what’s that culture??? Learning and overcoming them… Question from your video — “Vulnerability isn’t about weakness… it’s about being open to uncertainty” – help your team be willing to be more innovative… try new things…  Please ⁠follow⁠, rate, and review via ⁠Apple Podcasts⁠, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly.  You can now ⁠sign up to get new episodes via email⁠, to make sure you don't miss an episode. This podcast is part of the ⁠Lean Communicators network⁠.  

Episode page with video, transcript, and more⁠ My guest for Episode #217 of the ⁠My Favorite Mistake⁠ podcast is ⁠Dr. Timothy R. Clark⁠, an organizational anthropologist, and founder/CEO of ⁠LeaderFactor⁠, based in Salt Lake City, Utah. Tim pioneered the field of data-driven cultural transformation and ranks as a global authority in senior executive development. He earned a Ph.D. in Social Science from Oxford University as a British Research Scholar and was a Fulbright Scholar at Seoul National University in Korea. Tim is the author of five books, including his most recent, ⁠The 4 Stages of Psychological Safety⁠. I’ve learned so much from this book, his training class, his ⁠podcasts⁠, and more. In this episode, Tim shares his favorite mistake story about a pattern of being overtaken by emotion when making a decision. What did he do about this pattern and what did he learn about hiring people for his company? We also discuss the concept of “⁠psychological safety⁠” and what leaders need to do to create conditions where people can feel safe speaking up about mistakes, ideas for improvement, and more. I feel honored that Tim ⁠endorsed⁠ my new ⁠book⁠: ”Making mistakes is not a choice. Learning from them is. Whether we admit it or not, mistakes are the raw material of potential learning and the means by which we progress and move forward. Mark Graban’s ⁠The Mistakes That Make Us⁠ is a brilliant treatment of this topic that helps us frame mistakes properly, detach them from fear, and see them as expectations, not exceptions. This book’s ultimate contribution is helping us realize that creating a culture of productive mistake-making accelerates learning, confidence, and success.” Questions and Topics: Instead of the question I normally start with… how do you define “psychological safety”? How would you explain “vulnerable acts”? Why is it so much more helpful for leaders to MODEL behaviors?? You can’t just demand that people “should” speak up in the hierarchy (healthcare or otherwise)?? Why is the safety to learn from mistakes required for innovation to thrive? Please ⁠follow⁠, rate, and review via ⁠Apple Podcasts⁠, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly. You can also financially support⁠ the show through Spotify⁠. You can now ⁠sign up to get new episodes via email⁠, to make sure you don't miss an episode. This podcast is part of the ⁠Lean Communicators network⁠.

Episode page with video, transcript, and more My guest for Episode #216 of the My Favorite Mistake podcast is Cathy Fyock, The Biz Book Strategist.  She leads her own consulting/coaching/speaking practice and has been a member of the National Speakers Association for more than 20 years.  Cathy has been a Certified Speaking Professional (CSP) since 1993. Since starting her coaching business in 2014, she’s helped more nearly 200 professionals become published authors — including me! She coached me through the writing and publication of my 2018 book, Measures of Success, and she has been coaching me on the book I’m currently finishing up, The Mistakes That Make Us. The Kindle version is available tomorrow! Cathy has written books including On Your Mark: From First Word to First Draft in Six Weeks, Blog2Book: Repurposing Content to Discover the Book You’ve Already Written, The Speaker Author: Sell More Books and Book More Speeches, and the WSJ, USA Today, and Amazon best-seller, Authority. Her upcoming book, which I've endorsed, is Writer Crisis Hotline. In this episode, Cathy shares her favorite mistake story about leaving a business she had started to take a job where she could be “part of a team.” Was it a mistake to take a job with that particular team or to take a regular job anywhere? Did it become easier to move on from jobs over time? What led Cathy to start her latest business based on what she had learned, including what she learned about herself? We discuss that, along with common mistakes that book authors make when writing and/or publishing their books. We also discuss the choice between traditional publishers, “self” publishing, and “hybrid publishers.” Questions and Topics: Tell us about starting your current business… Writing – following a passion? Understanding the business model around your book? A book is like a startup? The learning that happens while writing a book Ethical situation when it comes to ghostwriting (by a human) or new AI tools? Common book writing mistakes? Mistakes related to the publishing phase? Mistake titles? Mistake covers? The connection between writing and speaking Book pricing – finding the sweet spot?“Self publishing” vs. traditional publishing? How to choose? Hybrid publishing? – hire a general contractor Please follow, rate, and review via Apple Podcasts, Podchaser, or your favorite app — that helps others find this content, and you'll be sure to get future episodes as they are released weekly. You can also financially support the show through Spotify. You can now sign up to get new episodes via email, to make sure you don't miss an episode. This podcast is part of the Lean Communicators network. --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support

This originally appeared as a LinkedIn Live, hosted by John Saunders. Book website pre-orders of signed copies | Amazon Kindle version pre-order / order Description of the event... Join us for a new segment of “Meet the Author LIVE.” “Meet the Author LIVE” is an opportunity to learn everything valuable there is to know about the author. Plus, we can answer your questions live in the chat so be sure to drop them in there. This episode will feature Mark Graban, and we’ll chat about his June 2023 book, "The Mistakes That Make Us: Cultivating a Culture of Learning and Innovation" and talk about how he compiled stories and lessons from over 220 episodes of his podcast, “My Favorite Mistake,” and his own career. Mark has hosted guests on his podcast, including best-selling author Daniel Pink, Shark Tank’s Kevin Harrington, two sitting members of Congress, and more. He has over 518,000 followers on LinkedIn and has earned a LinkedIn "Top Voices" status. Mark ​​is an author, speaker, podcaster, and consultant. He serves as a consultant through his company, Constancy, Inc., and is also a Senior Advisor for the technology company KaiNexus. He earned a B.S. in Industrial Engineering from Northwestern University, an M.S. in Mechanical Engineering, and an M.B.A. from the Massachusetts Institute of Technology’s Leaders for Global Operations Program. Join us on June 23 at 12:00 PM ET to meet Mark Graban and hear a chat with host John Saunders, and learn how leaders can cultivate a culture of learning from mistakes — and how that leads to innovation and greater success. Plus, hear answers to questions: Why they really wrote this book? What the author truly hopes readers take away. What did they learn from writing their book? How did they fit book writing into their life? What are their goals for 2023? What’s your “favorite mistake”? What are some ways you help organizations learn and practice these concepts? Book: http://mistakesbook.com/ Linkedin: https://lnkd.in/ejTGHhA5 Twitter: https://lnkd.in/eTc5dCRv Instagram: https://lnkd.in/eb4-BcA2 Facebook: https://lnkd.in/eAQvn3ZQ Website: https://lnkd.in/e9dnw_fP Podcast: https://lnkd.in/eq6qT4kT Check out Mark’s book, The Mistakes That Make Us: Cultivating a Culture of Learning and Innovation. --- Support this podcast: https://podcasters.spotify.com/pod/show/favorite-mistake/support