Once again a mistake

They say, "Only fools learn from their mistakes, and wise people learn from other's mistakes." But this is not true at all. It is impossible to learn something without living and experiencing it. Sometimes I look at other people and say to myself: "I will never repeat this stupid mistake!" Of course, I will not repeat it - I will make my own mistakes.

Don't get me wrong, though. Mistakes should be distinguished from tragic, fateful missteps. In this particular context, we are talking about serious mistakes or missteps, but not those that would lead to a fatal outcome or other terrible disasters. There are no such tragedies that would fall under the classification of "tragedy" other than the death of a person and the loss of loved ones.

In this alley, I will try to briefly explain my mistakes. Of course, you will not listen and repeat them yourself, but:

Don't rush to "cut out your heart and serve it on a platter" to your partners, investors, and teammates...

First, think of your most important asset - your health. The "heart cut-out" thing is of course a metaphor. What I am saying is: Never run too fast and never rush to invest your soul (fully and immediately) into a business process. It can be very painful at a later stage. Well, especially when leaving a company or a business. Try to approach business processes with a kind of lightness. Think of it as of car. A car might be a very expensive and beautiful one, but it still is a metal thing, designed to get you from A to B safely and comfortably. No more and no less than that.

Negotiate onshore at the very beginning on all the essential points with your key partners.

We will discuss this delicate matter in the next alley. It deserves special attention.

Don't let yourself be deceived and taken advantage of to your disadvantage and at your costs and expense.

Many people have and will try to take advantage of you. Remember, we began by talking more than once about the very selfishness that is typical for every human being. I am not saying that you should go out and exploit and manipulate everyone and everything for your benefit. No. But don't let it go to your head either. It can be disastrous for you. There is a saying, "Give me your hand, and I will bite you on the shoulder." But in case you get trapped - fight back (not with your fists, of course) - explain clearly, and protect yourself extremely hard so that next time such a person does not do this to you. Remember, you deserve to be respected just as much as anyone else. Treat all people with respect at your end as well. This is a keystone to success.

In this alley, I would also like to draw your attention to your actions, namely: Draw a clear line for yourself between managing a business and related business processes under "fair weather conditions" and managing? business under "conditions of severe restructuring and turbulence." These are two completely different business cases. They require fundamentally different approaches from you in literally everything, starting with your behavior, your communication, and the speed of your actions and maneuvers. For example, a company or a business that is standing on its own two feet and generating solid revenue requires you to have all the mechanisms working smoothly together like a perfect Swiss watch, from the supply chain to the reporting pyramid implementing algorithms of your daily work routine. In a turbulent business, that's not the case and you need a "jazz" mode and a "hard rock" mode. We have discussed this before.

Trust but verify.

That is a good old-fashioned principle that can help you out. Believe in people, don't be pessimistic. But at the same time, in critical situations and important actions and events, it is worth double-checking the information and actions of a person on whom you rely and to whom you delegated it. The same principle should work for new connections and new business partners (I call them "incognito"). Nowadays there is enough information in the Internet space to find out who a person is and what a person’s background is. However, it is not worth judging a person or a company only based on this information from the Internet. And one should not spend too much time finding out whether an apple is bad or not. You will find it out quickly once you begin to work with that person.

Time is money.

Yes, it is. And you have 24 hours in a day. And you have two hands, and you have one head. I won't bore you with the prioritization of your day-to-day business life and task schedule. Time should only be given from your side to those people and only when it is mutual and when it will lead to positive results further down the road. There are a lot of people out there who will try to waste your time for hours, promising the moon to you. Don't believe everything they tell you. Be pragmatic and set specific tasks or milestones (even if they're not the biggest ones, like conquering Mount Everest overnight) for this so-called partner you're trying to agree with and to build up something. If everything works out, continue to invest your time and energy into that person. If not - investing your time and effort in a useless relationship with such a partner or person is simply not worth it.?

Advance payment in all its manifestations is one of the most important signs of trust.

Advance payment in all its manifestations should not be abused by the party receiving it. Not without reason there is a popular expression: "creditworthiness." Even with the oldest friends and business partners, be very careful. This is not to say that all of them will necessarily try to cheat on you. But situations can change and escalate very quickly, both in everyday life and in business. In other words - you must be almost 100% sure that, for example, you are ready to ship your goods to your customer without any pre-payment or to work on a certain part of a project without any pre-payment. The world has changed a lot since the COVID-19 pandemic. The number of bankruptcies worldwide has increased dramatically. The risk of default is more present than ever. It seems impossible to exclude it even in the case of once very reliable contractors and partners. Finally, behind all business, there are and always have been human beings with their self-preservation instincts. Bear this in mind.

Don't drive a Formula One speed car.

The engine can burn out when you least expect it from your iron horse. Of course, I'm trying to metaphorize. But the point is this: Sometimes it feels like the world is at your feet and you are in control of everything. Let us assume, you are a top executive of an enterprise, you lead by example and your team and partners very much appreciate you. Even in corporations where there are flat structures and hierarchies - or at least that is what the companies assume they have - there are still outstanding personalities and leaders who are followed by most people. So, I want to disprove the utopian idea that the world is at your feet, especially in times of high space flight. It isn't. You should always be prepared for the probability that things could turn against you tomorrow or even today. It is not at all the case that you should lock yourself in your house in fear that a brick will fall on your head as soon as you leave your house. But the pattern is that when things are going well on your side - there are always people who envy you. Note, that we are not talking about superstition or any type of mojo. My main message to you is: Be modest, don't show off everything you have achieved. It sounds silly. I know. Of course, you are obliged to present your personality, your social network business profile, your brand, and the merits of what you have achieved. I suggest you should always speak on behalf of the company and the team: "We did this, we achieved this, we got this" and so on. You know, sort of - take the focus a bit off your personality. Don't get me wrong. But I think you'll figure it out.

The conclusions we take on our walk to the next alley are:

Make mistakes intelligently. You don't have to pay a high price for them.

In everything you do, don't "serve your heart on a platter."

Don't let yourself be fooled - make it clear from the very start to the counterparty, otherwise, they will think you can be taken advantage of.

The good old "trust but verify" approach (without any control-freaking) makes a lot of sense.

Don't invest into a relationship without mutual commitments and a visible positive outcome. Time is worth than money.

Don't climb on a high throne to avoid a painful fall. Despite your super accomplishments and success, don’t show off.

Look at things from a bird's eye view and link them to your long-term goals.