The Value of "Good" Mistakes

Are mistakes good or bad? Well, it depends on the context. Many if us are in occupations where although there may have been some initial training, to really understand the job, it takes time and experience.

Here is an equation that sums it up nicely:

Wisdom = Knowledge + Experience

Wisdom is what most of us ultimately seek and although training gives us knowledge, we still need experience (which often comes in the form of mistakes) to bolster that knowledge in a practical way.

This is where "Mistakes" become important. Before we get too far into things, let's be clear about the kinds of mistakes to be avoided:

1.) Mistakes that are a result of improper or lack of planning.

2.) Mistakes due to a lack of attention to detail or forethought.

3.) Mistakes that seem to happen over and over again and we are not learning from.

"Good" Mistakes are a result of taking a "calculated" risk and the end result didn't work out as we had intended due to some information that we did not have at the time. These mistakes should be embraced as they demonstrate, among other things, a willingness to take sensible risk, accountability and entrepreneurial thinking. When reflected upon, they also contribute to an incremental amount of newly acquired Wisdom.

As a leader, it is critical that we allow those in our charge (and ourselves) to make mistakes. Granted, in business, as the stakes get higher, mistakes can be financially costly but as long as we did our due diligence (sometimes we just don't know what we don't know) and acted with Integrity, there are few better ways to learn.